Proactiveinvestors Australia CUI Global Inc https://www.proactiveinvestors.com.au Proactiveinvestors Australia CUI Global Inc RSS feed en Mon, 22 Jul 2019 03:56:53 +1000 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[News - CUI Global’s energy subsidiary signs pact with Germany’s Samson to boost global distribution channel ]]> https://www.proactiveinvestors.com.au/companies/news/201559/cui-globals-energy-subsidiary-signs-pact-with-germanys-samson-to-boost-global-distribution-channel-201559.html CUI Global Inc (NASDAQ:CUI) said Wednesday that its wholly-owned energy subsidiary, Orbital Gas Systems Ltd, made a pact with Germany’s Samson Aktiengesellschaft for sales and distribution of its flagship GasPTi analyzers and VE technologies.

The Memorandum of Understanding (MoU) is expected to be followed by a formal agreement in the next 60 days.

Frankfurt-based Samson AG, a market leader in flow control solutions for industrial processes, has 50 subsidiaries and a footprint in 66 countries. It manufactures industrial valves and sells instruments and plants for various applications in process engineering, as well as the heating, ventilation, and air-conditioning sector. It markets its products to power and energy, and industrial sectors worldwide.

BIG PICTURE: CUI Global on path to realising growth potential - chief executive

“As an organization we are singularly focused on advancing the flow control space through innovation. This MoU is aligned with our commitment to partnering with technology innovators that can extend our capabilities in delivering solutions and services that offer our customers actionable insight into their industrial processes,” said Wolfgang Beck, director of Modular Systems and Solutions at Samson.

“With its near real-time capabilities and low-maintenance profile, Orbital's GasPT and VE technology solutions are a game-changer for the gas industry," added Beck.

The GasPT platform has a revolutionary method of almost instantly and accurately determining the quality of natural gas.

The company’s second flagship product is its VE technology, which employs specialized sampling probes to take smaller, more consistent and cleaner gas samples.

READ: CUI Global’s energy subsidiary wins GasPTi order for biomethane applications from top European industrial manufacturer

"We are proud to announce the signing of the MoU and are excited by the prospect of leveraging Samson’s global sales infrastructure to access previously, untapped large gas markets, such as Russia and China," said CUI Global CEO William Clough.

"Samson’s reputation for innovative technology and leadership validates the disruptive nature of our GasPT and VE Technology products, and its ubiquitous presence in the gas industry makes it the ideal partner with which to advance adoption of GasPT and VE technology on a global scale," added Clough.

Contact Uttara Choudhury at uttara@proactiveinvestors.com

Follow her on Twitter: @UttaraProactive 

 

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Wed, 25 Jul 2018 08:07:00 +1000 https://www.proactiveinvestors.com.au/companies/news/201559/cui-globals-energy-subsidiary-signs-pact-with-germanys-samson-to-boost-global-distribution-channel-201559.html
<![CDATA[News - CUI Global’s energy subsidiary wins GasPTi order for biomethane applications from top European industrial manufacturer ]]> https://www.proactiveinvestors.com.au/companies/news/201051/cui-globals-energy-subsidiary-wins-gaspti-order-for-biomethane-applications-from-top-european-industrial-manufacturer-201051.html CUI Global Inc (NASDAQ:CUI) announced Wednesday that its wholly owned energy subsidiary, Orbital Gas Systems Ltd, received an initial order for its GasPTi analyzers from one of Europe's largest industrial manufacturing companies for its biomethane-to-grid solution. 

The deal includes two of Orbital’s flagship GasPT analyzer and VE technologies. The company did not disclose the value of the deal.

This initial order for two GasPTi devices follows the recent passage of a favorable UK government initiative under which tariff rates for biomethane generation have been increased.

BIG PICTURE: CUI Global on path to realising growth potential - chief executive

A huge amount of industry interest in biomethane has also been sparked by Orbital GasPT technology receiving regulatory board approval from the UK’s energy regulator, the Office of Gas and Electricity Markets (Ofgem), in May.

The GasPT platform has a revolutionary method of almost instantly and accurately determining the quality of natural gas.

The company’s second flagship product is its VE technology, which employs specialized sampling probes to take smaller, more consistent and cleaner gas samples.

"We are pleased that this highly-regarded industrial company has, through its initial order, demonstrated confidence in the effectiveness of our proprietary gas technologies as a direct replacement to its legacy gas analyzer systems," said CUI Global CEO William Clough.

READ: CUI Global’s UK energy subsidiary wins major contract for its large-scale biomethane-to-grid skids

On May 22, the UK introduced its program to encourage the uptake of renewable heat called the Domestic and Non-Domestic Renewable Heat Incentive (RHI) scheme. This government scheme makes biomethane generation a more attractive proposition as it encourages energy efficiency to meet the UK's 2020 renewable energy target.

"As the energy industry moves to meet future lower-carbon energy requirements, we are uniquely positioned to offer technologies and solutions that allow for the analysis of biogas across a greater variety of caloric values and at reduced costs than legacy solutions,” said Clough.

“Building on this order, we aim to make our gas technologies the de facto standard for gas analysis in the biomethane industry," he added.

Biomethane is a renewable gas produced from biodegradable matter such as food waste, sewage or energy crops. Through the RHI scheme, the UK government has helped to create a new renewable market driving down costs through competition and the establishment of UK supply chains.

CUI shares closed 1.43% lower to US$2.75 Tuesday.

Contact Uttara Choudhury at uttara@proactiveinvestors.com

Follow her on Twitter: @UttaraProactive

 

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Wed, 18 Jul 2018 07:56:00 +1000 https://www.proactiveinvestors.com.au/companies/news/201051/cui-globals-energy-subsidiary-wins-gaspti-order-for-biomethane-applications-from-top-european-industrial-manufacturer-201051.html
<![CDATA[Media files - CUI Global subsidiary awarded new contract from major UK gas operator ]]> https://www.proactiveinvestors.com.au/companies/stocktube/9860/cui-global-subsidiary-awarded-new-contract-from-major-uk-gas-operator-9860.html Mon, 16 Jul 2018 12:46:00 +1000 https://www.proactiveinvestors.com.au/companies/stocktube/9860/cui-global-subsidiary-awarded-new-contract-from-major-uk-gas-operator-9860.html <![CDATA[News - CUI Global’s UK energy subsidiary wins major contract for its large-scale biomethane-to-grid skids ]]> https://www.proactiveinvestors.com.au/companies/news/200864/cui-globals-uk-energy-subsidiary-wins-major-contract-for-its-large-scale-biomethane-to-grid-skids-200864.html CUI Global Inc (NASDAQ:CUI) announced Monday that its wholly owned energy subsidiary, Orbital Gas Systems Ltd, has secured a contract worth £500,000 (US$660,000) from a major UK gas operator for its large-scale, biomethane metering skids.

The deal, which also includes two of Orbital’s flagship GasPT analyzer and VE technologies, follows the recent passage of a favorable UK government initiative under which tariff rates for biomethane generation have been increased.

On May 22, the UK introduced its program to encourage the uptake of renewable heat called the Domestic and Non-Domestic Renewable Heat Incentive (RHI) scheme. This government scheme makes biomethane generation a more attractive proposition as it encourages energy efficiency as a way to meet the UK's 2020 renewable energy target.

BIG PICTURE: CUI Global on path to realising growth potential - chief executive

The firm expects the contract, to be the first of several skids anticipated to be designed, built, and delivered to the customer following the UK's approval of the Domestic and Non-Domestic RHI Scheme.

"Regulatory, statutory and CAPEX environments in the UK and broadly across Europe are driving towards an acceleration in the pace of adoption of renewable energy sources, such as biomethane,” said CUI Global CEO William Clough.

“This contract and others we are pursuing serve to position Orbital as a key partner to the UK 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," he added.

The contract, expected to be delivered in late 2018, calls for the provision of 24" and 16" metering skids for installation at a large distribution network in England. Metering skids are integral components of gas-metering stations and help regulate flow.

READ: CUI Global's UK energy subsidiary wins third contract for biomethane-to-grid units

A huge amount of industry interest in biomethane has also been sparked by Orbital UK’s unique GasPT Technology receiving regulatory board approval from the UK’s energy regulator, the Office of Gas and Electricity Markets (Ofgem) in May.

Orbital’s GasPT platform, which allows for better gas analysis, creates a revolutionary method to almost instantly and accurately determine the quality of natural gas.

The company’s second flagship product is its VE technology, which employs specialized sampling probes to take smaller, more consistent and cleaner gas samples.

Biomethane is a renewable gas produced from biodegradable matter such as food waste, sewage or energy crops. Through the RHI scheme, the UK government has helped to create a new renewable market driving down costs through competition and the establishment of UK supply chains.

