CUI Global Announces Award of $3,000,000 United Kingdom Network Innovation Competition Contract for Delivery of Gas Quality and Metering Stations within the Gas Distribution Network
TUALATIN, Oregon, June 6, 2016 /PRNewswire/ -- CUI Global, Inc. (NASDAQ: CUI) announced today that its wholly-owned United Kingdom ("UK") energy subsidiary, Orbital Gas Systems Ltd. ("Orbital"), has been awarded a $3.0 million project to design, manufacture, and produce innovative solutions for gas quality and volumetric metering within SGN's (formerly: Scotia Gas Network) Great Britain gas distribution network. Orbital has been awarded this contract by DNV GL a leader within the oil and gas industry.
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The objective of the project is to optimise gas network design and network operation assumptions. This project will use a pilot trial methodology with the procurement and installation of innovative sensor technologies across pressure tiers in a gas distribution system. These technologies, combined with novel power and communications and a cloud-based data system, will be used by DNV GL to develop a prototype real-time energy demand model, a world first. Innovative technology, such as Orbital's proprietary GasPT® Technology, form the backbone of the solution coupled with bespoke metering designs to be used to meet the project criteria.
This project will involve the delivery of 10 monitoring stations installed within urban and residential environments. Within the "scope of works," Orbital's GasPT analysers and VE Technologies® will play a vital role in the success of the project, providing near real-time gas quality data. Along with the tried and tested versions of this technology, the project also has novel concepts that will be put into practice.
SGN, who are leading the project, operate and manage a network of 74,000 kilometers that distributes natural and green gas to 5.9 million homes and businesses across Scotland and the South of England. SGN's pipes deliver gas safely, reliably and efficiently to every one of its customers.
SGN's project partner, DNV GL, is one of the largest energy consulting companies in the world, operating in more than 100 countries with 15,000 professionals all dedicated to helping make the world safer, smarter and greener. DNV GL's purpose is safeguarding life, property and the environment, by enabling its customers to advance the safety and sustainability of their business. DNV GL provides classification and technical assurance, along with software and independent expert advisory services to the maritime, oil, gas, and energy industries. DNV GL also provides certification services to customers across a wide range of industries.
SGN's Network Innovation Competition (NIC) project, funded by Ofgem, aims to create a real-time gas network for the future that is flexible, secure, cost effective and safe, as supported by SGN's Innovation and New Technology Manager, Angus McIntosh, who explains, "Key to a lower carbon economy will be flexible energy networks."
Orbital's technology is not the only capability to be put to the test as Orbital will assume the role of the "Main Works Contractor" under CDM 2015 UK regulations. As Principal Contractor, Orbital will be responsible for the design, manufacture, delivery, installation, commissioning and maintenance of the gas quality and flow measurements during the real-time gas network field trial.
"Orbital's track record and flexibility coupled with our innovative product offering have all played a key role in the award of this contract," stated Orbital's UK Sales Director Neil Stuchbury. "The Orbital brand is based on these key elements bringing us unique opportunities to deliver world firsts, I must also mention our project management capabilities, which consistently deliver successful projects on time, to budget, and while placing Health and Safety at the upmost of importance."
As explained by CUI Global's president & CEO, William Clough, "This project is yet another testament to the versatility of the GasPT device. The requirements that this innovation project demanded could not be met by traditional analytical methodology. However, our GasPT device not only suited the low cost, low power, low utility demands, and small footprint requirements, but it also provided unrivalled speed and accuracy for the application."
"With this project, the Snam Rete deployment, and other recent successes, more and more end users are realising the benefits of the GasPT technology and we are beginning to receive more and larger inquiries from some of the leading energy companies in the natural gas industry," Clough 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, 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 Orbital Gas Systems Ltd.
Orbital Gas Systems Ltd ("Orbital-UK") is the largest natural gas systems integrator in the United Kingdom. For over 30 years, Orbital-UK 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-UK's internationally recognized expertise in the natural gas industry, including bringing together the patented VE-technology® with the ground-breaking GasPTi device, offers natural gas operators and users a comprehensive engineering array for the next generation of energy metering systems. Orbital-UK is a wholly owned subsidiary of CUI Global, Inc.
For more information, please visit www.orbitalgassystems.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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