TUALATIN, Oregon, March 1, 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 major contract from Scotia Gas Networks (SGN) for delivery of its large scale, metering skids.
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The order, worth approximately £1,400,000 (~$2,000,000 USD), calls for the design, construction, and delivery of a 24" and 16" metering skid for installation at Tatsfield AGI, the largest distribution network off-take in Southern England, and Drum AGI in Scotland. The first skid will be provided in time for installation in September 2016 with the final being delivered in early 2017. These skids will be used to accurately meter gas at the points where the SGN distribution network imports gas from the UK transmission network, before supplying it to domestic customers across the South of England and Scotland.
SGN manages the network that distributes natural and green gas to 5.8 million homes and businesses across Scotland, the south of England, and parts of Ireland. The UK and SGN have committed to reducing carbon emissions by 80% by 2050 and the gas networks will play a crucial role in an affordable and secure low carbon transition. SGN is working hard to take the carbon element out of gas to demonstrate it has a long term future as part of a sustainable energy mix. By injecting environmentally friendly green gas into its network, SGN is helping the Government to meet its climate change targets.
Richard Law, Managing Director of Orbital Gas Systems commented, "We are delighted to secure this order as we look to cement our position within the gas metering market and further develop our relationship with SGN."
As explained by CUI Global's President & CEO, William Clough, "This project and others like it help to solidify the company as a partner with the UK's and Europe's largest natural gas operators in their efforts to provide more and better energy sources to their customers, while reducing carbon emissions and providing environmentally sensitive energy solutions."
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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