CUI shares closed 0.70% lower on Friday to US$2.83 Friday.

Contact Uttara Choudhury at uttara@proactiveinvestors.com

Follow her on Twitter: @UttaraProactive

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Mon, 16 Jul 2018 08:33:00 +1000 https://www.proactiveinvestors.com.au/companies/news/200864/cui-globals-uk-energy-subsidiary-wins-major-contract-for-its-large-scale-biomethane-to-grid-skids-200864.html
<![CDATA[News - CUI Global subsidiary and Virtual Power Systems strengthen partnership in software-defined power ]]> https://www.proactiveinvestors.com.au/companies/news/200489/cui-global-subsidiary-and-virtual-power-systems-strengthen-partnership-in-software-defined-power-200489.html CUI Global Inc. (NASDAQ:CUI) announced Tuesday that its wholly owned power and electromechanical division, CUI Inc, has forged a partnership with California-based Virtual Power Systems, a leader in building software-driven smart grids. The partnership will drive collaboration on design, development and marketing of Virtual Power System’s proprietary Intelligent Control of Energy (ICE) software-defined power infrastructure.

In a separate agreement, CUI Global has picked up a minority stake in Virtual Power Systems to support the development of software-defined power technologies that offer the promise of bringing new levels of efficiency and automation to data centers. That includes reallocating power from underused racks to IT gear that requires additional power.

Virtual Power Systems also offers software, hardware appliances and lithium-ion batteries to optimize power distribution within a data center.

READ: CUI Global subsidiary collaborating with Keele University to develop new technologies for gas networks

Under the amended partnership agreement, CUI has extended its exclusive relationship with Virtual Power Systems to 2024 from the original expiry date of 2019. Financial terms were not disclosed.

"At a time when market awareness of our ICE Technology is growing and early adopters have started to place orders for both ICE Switch and ICE Block, the amended partnership secures our access to Virtual Power Systems’ software IP and cements our position as the exclusive provider of ICE Technology hardware,” said CUI Global CEO William Clough.

"Our investment in Virtual Power Systems is consistent with our history of technology acquisitions and new product introductions that disrupt markets," he added. "CUI and Virtual Power Systems share a common vision and approach to delivering on the promise of software-defined-power, its immense value to customers, and the transformation of power utilization in data centers. Underscoring this vision, our investment supports VPS' efforts to expand the application of SDP solutions to include hyper-converged SDP infrastructure, thereby creating additional avenues of growth for CUI."

BIG PICTURE: CUI Global on path to realizing growth potential, says CEO

The agreement also calls for an automatic renewal provision and enhanced protections around CUI's intellectual property as it relates to ICE Block and ICE Switch, the industry's first SDP ICE compatible devices based on Virtual Power System’s ICE software platform.

The company said that CUI's ICE-compatible devices, when combined with Virtual Power System’s ICE software, provides data center operators with the ability to “increase power density at the rack level” while consolidating racks in the data center 2:1 by tapping into "stranded unutilized power capacity."

Adding Energy Efficiency

Building on the amended partnership, CUI Global's investment in Virtual Power Systems supports the development of hyper-converged power infrastructure solutions, and ultimately, orchestration of power and IT loads across multiple data centers.

Hyper-converged infrastructure is a software-defined solution that simplifies the deployment and management of data center resources – compute, storage, networking and power. According to a January 2018 report by market research firm Statistics MRC, the global hyper-converged infrastructure market is tipped to expand to US$17bn in 2023 from US$1.5bn in 2016.

"The relationship between CUI and Virtual Power Systems has produced incredibly innovative integrated hardware and software solutions and accelerated market acceptance of software-defined power," said Virtual Power Systems CEO Steve Houck. "We share a vision of developing new unique hyper-converged SDP infrastructure, while also working together to accelerate the integration of industry standard power infrastructure from all the major power component manufacturers into the software-defined data center."

CUI Global shares rose slightly to US$3.01 in pre-market trade Tuesday.

Contact Uttara Choudhury at uttara@proactiveinvestors.com

Follow her on Twitter: @UttaraProactive

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Tue, 10 Jul 2018 08:51:00 +1000 https://www.proactiveinvestors.com.au/companies/news/200489/cui-global-subsidiary-and-virtual-power-systems-strengthen-partnership-in-software-defined-power-200489.html
<![CDATA[News - CUI Global Inc's energy subsidiary Orbital Gas Systems presents its products at the 27th World Gas Conference ]]> https://www.proactiveinvestors.com.au/companies/news/199807/cui-global-inc-s-energy-subsidiary-orbital-gas-systems-presents-its-products-at-the-27th-world-gas-conference-199807.html CUI Global Inc (NASDAQ:CUI) announced Thursday that its wholly-owned energy subsidiary, Orbital Gas Systems, is offering a presentation of its line-up of products at the 27th World Gas Conference in Washington, DC, which continues through Friday.

The company’s focus at the conference will be on its two flagship products.

The first is Orbital’s GasPT platform, which allows for better gas analysis by creating a revolutionary method to almost instantly and accurately determine the quality of natural gas. The second is its VE technology, which employs specialized sampling probes to take smaller, more consistent and cleaner gas samples.

“At this event, we have seen an extremely high level of attendance and interest due to great positioning and a compelling booth display, including demonstration equipment for our GasPT and VE Technologies,” said Nicholas Clough, president of Orbital Gas Systems, North America.

Read: CUI Global’s GasPT Technology attracts industry interest after being approved by UK's energy regulator Ofgem

Attendees are invited to stop by Orbital's booth #3739 or attend its two panel sessions at the conference.

Today’s presentation, entitled “Modern Management and Metering of Gas Transmission Systems”, takes place at 11:40 am EDT. Tomorrow’s talk at 10:20 am, meanwhile, is entitled “What’s Hot in Gas Research: Utilization Technology and Environmental Footprint”.  

The 27th World Gas Conference kicked off on Monday and ends Friday.

CUI Global shares inched down 1.2% in early trade to US$2.96

Contact Ellen Kelleher: ellen@proactiveinvestors.com

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Thu, 28 Jun 2018 09:39:00 +1000 https://www.proactiveinvestors.com.au/companies/news/199807/cui-global-inc-s-energy-subsidiary-orbital-gas-systems-presents-its-products-at-the-27th-world-gas-conference-199807.html
<![CDATA[News - CUI Global subsidiary collaborating with Keele University to develop new technologies for gas networks ]]> https://www.proactiveinvestors.com.au/companies/news/199136/cui-global-subsidiary-collaborating-with-keele-university-to-develop-new-technologies-for-gas-networks-199136.html CUI Global Inc. (NASDAQ:CUI) announced Tuesday that its wholly owned energy subsidiary, Orbital Gas Systems, is collaborating with Keele University to develop advanced technologies for gas networks.

Orbital will open a satellite research & development facility at the Keele University Science and Innovation Park to work closely with the Smart Energy Network Demonstrator (SEND) project to develop new sensor technologies to support "green gas" monitoring and control.

Keele University is turning its West Midlands campus in the UK into Europe's first “at-scale” smart energy living laboratory. The university is deploying the SEND project on its campus to test “real world” energy infrastructure and technologies on site. 

READ: CUI Global's UK energy subsidiary wins third contract for biomethane-to-grid units

"Orbital is ideally situated to Keele, both geographically and technologically, to provide the technology, expertise, support and exposure to the global gas industry throughout participation in the SEND project. We are excited about the benefits we can leverage from this collaboration," said Tony Wimpenny, Orbital's head of R&D.

SEND is working with business and industry to test low-carbon technologies and the efficiency of new technologies in terms of energy reduction, cost and carbon emissions.

"We are thrilled to work with Orbital to develop new technologies suitable for future gas networks. Orbital's engagement with SEND is a fantastic example of innovation delivering really tangible results for Keele University, industry and the broader UK economy,” said Dr. Ian Madley, head of partnership development at Keele University.

“It puts Keele and our campus at the forefront of the new and more sustainable energy landscape," he added.

CUI Global CEO William Clough said the collaboration with Keele University and the SEND project fitted “perfectly with Europe's strategy” to cultivate “alternative energy sources.”

“Our participation will enable us to further develop our Future Billing Methodology Project, biomethane-to-grid solutions and other environmentally-friendly energy solutions throughout the U.K. and Western Europe,” said Clough.

The CEO expected the Keele University collaboration to enhance the company’s relationship with some of Europe's largest pipeline operators and energy providers, all of whom are looking for ways to “efficiently, accurately and effectively” deliver more 'green gas' alternatives.

