HOUSTON, April 14, 2020 /PRNewswire/ -- CUI Global, Inc. (NASDAQ: CUI) ("CUI Global" or the "Company") today announced that its wholly-owned subsidiary, Orbital Gas Systems Ltd. ("Orbital"), the leader in innovative gas measurement solutions, has been awarded a contract by a major UK energy provider to design, produce and commission its first-ever biomethane-to-grid plants for the UK water industry.
The contract calls for the provision of an initial biomethane Grid Entry Unit ("GEU") followed by a second unit, both to be delivered in 2020. Each unit is valued at approximately $550,000.
The client audited and assessed Orbital's technical, innovation and support capabilities to create a long-term partnership in providing biomethane solutions. The client awarded these contracts on the strength of Orbital's 100% success rate in achieving 'gas-to-grid' deadlines and its world-class design, manufacturing and technical support facilities.
This award follows on the heels of Orbital's acquisition of:
- A biomethane GEU upgrade project with an existing customer;
- A comprehensive service contract to cover 9 GEUs (including servicing GEUs built by other OEMs), based on our "best-in-class" service team; and,
- A standalone propane enrichment system for a biomethane GEU in France – our first biomethane project in Western Europe.
In addition, Orbital is completing upgrade works on the Poundbury Renewable Energy Plant – Commissioned in December 2012, Poundbury is the UKs first full-scale Anaerobic Digester and Biomethane-to-Grid Plant, providing renewable gas direct to the local community. The plant provides enough renewable gas for 56,000 new-build homes in the summer and 4,000 in the winter and was the first plant in the UK to inject renewable gas directly into the local distribution network on a full-scale basis. Orbital's GEU and proprietary technology have been continuously operating in Poundbury since its commissioning in 2012.
Orbital UK's Managing Director, Tony Wimpenny, said, "These orders along with the project portfolio demonstrate that the renewable energy industry in both the UK and Europe continue to recognize and value Orbital's technical expertise in the field of biomethane and renewable energy production. We've identified the green energy space as a strategic pillar of our growth plan, in-line with toughening global governmental decarbonization targets, leveraging our strength and reputation in this field."
Jim O'Neil, CUI Global's Vice-Chairman & CEO, commented, "Orbital has consistently demonstrated its excellence and technical know-how in this market sector. Our track record of achievement, world-class facilities and innovative technologies has enabled us to develop these relationships. We are looking forward to enhancing our partnerships and our presence in this exciting renewable/alternative energy marketplace in 2020 and beyond."
"This water industry project will continue to showcase Orbital's ability to provide more plentiful and more efficient energy sources, while reducing carbon emissions and providing environmentally sensitive energy solutions," Mr. O'Neil concluded.
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 to create a diversified energy services platform. CUI Global's Energy business, Orbital Gas Systems is a leader in innovative gas solutions with more than 30 years of experience in design, installation and the commissioning of industrial gas sampling, measurement and delivery systems providing solutions to the energy, power and processing markets. Orbital Gas Systems manufactures and delivers a broad range of technologies including environmental monitoring, gas metering, process control, telemetry, gas sampling and BioMethane. As a publicly traded company, shareholders can participate in the opportunities, revenues, and profits generated by the products, technologies, and market channels of CUI Global and its subsidiaries. But most important, 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: http://www.cuiglobal.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.