HOUSTON, Oct. 18, 2018 /PRNewswire/ -- CUI Global, Inc. (NASDAQ: CUI) announced today that its wholly-owned Energy subsidiary, Orbital Gas Systems ("Orbital" or the "Company"), has received the third of three purchase orders from a major European industrial company for the production of BioMethane-to-grid terminals. The contract, awarded in May 2018 and valued at approximately $1.7 million, calls for the production of three BioMethane-to-grid terminals that will each include the Company's GasPT® analyzer. The contract was secured as a direct result of the May 2018 passage of the U.K. Government's Domestic and Non-Domestic Renewable Heat Incentive ("RHI") Scheme to encourage uptake of renewable heat and contribute towards the Government's 2020 renewable energy target. Following the passage of that RHI scheme the U.K. has seen a dramatic increase in the number of planned BioMethane-to-grid facilities. The Company currently reports having 27 active, outstanding bids for such projects across the U.K.
Orbital U.K. President Paul D. White stated, "Our ability to offer the unique GasPT Technology and a turnkey solution that engineers our Energy products into our integration solutions is a substantial competitive advantage in the marketplace, and one that enables us to deliver significant value for the customer and the growing market for BioMethane."
The GasPT's recent certification from Ofgem was followed closely by approval from the U.K. Environmental Protection Agency under the European Union Emissions Trading System ("EU ETS"), also known as the European Union Emissions Trading Scheme, the first large greenhouse gas emissions trading scheme in the world. EU ETS certification means that the GasPT device is now certified for fiscal monitoring throughout the U.K. and Western Europe.
CUI Global President & CEO William Clough said, "This most recent award and additional BioMethane projects anticipated as a result of the U.K.'s RHI incentives underscores the changing regulatory and CAPEX environments in the U.K. that serves as a tailwind for our Energy business and a roadmap for future demand across Western Europe. With the significant number of bids we have outstanding for proposed BioMethane-to-grid projects in the U.K., the recent certifications of our GasPT by Ofgem and the EU ETS and Orbital's world-class engineering capabilities, we are on the path to greater Energy revenues."
About CUI Global, Inc.
Delivering Innovative Technologies for an Interconnected World . . . . .
CUI Global, Inc. is a publicly traded company dedicated to maximizing shareholder value through the acquisition and development of innovative companies, products and technologies. From Orbital Gas Systems' advanced GasPT platform targeting the energy sector, to CUI Inc.'s advanced power platform serving the networking and telecom space, CUI Global and its subsidiaries have built a diversified portfolio of industry leading technologies that touch many markets. As a publicly traded company, shareholders are able to participate in the opportunities, revenues, and profits generated by the products, technologies, and market channels of CUI Global and its subsidiaries. But most importantly, a commitment to conduct business with a high level of integrity, respect, and philanthropic dedication allows the organization to make a difference in the lives of their customers, employees, investors and global community.
For more information please visit www.cuiglobal.com
About Orbital Gas Systems
Orbital Gas Systems, (Orbital) has offices in the United Kingdom and Houston, Texas. For over 30 years, Orbital has developed its portfolio of products, services and resources to offer a diverse range of personalized gas engineering solutions to the gas utilities, power generation, emissions, manufacturing and automotive industries. Orbital's internationally recognized expertise in the natural gas industry, including bringing together the patented VE Technology® with the ground-breaking GasPT device, offers natural gas operators and users a comprehensive engineering array for the next generation of energy metering systems. Orbital is a wholly owned subsidiary of CUI Global, Inc.
For more information, please visit: www.orbitalgas.com
Important Cautions Regarding Forward Looking Statements
This document contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements are subject to risks and uncertainties that could cause actual results to vary materially from those projected in the forward-looking statements. The company may experience significant fluctuations in future operating results due to a number of economic, competitive, and other factors, including, among other things, our reliance on third-party manufacturers and suppliers, government agency budgetary and political constraints, new or increased competition, changes in market demand, and the performance or reliability of our products. These factors and others could cause operating results to vary significantly from those in prior periods, and those projected in forward-looking statements. Additional information with respect to these and other factors, which could materially affect the company and its operations, are included in certain forms the company has filed with the Securities and Exchange Commission.
SOURCE CUI Global, Inc.