“We are very excited about the recognition this relationship will bring us and to further enhance our technology advantage in the marketplace," said Clough.

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Tue, 19 Jun 2018 08:15:00 +1000 https://www.proactiveinvestors.com.au/companies/news/199136/cui-global-subsidiary-collaborating-with-keele-university-to-develop-new-technologies-for-gas-networks-199136.html
<![CDATA[News - CUI Global's UK energy subsidiary wins third contract for biomethane-to-grid units ]]> https://www.proactiveinvestors.com.au/companies/news/197931/cui-global-s-uk-energy-subsidiary-wins-third-contract-for-biomethane-to-grid-units-197931.html Orbital Gas Systems, the UK energy subsidiary of CUI Global Inc. (NASDAQ:CUI), announced today that it has been granted a third contract worth about US$1.8mln for three biomethane-to-grid units by a major European industrial company.

The deal, which also includes Orbital’s GasPT analyzer, follows the recent passage of a favorable UK government initiative under which tariff rates for biomethane generation have been increased.

Last week, the UK introduced its program to encourage the uptake of renewable heat called the Domestic and Non-Domestic Renewable Heat Incentive (RHI) scheme. This government scheme makes biomethane generation a more attractive proposition as it encourages energy efficiency as a way to meet the UK's 2020 renewable energy target.

“The UK’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,” said William Clough, CUI Global’s president and chief executive.

READ: CUI Global’s GasPT Technology attracts industry interest after being approved by UK's energy regulator Ofgem

“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 sales,” he added.

A huge amount of industry interest in biomethane has also been sparked by Orbital UK’s unique GasPT Technology receiving regulatory board approval from the UK’s energy regulator, the Office of Gas and Electricity markets (Ofgem) this month.

Orbital’s GasPT platform, which allows for better gas analysis, creates a revolutionary method to almost instantly and accurately determine the quality of natural gas.

CUI Global’s shares traded 1% higher at US$2.91 in Wednesday’s pre-market trading session.

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Wed, 30 May 2018 08:12:00 +1000 https://www.proactiveinvestors.com.au/companies/news/197931/cui-global-s-uk-energy-subsidiary-wins-third-contract-for-biomethane-to-grid-units-197931.html
<![CDATA[News - CUI Global's UK energy subsidiary wins second contract for biomethane-to-grid unit ]]> https://www.proactiveinvestors.com.au/companies/news/197204/cui-global-s-uk-energy-subsidiary-wins-second-contract-for-biomethane-to-grid-unit-197204.html Orbital Gas Systems, the U.K. energy subsidiary of CUI Global Inc. (NASDAQ:CUI), has been granted a second contract worth more than $500,000 for a biomethane-to-grid unit by a major European industrial company.

The deal, which calls for the delivery of one biomethane-to-grid unit this year, follows an earlier contract in February of 2017 from the same company which operates biomethane-to-grid plants across Europe.

A huge amount of industry interest in biomethane has been sparked by Orbital U.K.’s unique GasPT Technology receiving regulatory board approval from the UK’s energy regulator, the Office of Gas and Electricity Markets (Ofgem), this month.

The GasPT platform, which allows for better gas analysis, was the focus of a workshop earlier this month, put on by Orbital UK and attended by Britain’s largest pipeline transmission and distribution operators, regulatory representatives and consulting groups.

READ: CUI Global’s GasPT Technology attracts industry interest after being approved by UK's energy regulator Ofgem

After a tour of Orbital’s facility, the participants saw a full demo of Orbital’s patented GasPT analyzer and VE technology which employs specialized sampling probes to take smaller, more consistent and cleaner gas samples.

Orbital’s integrated GasPTi solution creates a revolutionary method to almost instantly and accurately determine the quality of natural gas. At the workshop, the company showcased how its technology platform provides real-time monitoring of natural gas quality without the need for in-field calibration.

From the GasPT 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.

Three months ago, the Orbital Gas Systems subsidiary won a competition from French pipeline operator ENGIE to find innovative biomethane analysis solutions.

CUI Global Inc closed down slightly at US$2.64 on Wednesday.

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Thu, 17 May 2018 08:24:00 +1000 https://www.proactiveinvestors.com.au/companies/news/197204/cui-global-s-uk-energy-subsidiary-wins-second-contract-for-biomethane-to-grid-unit-197204.html
<![CDATA[News - CUI Global’s GasPT Technology attracts industry interest after being approved by UK's energy regulator Ofgem ]]> https://www.proactiveinvestors.com.au/companies/news/197020/cui-globals-gaspt-technology-attracts-industry-interest-after-being-approved-by-uk-s-energy-regulator-ofgem-197020.html CUI Global Inc. (NASDAQ:CUI) announced on Tuesday that its unique GasPT Technology has received regulatory board approval from the U.K.’s energy regulator Ofgem and sparked a huge amount of industry interest.

The group's energy subsidiary, Orbital Gas Systems commonly referred to as Orbital U.K., is behind the GasPT platform, which allows for better gas analysis. On May 10, Orbital U.K. hosted a workshop attended by Britain’s largest pipeline transmission and distribution operators, regulatory representatives and consulting groups.

“We were very pleased with the 100% attendance of invitees to our workshop. Participants were impressed with the device’s maintenance-free performance and price point,” said Orbital U.K. President Paul D. White.

“Now that it’s certified and approved for use at all directed metering points in the U.K., we saw strong lead generation at our event that should result in additional sales opportunities for our unique technology,” he added. 

Better gas analysis

After tour Orbital’s facility, the participants saw a full demo of Orbital’s patented GasPT analyzer and VE technology which employs specialized sampling probes to take smaller, more consistent and cleaner gas samples.

Orbital’s integrated GasPTi solution creates a revolutionary method to almost instantly and accurately determine the quality of natural gas. The company showcased how its technology platform provides real-time monitoring of natural gas quality without the need for in-field calibration.

The CEO said the approval from U.K’s energy regulator enabled CUI Global to “promote the technology to the full spectrum of energy producers and transporters” in the U.K.

“The enthusiasm expressed by the workshop participants and the success of our demonstration evidences the need for our device in the marketplace,” said CUI Global CEO William Clough.

Britain’s energy regulator, the Office of Gas and Electricity Markets (Ofgem), recently approved Orbital’s GasPT Technology.

From the GasPT 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.

Three months ago, the Orbital Gas Systems subsidiary won a competition from French pipeline operator ENGIE to find innovative biomethane analysis solutions.

CUI Global shares were up 2.97% at $2.77.

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Tue, 15 May 2018 09:03:00 +1000 https://www.proactiveinvestors.com.au/companies/news/197020/cui-globals-gaspt-technology-attracts-industry-interest-after-being-approved-by-uk-s-energy-regulator-ofgem-197020.html
<![CDATA[Media files - CUI Global looking to be profitable in the second half of 2018 ]]> https://www.proactiveinvestors.com.au/companies/stocktube/9283/cui-global-looking-to-be-profitable-in-the-second-half-of-2018-9283.html Mon, 14 May 2018 15:46:00 +1000 https://www.proactiveinvestors.com.au/companies/stocktube/9283/cui-global-looking-to-be-profitable-in-the-second-half-of-2018-9283.html <![CDATA[News - CUI Global to participate in B. Riley FBR’s investor conference in California ]]> https://www.proactiveinvestors.com.au/companies/news/196746/cui-global-to-participate-in-b-riley-fbrs-investor-conference-in-california-196746.html CUI Global Inc. (NASDAQ:CUI) announced on Thursday that it will participate in the 19th annual B. Riley FBR Institutional Investor Conference in Santa Monica, California.

CUI Global CEO William Clough will showcase the company’s story at 1.30 pm ET on May 24 in front of over 1,000 institutional investors, corporate clients and high net worth individuals.

Clough and Daniel Ford, CUI Global's CFO will have one-on-one meetings with investors on the sidelines of the conference.

Separately, Ford who is also the chief operating officer of the high-growth energy division will meet with investors at the 15th annual Craig-Hallum Institutional Investor Conference in Minneapolis, Minnesota.

The Oregon-based electro-mechanical and power components manufacturer posted earnings on Monday that beat Wall Street revenue expectations.

READ: CUI Global subsidiary Orbital Gas Systems North America unit wins orders from top petrochemical and gas company

Revenue expanded to US$22.0mln compared to US$17.8mln on a year-over-year basis, handily beating consensus estimates of US$20.04mln.

“Strong revenue and record backlog in the first quarter reflect continued execution on our strategy to leverage our industry-disrupting technologies to build demand with new customers and across new geographies,” said Clough.

Last week, CUI Global’s subsidiary Orbital Gas Systems North America unit received orders for its gas sampling technology from what it described as "several Fortune 100 energy companies in the oil-and-gas industry based in Houston, Texas."

