TUALATIN, Ore., Feb. 22, 2017 /PRNewswire/ -- CUI Global, Inc. (NASDAQ: CUI) announced today that its wholly-owned subsidiary, CUI Inc. (CUI), has successfully deployed initial test units of its Intelligent Control of Energy ("ICE") Block technology. Deployment of the units highlight ICE Block's peak shaving capabilities and includes a new ICE Switch product that further unlocks power capacity for the customer. CUI and Virtual Power Systems (VPS) announced a partnership in 2016 for VPS' ICE® solution that brings the benefits of elastic power to data centers and sets a new standard for efficient power infrastructure.
The initial trial evaluations are being conducted by three key data center market participants and respective leaders in their business segments:
- One, a data center and a Fortune 500 company, has its own data center infrastructure in multiple states serving millions of consumer transactions and financial product portfolios across North America. This customer sees the peak shaving capabilities as an opportunity to install additional racks in its existing data centers and new data centers under construction.
- The second customer is a top-tier data center hardware provider that is evaluating the technology for peak shaving and is using the switch as a platform to improve its customer value proposition.
- The third customer, a Fortune 100 company and one of the largest providers of technology in the world, a backbone for all data centers, is evaluating the ICE Block/VPS combination of technologies as a platform it will include in the solutions provided to its customer base. The products are expected to move into full production status later this year.
Matt McKenzie, president of CUI Inc., stated, "We are excited about the recent installations and the technical validation these deployments are bringing. We believe that this is a major step in the traction of this disruptive technology. We are looking forward to demonstrating further the advantages of the ICE platform with many more customers in the near future."
Shankar Ramamurthy, VPS's chief executive officer, commented, "Virtual Power Systems recently piloted ICE Blocks from CUI at one of the world's most sophisticated data centers in Salt Lake City. CUI's products performed flawlessly. CUI was able to take complex high density Lithium Ion Battery chemistry designs and turn them into working products at customer shelves in record time. We cannot be more excited with our partner, CUI, who combines engineering gravitas with high speed innovation."
William Clough, CUI Global's president & CEO, added, "Deployment of these test units to three renowned, industry leading companies, is the first step in gaining industry acceptance of this unique technology. As the results of these test units become available, we are convinced that the many benefits, including enhanced performance and peak shaving ability, will create demand, market penetration, and, ultimately, increased revenues and earnings from this exciting new technology."
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 GasPT2 platform targeting the energy sector, to CUI Inc.'s digital 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 CUI Inc.
CUI Inc. is a technology company focused on the development and distribution of electronic components. At the leading edge of power supply design, the organization supports customers as they strive to improve the energy efficiency and environmental credentials of their application. The company's power group is complemented by a portfolio of world-class board level components, consisting of interconnect, audio, motion control and thermal products. An unwavering commitment to create collaborative partnerships with customers and a drive to see that their design project is a success has been a hallmark of CUI's sustained growth since its founding in 1989. As a leader in the industry, CUI will continue to invest in the future through new technologies, talented employees, expanded manufacturing capabilities, and a growing global reach.
For more information, please visit www.cui.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.
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SOURCE CUI Global, Inc.