May 30, 2018 - 5:30 AM EDT
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CUI Global Subsidiary Orbital U.K. Secures Biomethane Contract Valued at Approximately $1.8 Million

- New U.K. Government RHI Scheme Incents Biomethane Generation, Creating Demand for Orbital's Integrated Engineering Services and GasPT Analyzer Solution -

HOUSTON, May 30, 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 been awarded a contract valued at approximately $1.8 million from a major European industrial company for three biomethane-to-grid units that includes the Company's GasPT® analyzer. The contract marks the third from the customer and follows the recent passage of a U.K. Government program under which tariff rates for biomethane generation were increased.

CUI Global, Inc. Logo. (PRNewsFoto/CUI Global, Inc.) (PRNewsFoto/)

On May 22, 2018, the U.K. Government's program set up to encourage uptake of renewable heat and contribute towards the Government's 2020 renewable energy target, the Domestic and Non-Domestic Renewable Heat Incentive ("RHI") Scheme, went into effect. According to its legislation, "the aim of the RHI is to incentivise the cost effective generation of renewable heat in order to contribute to Carbon Budgets, generate renewable energy to help meet the U.K.'s 2020 renewable energy target, and develop the renewable heat market and supply chain so that it can support the mass roll out of low carbon heating technologies." The U.K. Government further held that the recent "reforms being made to the RHI are designed to ensure it focuses on long term decarbonisation, offers better value for money and protects consumers, and support supply chain growth while challenging the market to deliver."

Orbital U.K. President Paul D. White stated, "Our ability to offer 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 to the customer and the growing market for biomethane."

CUI Global President & CEO William Clough commented, "The U.K.'s new RHI incents biomethane generation and underscores the changing regulatory and CAPEX environments in Western Europe that is serving as a tailwind for our Energy business. With the recent certification of our GasPT by Ofgem, together with Orbital's world-class engineering capabilities, we are on the path to greater Energy segment sales."

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 Ltd.

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. 

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.

 

Media Contact:

External Investor Relations

CUI Global Inc.

LHA Investor Relations

Jeff Schnabel

Sanjay M. Hurry

503-612-2300

212-838-3777

[email protected]

[email protected]

 

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SOURCE CUI Global, Inc.


Source: PR Newswire (May 30, 2018 - 5:30 AM EDT)

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