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Thu, 10 May 2018 08:23:00 +1000 https://www.proactiveinvestors.com.au/companies/news/196746/cui-global-to-participate-in-b-riley-fbrs-investor-conference-in-california-196746.html
<![CDATA[News - CUI Global subsidiary Orbital Gas Systems North America unit wins orders from top petrochemical and gas company ]]> https://www.proactiveinvestors.com.au/companies/news/196561/cui-global-subsidiary-orbital-gas-systems-north-america-unit-wins-orders-from-top-petrochemical-and-gas-company-196561.html CUI Global Inc. (NASDAQ:CUI) announced on Tuesday that its Orbital Gas Systems North America subsidiary received an order from a petrochemical and natural gas major for its proprietary VE (vortex elimination) technology sample probe combined with a custom analytical integration system.

The order was placed after Orbital made the preferred suppliers’ shortlist for sample probes and analytical integration projects.

“Having secured preferred supplier status, we can now bid on this customer’s large dollar-value Houston Gulf Coast analytical integration projects, as well as its global sample probe and conditioning systems opportunities,” said Orbital N.A. President Nicholas J. Clough in a statement.

The order is for a “complex sampling and analytical system” to be installed at a facility in the Upper Gulf Coast region of Texas, where the customer has had trouble in obtaining reliable samples for several years.

READ: CUI Global on path to realising growth potential - chief executive

“We are moving to secure similar status with other large energy producers to create a path for additional sales from the sampling and integration sector in North America,” said Clough.

Last week, Orbital Gas Systems received orders for its gas sampling technology from what it described as "several Fortune 100 energy companies in the oil-and-gas industry based in Houston, Texas."

The Oregon-based electro-mechanical and power components manufacturer posted earnings on Monday that beat Wall Street revenue expectations.

Revenue expanded to US$22.0mln compared to US$17.8mln on a year-over-year basis, handily beating consensus estimates of US$20.04mln.

“Strong revenue and record backlog in the first quarter reflect continued execution on our strategy to leverage our industry-disrupting technologies to build demand with new customers and across new geographies,” said Clough.

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Tue, 08 May 2018 07:55:00 +1000 https://www.proactiveinvestors.com.au/companies/news/196561/cui-global-subsidiary-orbital-gas-systems-north-america-unit-wins-orders-from-top-petrochemical-and-gas-company-196561.html
<![CDATA[News - CUI Global 1Q earnings show revenue bump on strong energy orders ]]> https://www.proactiveinvestors.com.au/companies/news/196475/cui-global-1q-earnings-show-revenue-bump-on-strong-energy-orders-196475.html Oregon-based electro-mechanical and power components manufacturer, CUI Global Inc. (NASDAQ: CUI), posted earnings on Monday that beat Wall Street revenue expectations.

Revenue expanded to US$22.0mln compared to US$17.8mln on a year-over-year basis, handily beating consensus estimates of US$20.04mln.

“Strong revenue and record backlog in the first quarter reflect continued execution on our strategy to leverage our industry-disrupting technologies to build demand with new customers and across new geographies,” said CUI Global CEO William Clough, in a statement.

For the quarter ended March 31, the company posted a loss of US$0.11 per share.

CUI Global’s power and electromechanical (P&EM) segment had an unaudited backlog of $26.1mln on March 31, 2018, up from US$20.2mln in the December quarter.

“Our P&EM segment continues to benefit from new and expanded distributor relationships supplemented this quarter by initial ICE technology sales. In our energy segment, with a new, larger facility in Houston we are winning higher dollar integration projects from leading energy providers in North America,” said Clough.

The company indicated it was hopeful about resuming a large energy product contract with a longtime customer in Italy. 

“Looking ahead, we are well positioned to drive volume and sales growth and improve the profitability of our sales mix,” said Clough.

Read: CUI Global's Orbital Gas Systems North America unit wins orders from several energy firms

CUI Global announced on Monday that its Orbital-UK subsidiary secured contracts totaling US$4.58mln from U.K.’s gas transmission network.

CUI Inc. recently inked a tie-up with Master Electronics, a large California-based distributor, to sell and market CUI’s full suite of power and electro-mechanical parts, audio and USB connectors, rotary encoders, as well as speakers and microphones.

Partnering with Master Electronics allows the firm to introduce its products to new customers. CUI Inc. recently received an order for its ICE Block units and ICE Switches worth US$2.9mln. The order is for 400 ICE Blocks and additional ICE Switches, which are expected to be delivered to the unnamed customer in the fourth-quarter of 2018.

In April, B. Riley FBR analyst Liam Burke recommended CUI Global stock and issued a 12-month US$6 price target.

“The engineered, applications-specific nature of CUI’s products enables the company to reduce the pressure on gross margins that is often caused by product commoditization,” wrote Burke in the research note.

The analyst also highlighted “catalysts” that would boost profits.     

“The company’s strategy is to drive revenue and margin growth by building on its base of core products and to expand its product offerings through innovation, new applications for existing technologies, and selective acquisitions. We see a clear catalyst ahead, as we believe that significant rollouts of the GasPT analyzer and ICE systems should have a positive effect on the balance sheet and share price,” wrote Burke.

CUI Global maximizes shareholder value through the acquisition and commercialization of new technologies. The company has built a diversified portfolio of technologies through its many subsidiaries.

Shares were flat in pre-market trading.

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Mon, 07 May 2018 08:54:00 +1000 https://www.proactiveinvestors.com.au/companies/news/196475/cui-global-1q-earnings-show-revenue-bump-on-strong-energy-orders-196475.html
<![CDATA[News - CUI Global's Orbital Gas Systems North America unit wins orders from several energy firms ]]> https://www.proactiveinvestors.com.au/companies/news/196143/cui-global-s-orbital-gas-systems-north-america-unit-wins-orders-from-several-energy-firms-196143.html CUI Global Inc. (NASDAQ:CUI) has said its Orbital Gas Systems North America subsidiary recently received orders for its gas sampling technology from what it described as "several Fortune 100 energy companies in the oil-and-gas industry based in Houston, Texas."

CUI Global did not identify the companies or the size of the orders, which it said was for Orbital's VE (vortex elimination) technology product line and "comprised 45 probes across 11 new, innovative projects."

The orders include 19 VE sample probes; one VE retractable thermowell; four VE custom sample probes; three VE sample systems; one portable mercury detection system; and one custom sample system, including VE probe.

Nicholas Clough, president of Orbital North American, said marketing initiatives "and targeted sales efforts to broaden awareness of our disruptive VE Technology in North America are converting to orders."

Tom Knight, Orbital North America vice president of business development and global products, added: "These new sales to North American energy market leaders will enable us to replicate the success we have experienced in the UK and Western Europe, where once an operator gets to experience the increased performance, lower costs, and operating efficiencies created by our unique technologies, they invariably purchase more of the products as well as our larger integrated solutions."

Shares are down 1.6% to US$2.70 early in afternoon trading.

--Updates for share price--

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Tue, 01 May 2018 07:22:00 +1000 https://www.proactiveinvestors.com.au/companies/news/196143/cui-global-s-orbital-gas-systems-north-america-unit-wins-orders-from-several-energy-firms-196143.html
<![CDATA[News - CUI Global’s Orbital Gas Systems subsidiary secures new certification for GasPT analyzer from UK regulators ]]> https://www.proactiveinvestors.com.au/companies/news/195674/cui-globals-orbital-gas-systems-subsidiary-secures-new-certification-for-gaspt-analyzer-from-uk-regulators-195674.html CUI Global Inc’s (NASDAQ:CUI) UK-based energy subsidiary, Orbital Gas Systems, has received a new certification from UK regulators for its GasPT analyzer and software.

GasPT can measure the properties of a gas, helping energy operators to optimize their operational performance.

The new certification means the device can now be deployed throughout the UK and other Western European countries that adhere to Ofgem’s regulations.

WATCH: How GasPT works

In the UK, such certification is necessary for the continued implementation of the Future Billing Methodology, biomethane applications, and many other projects that can now employ this unique analytic solution, CUI said in a statement.

“With this certification, we can pursue our go-to-market strategy across both the UK and Western European natural gas markets in a much more vigorous manner,” said Orbital’s UK President Paul White.

“Our track record of achievement, world class facilities and innovative technologies continue to keep us at the forefront of the natural gas industry, including analytic and sampling technologies.”

READ: CUI pops as analyst initiates with Buy

CUI Chief Executive William Clough added: “We can now move forward in our efforts in FBM, biomethane, and other projects designed to help UK energy operators find new ways of optimizing operational performance; maximizing the use of renewable resources; and mitigating the effects of climate change.”

