CUI Global Announces First Retail Sales and Installation of its Vergence™ GasPT2 Devices in the United Kingdom
TUALATIN, Ore., June 12, 2012 /PRNewswire/ -- CUI Global, Inc. (NASDAQ: CUI), a platform company dedicated to the acquisition, development, and commercialization of new, innovative products and technologies, today announced it has delivered and installed its first retail units of the Vergence™ GasPT2 device. The units, purchased by National Grid (LSE: NG) in the United Kingdom (UK), are being installed at Adnams Brewery in Suffolk, UK. Further units are scheduled to be installed at a similar facility in Roundham, Norfolk, UK. Both facilities produce biogas which is to be injected into the UK natural gas network, owned and operated by National Grid.
In addition, Scotia Gas Networks has ordered units for its biogas facility in Poundbury, West Dorset, UK, while the Wood Group have placed retail orders for the Vergence devices as part of a National Grid contract to upgrade gas compressor stations on the National Grid transmission pipeline at Cambridge, Diss and Chelmsford.
According to a 2009 report from National Grid, "up to half the [UK's] domestic gas heating could be met by turning waste into biogas." As explained by National Grid's Sustainable Gas Group, "Biogas has benefits on so many fronts. It is renewable and could help to meet the target of 15% of all our energy coming from renewable sources by 2020. It provides a solution for what to do with our waste with the decline in landfill capacity and it would help the UK with a secure supply of gas as North Sea sources run down."
For its part, Adnams Brewery, through Adnams Bio Energy Limited (ABE), has announced the completion of its groundbreaking anaerobic digestion (AD) plant, which will be the first in the UK to use brewery and local food waste to produce renewable gas for injection into the national gas grid as well as providing gas for use as a vehicle fuel.
In partnership with British Gas and National Grid, ABE's facility will inject renewable gas into the gas grid. It will generate up to 4.8 million kilowatt-hours per year – enough energy to heat 235 family homes for a year or run an average family car for 4 million miles. In the future the facility will produce enough renewable gas to power the Adnams brewery and run its fleet of trucks, while still leaving up to 60 per cent of the output for injection into the National Grid.
The Scotia Gas Networks project is a groundbreaking green power plant to provide gas and electricity to nearly 4,000 homes in Poundbury and the surrounding area. The AD plant is being delivered by JV Energen LLP, a partnership involving landowners, the Duchy of Cornwall, and local farmers. The plant will use farm waste and crops to provide gas and electricity, with the waste product from the process – the digestate – going back to farmers to use as an organic fertilizer.
Scotia Gas Networks (SGN) is the UK's second largest gas distribution company, operating two of the country's largest gas networks. SGN covers the whole of Scotland and the south and south east of England. It provides a safe and secure supply of natural gas to 5.8 million customers through 74,000 kilometers of gas mains and services.
Wood Group (officially "John Wood Group PLC") (LSE: WG.) is a multinational oil and gas services company headquartered in Aberdeen, Scotland, UK. It is a leading international energy services company, employing more than 41,000 people worldwide and operating in 50 countries.
Wood Group is a leading independent services provider for the oil & gas and power generation markets. Worldwide those services include engineering, procurement & construction management, facility operations & maintenance, and repair & overhaul of turbines and other high-speed rotating equipment.
As explained by CUI Global's president & CEO, William Clough , "By associating ourselves and our Vergence Technology with energy providers as respected as National Grid, Scotia Gas Networks and the Wood Group, we continue to prove the viability and value of our GasPT2 device. The device is especially applicable to the biogas and renewable energy sector because of its value proposition and the 'real-time' nature of its analysis."
"We believe that these retail orders by such industry stalwarts are just the beginning of our penetration into this exciting new market for the Vergence devices," Clough concluded.
About CUI Global, Inc.
Delivering Innovative Technologies for an Interconnected World . . . . .
CUI Global is a publicly traded platform company dedicated to maximizing shareholder value through the acquisition and development of innovative companies, products, and technologies. From its Vergence GasPT2 platform targeting the energy sector, to its subsidiary CUI Inc.'s industry leading digital power platform targeting the networking and telecom industries, CUI Global has 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. CUI Global prides itself on operating with the same level of integrity, respect, and philanthropic dedication that was put in place by CUI Inc.'s founder more than 20 years ago. It is these values that allow the company to make a difference in the lives of their customers, their community, their employees, and their investors. Recently, a move was made to merge and streamline resources with its subsidiary CUI Inc. in order to create a unified, international brand that now positions CUI Global for further strategic expansion.
About CUI Inc.
CUI Inc. is a technology company dedicated to the development, commercialization, and distribution of new, innovative electro-mechanical products. Over the past 20 years, CUI has become a recognized name in electronic components worldwide in the areas of power, interconnect, motion control, and sound. CUI's solid customer commitment and honest corporate message are a hallmark in the industry. CUI is a wholly owned subsidiary of CUI Global, Inc.
About National Grid PLC
National Grid (LSE: NG; NYSE: NGG) is an electricity and gas company that connects consumers to energy sources through its networks. The company is at the heart of one of the greatest challenges facing our society - to create new, sustainable energy solutions for the future and developing an energy system that underpins economic prosperity in the 21st century. National Grid holds a vital position at the centre of the energy system and we 'join everything up'.
In Britain, we run the gas and electricity systems that our society is built on, delivering gas and electricity across the country. In the North Eastern US, we connect more than seven million gas and electric customers to vital energy sources, essential for our modern lifestyles.
For more information, please visit www.nationalgrid.com.
About Wood Group
Wood Group is an international energy services company with $6bn sales, employing more than 41,000 people worldwide and operating in 50 countries. The Group has three businesses - Engineering, Wood Group PSN and Wood Group GTS - providing a range of engineering, production support, maintenance management and industrial gas turbine overhaul and repair services to the oil & gas, and power generation industries worldwide.
For further information, please visit www.woodgroup.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.
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