HOUSTON, July 16, 2018 /PRNewswire/ -- CUI Global, Inc. (NASDAQ: CUI) announced today that its wholly-owned Energy subsidiary, Orbital Gas Systems Ltd. ("Orbital UK" or the "Company"), has secured a contract from a major UK gas operator for its large scale, biomethane metering skids that includes the Company's proprietary GasPT® analyzer and VE Technology® sample probe. The contract, valued at £500,000 (USD $660,000), is for the first of several skids anticipated to be designed, built, and delivered to the customer following the UK's recent approval of the Domestic and Non-Domestic Renewable Heat Incentive ("RHI") Scheme, which went into effect on May 22, 2018.
The contract, expected to be delivered in late 2018, calls for the provision of 24" and 16" metering skids for installation at a large distribution network off-take in England.
Biomethane is a renewable gas produced from biodegradable matter such as food waste, sewage or energy crops. When injection into the gas grid, biomethane provides a sustainable, flexible and economic solution that, according to experts, could significantly contribute the UK's heat demand by 2050. Through the RHI scheme, a renewable premium for biomethane injected into the grid, the UK government has helped to create a new renewable market driving down costs through competition and the establishment of UK supply chains.
CUI Global President & CEO William Clough stated, "Regulatory, statutory and CAPEX environments in the UK and broadly across Europe are driving towards an acceleration in the pace of adoption of renewable energy sources, such as biomethane. This contract and others we are pursuing serve to position Orbital as a key partner to the UK and Europe's largest natural gas operators in their efforts to provide more and better energy sources to their customers, while reducing carbon emissions and providing environmentally sensitive energy solutions."
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.
Orbital Gas Systems, (Orbital) has offices located 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.
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.