With the certification now secured, Orbital has invited representatives from various gas network operators and energy producers in the UK to a ‘GasPT Ofgem Approval Workshop’.

CUI shares closed at US$2.64 on Monday.

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Tue, 24 Apr 2018 08:27:00 +1000 https://www.proactiveinvestors.com.au/companies/news/195674/cui-globals-orbital-gas-systems-subsidiary-secures-new-certification-for-gaspt-analyzer-from-uk-regulators-195674.html
<![CDATA[News - CUI pops after analyst initiates coverage with Buy rating, sets price target ]]> https://www.proactiveinvestors.com.au/companies/news/195187/cui-pops-after-analyst-initiates-coverage-with-buy-rating-sets-price-target-195187.html Boutique investment bank B. Riley FBR initiated coverage Tuesday on CUI Inc. (NASDAQ: CUI), the Oregon-based electro-mechanical and power components manufacturer, with a Buy rating and soaring price target.

B. Riley FBR analyst Liam Burke recommended the stock and issued a 12-month US$6 price target.

CUI Global shares jumped over 3% to US$2.71 in midday trading.

“The engineered, applications-specific nature of CUI’s products enables the company to reduce the pressure on gross margins that is often caused by product commoditization,” wrote Burke in the research note.

The analyst also highlighted “catalysts” that would boost profits.     

“The company’s strategy is to drive revenue and margin growth by building on its base of core products and to expand its product offerings through innovation, new applications for existing technologies, and selective acquisitions. We see a clear catalyst ahead, as we believe that significant rollouts of the GasPT analyzer and ICE systems should have a positive effect on the balance sheet and share price,” wrote Burke.

The analyst noted that "a solid base" of traditional products and the ramp-up of both ICE and the GasPT analyzer would translate into more consistent earnings growth. Burke added that the firm’s valuation reflected “a sustainable business model” with above-average revenue and earnings growth, “increasing operating margins, steady free cash flow generation, and improving return on invested capital.”

Read: CUI Global set for strong 2018 as Brexit troubles subside

Two weeks ago, CUI Inc. inked a tie-up with Master Electronics, a large California-based distributor, to sell and market CUI’s full suite of power and electro-mechanical parts, audio and USB connectors, rotary encoders, as well as speakers and microphones.

Partnering with Master Electronics allows the firm to introduce its products to new customers.

CUI Inc. recently received an order for its ICE Block units and ICE Switches worth US$2.9mln. The order is for 400 ICE Blocks and additional ICE Switches, which are expected to be delivered to the unnamed customer in the fourth-quarter of 2018.

Last month, uncertainty about Britain’s exit from the European Union hit the revenues and profits of CUI Global Inc., CUI Inc’s parent company, as it reported that its revenues fell to US$83.3mln, from US$86.5mln a year earlier, for the 12 months ended Dec. 31, 2017.

A dip in margins to 33.5% from 37.3% a year ago weighed on profits, which dropped to US$27.9mln from US$32.3mln a year earlier.

-- Correction: The story has been updated to correct the price target to US$6 per share.

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Tue, 17 Apr 2018 12:10:00 +1000 https://www.proactiveinvestors.com.au/companies/news/195187/cui-pops-after-analyst-initiates-coverage-with-buy-rating-sets-price-target-195187.html
<![CDATA[News - CUI reaches distribution deal with Master Electronics ]]> https://www.proactiveinvestors.com.au/companies/news/194270/cui-reaches-distribution-deal-with-master-electronics-194270.html CUI Inc. (NASDAQ: CUI), the Oregon-based electro-mechanical and power components manufacturer, is shaking things up by agreeing to a tie-up with Master Electronics, a large California-based distributor.

Under the partnership’s terms, Master Electronics, which is based in Santa Monica, California, and has been in business since 1967, will sell and market CUI’s full suite of power and electro-mechanical parts, audio and USB connectors, rotary encoders, as well as speakers and microphones.

Matt McKenzie, president of CUI Inc., said in a statement: "We are continually striving to innovate so our customers will benefit. Partnering with Master Electronics allows us to continue these efforts while introducing our company’s products to many new customers.”

CUI Inc. recently received an order for its ICE Block units and ICE Switches worth US$2.9mln. The order is for 400 ICE Blocks and additional ICE Switches, which are expected to be delivered to the unnamed customer in the fourth-quarter of 2018.

The ICE Block, employing lithium-ion battery storage, supplies power for peak load events in data centers and automatically recaptures power during low-utilization periods.

CUI’s ICE Switch, meanwhile, is a power monitoring and switching system. It unlocks additional power by allowing data centers to use that stranded power for non-critical servers, and can still provide cover if a failure occurs.

Last month, uncertainty about Britain’s exit from the European Union hit the revenues and profits of CUI Global Inc., CUI Inc’s parent company, as it reported that its revenues fell to US$83.3mln,  from US$86.5mln a year earlier,  for the 12 months ended December 31, 2017.

A dip in margins to 33.5% from 37.3% a year ago weighed on profits, which dropped to US$27.9mln from US$32.3mln a year earlier.

Shares in CUI Global rose 1.2% to US$2.61 in mid-morning trade in New York.

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Wed, 04 Apr 2018 11:33:00 +1000 https://www.proactiveinvestors.com.au/companies/news/194270/cui-reaches-distribution-deal-with-master-electronics-194270.html
<![CDATA[News - CUI Global set for strong 2018 as Brexit troubles subside ]]> https://www.proactiveinvestors.com.au/companies/news/193169/cui-global-set-for-strong-2018-as-brexit-troubles-subside-193169.html Uncertainty around Britain’s exit from the European Union hit CUI Global Inc’s (NASDAQ:CUI) revenues and profits last year, but the Oregon-based group expects to bounce back with a bang in 2018.

In a statement Wednesday, CUI said revenues fell to US$83.3mln (2016: US$86.5mln) in the 12 months ended 31 December 2017.

US$3.2mln goodwill impairment

A dip in margins to 33.5% (2016: 37.3%) weighed on gross profits, which dropped to US$27.9mln from US$32.3mln a year earlier.

Overall, CUI posted a consolidated net loss of US$12.6mln, or 56 US cents, for 2017 – wider than the US$7.3mln, or 35 US cents, it recorded last time around.

The company – which has two subsidiaries; CUI Inc and Orbital Gas Systems – said the full-year results included a US$3.2mln goodwill impairment from Orbital’s UK business.

That one-time charge was to reflect the longer-than-expected temporary halt in shipping of GasPT devices to the national gas transmission company in Italy and “softness” in the UK market which CUI put down to “post-Brexit uncertainty”.

Solid fourth quarter

Business showed signs of picking up again in the fourth quarter though, with revenues rising year-on-year to US$21.1mln in the three months through December 31 (Q4 2016: US$19.4mln).

The final quarter of the year also saw CUI receive the first major order for its ICE Switch technology, which is aimed at unlocking capacity in data centres.

READ: First major order for ICE Switch

The order for 950 units was placed by a customer in China in October, with CUI delivering them in January.

“As we enter fiscal 2018, we have ahead of us multiple paths for growth in both segments of our business,” said president and chief executive William Clough.

“With our new, larger facility in Houston in operation, we now have access to larger integration opportunities from energy operators in the region, while in Europe we see the return of large projects that had been put on hold following the Brexit vote.”

Momentum rolls into 2018

The momentum built up towards the end of 2017 has rolled over into the New Year, and Orbital has won almost US$7mln worth of energy projects so far in the year-to-date.

Over at CUI Inc, that division recently secured key safety certification for its ICE Block technology which should help to drive sales growth going forward, while it also received a chunky US$2.9mln order at the end of February.

Earnings call

“Our strategy [is] to drive demand for our solutions across both of our business segments in fiscal 2017 is yielding multiple paths for faster growth in fiscal 2018,” Clough said in an earnings call with analysts.

“We expect continued strong performance in our power business, with the introduction of the new ICE solution, serving the key driver of growth in our power and electromechanical segment.

“In our energy segment, we are seeing forward movement in integration projects previously suspended in Western Europe; that together with potentially larger dollar value opportunities out of our new Houston facility and the steps we’ve taken to seed the market for additional energy product sales across multiple geographies, put us on a growth path in our energy segment.”

Shares closed down 14.1% to US$2.79 

--Updates for share price and additional CEO quotes--

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Wed, 14 Mar 2018 09:02:00 +1100 https://www.proactiveinvestors.com.au/companies/news/193169/cui-global-set-for-strong-2018-as-brexit-troubles-subside-193169.html
<![CDATA[News - CUI Global's Orbital Gas Systems unit wins four contracts totalling US$4.58mln from UK firm ]]> https://www.proactiveinvestors.com.au/companies/news/193077/cui-global-s-orbital-gas-systems-unit-wins-four-contracts-totalling-us458mln-from-uk-firm-193077.html CUI Global Inc. (Nasdaq: CUI) said its Orbital Gas Systems Ltd. subsidiary has been awarded four contracts totalling US$4.58mln (£3.3mln) by what it described as a "Tier 1 engineering, procurement and construction firm" in the UK.

CUI Global said its Orbital UK unit won the contracts from the unidentified company "following many months of technical and commercial engagement that enabled the client to attain significant value from Orbital UK's world-class in-house capabilities, including integrating multiple packages and reducing client project delivery, technical and commercial risks."

The overall scope of the work "is for eight off-skids, including filtration, flow control, fiscal metering, supervisory PLC metering, gas quality measurement, electric heat exchangers-control and specialist lube oil to fuel gas heat exchangers providing pre-heated natural gas to the solar gas turbines driving combustion efficiency," the company said.

Orbital UK will deliver multiple high-pressure temperature measurements using its proprietary VE Technology Thermowells together with its GasPT Integrated Calorific Value Determination analysers to "ensure minimal overall response times while also eliminating sample blending and enhancing safety, thereby resulting in unrivalled energy measurement," CUI said in a statement.

Feather in Orbital's cap

Orbital UK President Paul White said that the award of this project "from such a large and well-respected Tier 1 contractor after a months-long competitive bidding process that included presentations, negotiations, and due diligence, confirms Orbital UK's ability to deliver the highest-quality integration services together with its unique and proprietary VE and GasPT technologies that are simply unavailable from other sources."

CUI Global President and CEO William Clough added that the awards "for a milestone project from this calibre of customer is a testament to Orbital UK, Paul, and his entire team, especially given the level of competition they faced from other industry participants."

"This project further underscores Orbital UK's capabilities and the disruptive technological nature of our GasPT and VE technologies in the marketplace," Clough said.

Shares in New York eased 0.15% to US$3.24 each. 

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Tue, 13 Mar 2018 08:03:00 +1100 https://www.proactiveinvestors.com.au/companies/news/193077/cui-global-s-orbital-gas-systems-unit-wins-four-contracts-totalling-us458mln-from-uk-firm-193077.html
<![CDATA[News - CUI Global receives key safety certification for ICE Block data center technology ]]> https://www.proactiveinvestors.com.au/companies/news/192995/cui-global-receives-key-safety-certification-for-ice-block-data-center-technology-192995.html CUI Global Inc. (NASDAQ:CUI) said its CUI Inc. subsidiary has received UL 9540 certification for its Intelligent Control of Energy (ICE) Block technology, an event that the company called "an important milestone".

CUI Global said the ICE Block, employing lithium-ion battery storage, shaves peaks by supplying power for peak load events and automatically recaptures power during low-utilization periods. The Oregon-based firm said its ICE Block hardware and software, when paired with ICE software of partner Virtual Power Systems, "combine to deliver more power within data centers by elasticizing it as a resource, resulting in lower operating costs and less redundant power supply capacity."

READ: CUI Global's Orbital Gas Systems unit wins US$2.1 million project

UL 9540 requirements, which cover energy storage systems and equipment that are intended to receive, store, and provide electric energy for various uses, were one of the last remaining hurdles for the ICE Block technology before releasing it to market. They also cover several sub-standards, including UL 1741 for inverters, UL 1998 and UL 991 for functional safety, and UL 1973 for battery control modules.

"As an energy storage device containing lithium-ion batteries, the ICE Block's safety in critical environments is of the utmost importance, and this UL 9540 certification reinforces the safety of this industry-first design," Mark Adams, CUI's senior vice president, said.

"This was certainly a long and complex process stretching more than a year due to the fact that UL had never before tested a technology of this nature," Adams said. "However, our ICE Block hardware proved itself safe and reliable throughout the rigorous UL testing and we are thrilled to begin shipping these units to customers with UL certification now in hand."

Partner hails 'major accomplishment'

Karimulla Shaikh, chief technology officer of Virtual Power Systems, called receipt of the certification a "major accomplishment."

"Software Defined Power (SDP) for the modern data center is now a reality," Shaikh said. "As an early VPS partner and collaborator, CUI has embedded VPS' ICE technology in their digital power platform.  When deployed in conjunction with VPS' software control plane, customers optimize energy utilization while reducing infrastructure cost and risk. Power-capacity constraints are a major limiting factor in today's data center environments. Our partnership with CUI has been very successful; together we continue to redefine power utilization in the modern data center with Software Defined Power solutions."

William Clough, president and CEO of CUI Global, said completion of the UL certification on its ICE Block technology "is a significant achievement for CUI."

"CUI and VPS have been pioneers in the development of SDP solutions for data centers, and now that we have obtained full UL compliance, we can confidently market this unique and compelling technology to a significant segment of this ever-expanding market," Clough said.

CUI Global was up 4.5% in trading last Friday, March 9, and finished the day at US$3.02 a share.

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Mon, 12 Mar 2018 08:10:00 +1100 https://www.proactiveinvestors.com.au/companies/news/192995/cui-global-receives-key-safety-certification-for-ice-block-data-center-technology-192995.html
<![CDATA[News - CUI Global's Orbital Gas Systems unit wins US$2.1 million project ]]> https://www.proactiveinvestors.com.au/companies/news/192609/cui-global-s-orbital-gas-systems-unit-wins-us21-million-project-192609.html CUI Global Inc. (NASDAQ:CUI) said its Orbital Gas Systems North America subsidiary has been awarded a US$2.1 million integration project from what it called a "large U.S.-based Energy, Procurement and Construction firm" that it did not identify.

CUI Global said it will be the sole-source integrator for the project. It said Orbital will provide "engineering services, VE Sample System probes and fabrication of several analyzer shelters for a fractionation unit under construction by the EPC in Baytown, Texas, for one of North America's leading power and energy producers."

"As demonstrated by this project, Orbital's third from this EPC customer in 18 months, Orbital's expertise and growing reputation for project excellence, reliable performance and quality engineering is translating to more work," William Clough, president and CEO, said.

"This award also marks a first for Orbital's new production facility. The opening of this substantially larger facility removes a significant barrier to much bigger opportunities with the region's largest gas operators"

Orbital Gas Systems' new facility opened last December and will host its official open house on March 8. CUI Global said with crane-access across the 35,000-square-foot production facility, Orbital now can execute multiple large projects simultaneously.

Orbital Gas Systems is involved in environmental monitoring, gas metering, process control, telemetry and gas sampling.

CUI shares closed at US$2.85 on Friday.

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Mon, 05 Mar 2018 08:32:00 +1100 https://www.proactiveinvestors.com.au/companies/news/192609/cui-global-s-orbital-gas-systems-unit-wins-us21-million-project-192609.html
<![CDATA[News - CUI secures US$2.9mln order for its ICE Block data centre power utilisation solution ]]> https://www.proactiveinvestors.com.au/companies/news/192212/cui-secures-us29mln-order-for-its-ice-block-data-centre-power-utilisation-solution-192212.html CUI Global Inc’s (NASDAQ:CUI) wholly-owned subsidiary CUI Inc has received an order for its ICE Block units and ICE Switches worth US$2.9mln.

The order is for 400 ICE Blocks and additional ICE Switches, which are expected to be delivered to the unnamed customer in the fourth-quarter of 2018.

CUI’s ICE Switch is a power monitoring and switching system that connects to Virtual Power Systems' (VPS) ICE (Intelligent Control of Energy) Software to provide dynamic redundancy inside a data centre.

Put simply, usually in a data centre, half of the power infrastructure is untapped to provide redundancy (to be available) in the event of a failure.

But the ICE Switch unlocks additional power by allowing the centres to use that stranded power for non-critical servers, and can still provide cover if a failure occurs.

As for the ICE Block, that stores power during periods of low utilisation and then re-deploys it when demand is at its highest.

When paired with VPS’s' ICE software suite, the ICE Block and ICE Switch deliver a “compelling solution” designed to save data centres millions of dollars in operating expenses and capital expenditures, CUI said.

“Initial deployments of our ICE power system hardware have generated compelling results that serve to further validate this disruptive technology,” said President Matt McKenzie.

“This early and significant order is reflective of the strong reception the platform is commanding from a data centre market focused on finding ways capture underutilized power capacity without compromising system availability or reliability.”

CUI Global President and chief executive, William Clough, added: “There is considerable interest from prospective customers for our ICE technology products as data centre power consistently emerges as the most critical area that needs to be addressed to support the growth of IoT, mobile and supporting infrastructure.”

The ICE Block is currently progressing through the UL and TUV qualification process, and CUI expects to receive the industry safety certifications in the near future.

CUI Global shares rose 2.2% on Monday to US$2.83.

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Mon, 26 Feb 2018 15:25:00 +1100 https://www.proactiveinvestors.com.au/companies/news/192212/cui-secures-us29mln-order-for-its-ice-block-data-centre-power-utilisation-solution-192212.html
<![CDATA[News - CUI Global's GasPT technology endorsed by further repeat order from leading US energy producer ]]> https://www.proactiveinvestors.com.au/companies/news/191859/cui-global-s-gaspt-technology-endorsed-by-further-repeat-order-from-leading-us-energy-producer-191859.html CUI Global Inc's (NASDAQ:CUI) unique GasPT Technology has received a further endorsement, as its subsidiary Orbital Gas Systems North America has been awarded a fourth purchase order in as many months from a US-based client.

The customer is described as a leading energy producer and the devices are being used to optimise certain gas-fired compressor turbines in the northeastern United States.

Better gas analysis..

The group's company called Orbital Gas Systems' is behind the GasPT platform, which allows for better gas analysis.

It features the GasPT analyzer and VE Technology sample probe and system to create revolutionary method to almost instantly and accurately determine the quality of natural gas.

The system was first deployed by the customer in 2015 allowing it to precisely control the air/fuel ratio injected into its turbines to decrease fuel consumption, reduce emissions and improve efficiency and life-expectancy.

"These repeat orders from a premier power and energy company highlight the effectiveness of our product range and its relevance to the greenfield North American market, and particularly in process control applications," said Orbital N.A. president, Nicholas J. Clough.

"We are encouraged to see our early adopters start to ramp up implementation and reorder across their networks."

From the GasPT 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.

Three months ago, the Orbital Gas Systems subsidiary won a competition from  French pipeline operator ENGIE to find innovative biomethane analysis solutions.

Biogas booming..

The biogas industry is booming in Europe, and in France, 18 sites currently inject biomethane into distribution and transmission networks (2 sites for transport networks, 16 sites for distribution networks).

Orbital submitted a proposal that entailed enhancements to its already-established GasPT natural gas analyzer to meet the requirements of the French biomethane injection market.

As part of the prize for winning a coveted slot in this open competition, ENGIE are promoting the collaborative innovation work they have completed with Orbital in their R&D (research and development) facility in Paris.

Shares gained 4.40% in New York to US$2.85.

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Tue, 20 Feb 2018 06:29:00 +1100 https://www.proactiveinvestors.com.au/companies/news/191859/cui-global-s-gaspt-technology-endorsed-by-further-repeat-order-from-leading-us-energy-producer-191859.html
<![CDATA[News - CUI Global's GasPT technology bolstered by French competition win ]]> https://www.proactiveinvestors.com.au/companies/news/187987/cui-global-s-gaspt-technology-bolstered-by-french-competition-win-187987.html CUI Global Inc (NASDAQ:CUI) says its Orbital Gas Systems subsidiary was boosted - winning a competition from  French pipeline operator ENGIE to find innovative biomethane analysis solutions.

Last year, the French firm launched a public call for projects identifying solutions for analyzing biomethane to check quality before it is fed into the grid.

The biogas industry is booming in Europe, and in France, 18 sites currently inject biomethane into distribution and transmission networks (2 sites for transport networks, 16 sites for distribution networks).

Orbital submitted a proposal that entailed enhancements to its already-established GasPT natural gas analyzer to meet the requirements of the French biomethane injection market.

"This award and subsequent collaboration with an energy producer as iconic as ENGIE further validates our leading-edge technology and its continuing application to environmentally-friendly solutions for renewable energy production, transportation, and monitoring throughout Europe and beyond," said CUI Global's president and chief executive William Clough.

As part of the prize for winning a coveted slot in this open competition, ENGIE are promoting the collaborative innovation work they have completed with Orbital in their R&D facility in Paris.

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Wed, 29 Nov 2017 09:16:00 +1100 https://www.proactiveinvestors.com.au/companies/news/187987/cui-global-s-gaspt-technology-bolstered-by-french-competition-win-187987.html
<![CDATA[News - CUI Global on path to realising growth potential - chief executive ]]> https://www.proactiveinvestors.com.au/companies/news/187178/cui-global-on-path-to-realising-growth-potential-chief-executive-187178.html CUI Global Inc (NASDAQ:CUI) is on a path to realising its growth potential, it said, posting the latest quarterly results 

Total revenue for the three months fell  6% to $21.8mln from $23.3 million in the third quarter of 2016, while net loss was $1.9mln, up from a loss of $507,000 last year.

In the quarter, the power and electromechanical segment contributed revenues of $16.7 million, while the energy segment contributed $5.1 million.

The sales order backlog as at September 30 this year was a consolidated US$31.8mln.

Of that, the power and electromechanical segment held a backlog of customer orders of $18.1 million and the energy segment had $13.7 million.

"During the third quarter, we continued to invest in and advance initiatives to drive the adoption of our disruptive solutions and position the company for long-term growth," William Clough, the president and chief executive of CUI Global, told investors.

"Our P&EM segment generated year-over-year revenue growth driven by strong point of sale results from all channel partners and by a strong direct OEM business that is seeing design activity continuing across a broad mix of our product offering.

"In our energy segment, revenue was below last year due to differences in the timing of delivery schedules and the impact of Hurricane Harvey which caused a shuttering of our facility in Houston for much of September and associated delays from customers for the delivery of integration projects."

He added: "With an expanded opportunity-set across both business segments grounded in our market-changing technology and growing market adoption, we are on a path to realizing the growth potential our technologies promise."

Recent highlights for the firm have been the raising of around US$19.2mln after it closed its underwritten offering of more than 7.3mln shares.

Also its gas monitoring business - Orbital Gas Systems (UK)  -= was notified by its Italian distribution partner that a tariff issue between the Italian energy authority and Snam Rete Gas (SRG), the national gas transmission company of Italy, has been resolved.

It means the deployment of the initial 400-unit order for the  firm' GasPT solution as part of SRG's re-metering project has now been resumed.

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Mon, 13 Nov 2017 16:51:00 +1100 https://www.proactiveinvestors.com.au/companies/news/187178/cui-global-on-path-to-realising-growth-potential-chief-executive-187178.html
<![CDATA[News - CUI Global brings in $19.2mln as it closes offering ]]> https://www.proactiveinvestors.com.au/companies/news/186057/cui-global-brings-in-192mln-as-it-closes-offering-186057.html CUI Global Inc (NASDAQ:CUI) has raised around US$19.2 million after closing its underwritten offering of more than 7.3mln shares.

The stock was offered at US$2.80 per share and included 964,285 shares sold due to the underwriter's exercise in full of its option to purchase additional shares to cover over-allotments.

"The company intends to use the net proceeds from the offering  primarily for general corporate purposes, which may include operating expenses, working capital to improve and promote its commercially available products, advance product candidates, future acquisitions or share repurchases, expand international presence and commercialization, general capital expenditures and satisfaction of debt obligations," the firm said in a brief statement.

Shares are at around US$3 each currently.

Last week, the group said its digital power monitoring subsidiary had been awarded the first major order for its ICE Switch - aimed at unlocking capacity in data centers.

The order is for 950 ICE units and it is expected to be delivered in full in January of 2018. It is intended to support a quickly ramping customer deployment in China.

The device is a power monitoring and switching system that connects to Virtual Power Systems' (VPS) ICE (Intelligent Control of Energy) Software to provide dynamic redundancy inside a data center.

CUI Global also told investors last week that a tariff issue in Italy which affected a GasPT contract awarded in early 2016 had now been resolved.

The deployment of the initial 400-unit order for the GasPT solution as part of SRG's re-metering project has resumed and installation is expected  to be completed by the end of 2017.

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Mon, 23 Oct 2017 16:23:00 +1100 https://www.proactiveinvestors.com.au/companies/news/186057/cui-global-brings-in-192mln-as-it-closes-offering-186057.html
<![CDATA[News - CUI Global shares nudge higher as it prices offering ]]> https://www.proactiveinvestors.com.au/companies/news/185903/cui-global-shares-nudge-higher-as-it-prices-offering-185903.html Shares in CUI Global Inc (NASDAQ:CUI) nudged up a tad in New York as it announced the pricing of its previously announced public offering of over 6.4mln shares at US$2.80 each.

The firm has also granted the underwriter a 45-day option to purchase at the public offering price up to a further 964,285 shares to cover over-allotments.

Shares in New York ticked up today 0.34% to C$2.99 each.

The offering is expected to close on October 23 this year, it added, and total gross proceeds are expected to be around US$18mln.

The net proceeds are expected to be used mainly for corporate proceeds, including to promote its products, advance product candidates, future acquisitions or share repurchases, and to satisfy debt obligations.

Earlier this week, the group said its digital power monitoring subsidiary had been awarded the first major order for its ICE Switch - aimed at unlocking capacity in data centers.

The order is for 950 ICE units and it is expected to be delivered in full in January of 2018. It is intended to support a quickly ramping customer deployment in China.

The device is a power monitoring and switching system that connects to Virtual Power Systems' (VPS) ICE (Intelligent Control of Energy) Software to provide dynamic redundancy inside a data center.

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Thu, 19 Oct 2017 10:46:00 +1100 https://www.proactiveinvestors.com.au/companies/news/185903/cui-global-shares-nudge-higher-as-it-prices-offering-185903.html
<![CDATA[News - CUI Global announces first production order for ICE Switch for data centers ]]> https://www.proactiveinvestors.com.au/companies/news/185749/cui-global-announces-first-production-order-for-ice-switch-for-data-centers-185749.html CUI Global Inc (NASDAQ:CUI) said its digital power monitoring subsidiary has been awarded the first major order for its ICE Switch - aimed at unlocking capacity in data centers.

The order is for 950 ICE units and it is expected to be delivered in full in January of 2018. It is intended to support a quickly ramping customer deployment in China.

The device is a power monitoring and switching system that connects to Virtual Power Systems' (VPS) ICE (Intelligent Control of Energy) Software to provide dynamic redundancy inside a data center.

Put simply, usually in a data center, half of the power infrastructure is untapped to provide redundancy (to be available) in the event of a failure.

But the ICE Switch unlocks additional power by allowing the centers to use that stranded power for non-critical servers, and can still provide cover if  a failure occurs.

"The recent production qualification of the ICE Switch has allowed us to quickly move from market interest to market acceptance," said Matt McKenzie, president of CUI.

"We expect market adoption of the ICE Switch to continue at a fast pace, and then ramp when the ICE Block is released, providing a comprehensive suite of power solutions for our customers."

The ICE Block, also manufactured by CUI, is currently progressing through the UL and TUV qualification process, which is expected to be completed in the fourth quarter of 2017.

It will work jointly with the ICE Switch to support an even more compelling solution designed to save data centers millions of dollars in operating expenses and capital expenditures.

Shares in CUI Global fell 7.67% in New York to US$2.89.

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Tue, 17 Oct 2017 16:08:00 +1100 https://www.proactiveinvestors.com.au/companies/news/185749/cui-global-announces-first-production-order-for-ice-switch-for-data-centers-185749.html
<![CDATA[News - CUI Global welcomes resumption of Italian GasPT contract ]]> https://www.proactiveinvestors.com.au/companies/news/185671/cui-global-welcomes-resumption-of-italian-gaspt-contract-185671.html CUI Global Inc (NASDAQ:CUI)  says a tariff issue in Italy which affected a GasPT contract awarded in early 2016 has now been resolved.

The group's UK subsidiary Orbital has been informed by its Italian distribution partner that the issue between the Italian energy authority and national gas firm Snam Rete Gas (SRG) has been resolved.

So now the deployment of the initial 400-unit order for the GasPT solution as part of SRG's re-metering project has resumed and installation is expected  to be completed by the end of 2017.

The original order was to supply a minimum of 3,300 to a maximum of 7,000 GasPT units to SRG over three to five years as part of  the latter's re-metering project. Orbital received an initial purchase order for 400 units, which it had delivered (50 units per month) by October 2016.

"Resumption of the SRG project clears the way for completing the installation of our initial order and puts us on a path for additional orders under our fully-funded contract," said William Clough, CUI Global's president and chief executive.

"We look forward to resuming deliveries in early-2018; to continuing our partnership with Socrate on our largest contract to date; and to redefining the industry's standards for fiscal monitoring of natural gas quality with our GasPT technology."

Clough noted that with SRG as a key reference customer, CUI has also secured a partnership with ENGIE, spanning revenues across multiple geographies.

"Within SRG, we are also pursuing an opportunity for our odorizer technology. We recently entered phase 2 of the UK's Future Billing Methodology Project that applies fiscal monitoring at a residential level and could ultimately employ tens of thousands of our GasPT units.

He added: "In North America, where GasPT is applicable both for fiscal monitoring and as a process control device, we have attracted considerable interest from a key OEM to the gas turbine power generation market."

Separately today, CUI Global is finalising its results for the three months to end September, 2017.

Total revenues are expected to be in the range of between US$21mln and $22mln against US$23.3mln in the third quarter of 2016, a decrease of around 5.6% to 9.9%.

The loss before interest, tax, depreciation and amortization (EBITDA) is expected to be in the range of $1.1 million to $1.4 million as compared to EBITDA of $131,000 in the third quarter of 2016.

The firm revealed it also plans to offer and sell US$15mln of its shares in an underwritten  public offering expected to be used for general corporate purposes.

This may include to promote its products, advance product candidates, future acquisitions or share repurchases, and to satisfy debt obligations.

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Mon, 16 Oct 2017 15:14:00 +1100 https://www.proactiveinvestors.com.au/companies/news/185671/cui-global-welcomes-resumption-of-italian-gaspt-contract-185671.html
<![CDATA[News - CUI Global shares ignited as its GasPT platform gets boost in UK ]]> https://www.proactiveinvestors.com.au/companies/news/185293/cui-global-shares-ignited-as-its-gaspt-platform-gets-boost-in-uk-185293.html Shares in CUI Global Inc (NASDAQ:CUI) advanced as its unique GasPT Technology was moved into a second phase of testing on the UK's gas grid.

Regulator OFGEM (the Office of Gas and Electricity Markets) in the UK has approved a report for future billing methodology (FBM), moving the project ahead to phase 2.

READ BIG PIC - CUI Global shares surge in New York as backlogs point to stronger second half READ - CUI Global says new switch will unlock power capacity in data centers

The group's company called Orbital Gas Systems' is behind the GasPT platform, which allows for better gas analysis.

The so-called FBM project, developed in partnership with SGN (Southern Gas Networks), one of the UK's main gas distributors, and industry innovation leader DNV GL, is calling for the deployment of as many as 45,000 new CV metering points to allow bio-methane and other alternative, renewable fuels to be injected into the grid without enhancement by adding carbon-rich, fossil gases like propane.

"This exciting project is only made possible by the use of a relatively inexpensive and maintenance-free analyzer like our GasPT," said CUI Global chief executive William Clough.

"Such a project, envisioning the broad deployment of literally tens-of-thousands of analyzers, would simply not be possible using the high-maintenance, expensive legacy technology."

"Our involvement in the early-stage R&D, testing, and development of this sweeping change to the U.K. energy network is no coincidence," he added.

"It is further confirmation of the value and importance of our unique GasPT technology, a technology which can and will transform the way that energy is delivered to both the residential and industrial customers throughout the U.K., Western Europe and beyond."

The second phase of the trial will include in-network GasPT analyzers and flow monitoring, providing information for the modelling of CV zones for billing, as well as the smart metering laboratory trial.

CUI Global shares gained 6.61% in New York to US$ 4.03.

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Mon, 09 Oct 2017 14:11:00 +1100 https://www.proactiveinvestors.com.au/companies/news/185293/cui-global-shares-ignited-as-its-gaspt-platform-gets-boost-in-uk-185293.html
<![CDATA[News - CUI Global shares surge in New York as backlogs point to stronger second half ]]> https://www.proactiveinvestors.com.au/companies/news/182214/cui-global-shares-surge-in-new-york-as-backlogs-point-to-stronger-second-half-182214.html Shares in CUI Global Inc (NASDAQ:CUI) surged on Wednesday as the group said it expects a stronger second half on the back of backlogs in both its power and energy subsidiaries that augur well for improved profitability.

Reporting second quarter numbers, the company said the-ongoing recovery in its Power and Electromechanical (P&EM) segment had offset flat revenues on the energy side.

READ - CUI Global says new switch will unlock power capacity in data centers READ - Independent research proves effectiveness of CUI’s thermowell technology

The group's Orbital Gas Systems' advanced GasPT platform allows better gas analysis, while its CUI Global Inc segment is a specialist in digital power monitoring.

In the second quarter to end June revenues for  the group decreased 3% to $22.5mln, while the gross profit margin eased 37% compared to 40% in the same period last year.

The net loss was $1.6mln wider than the loss of $1.5mln last year.

But significantly, the Power and Electromechanical (P&EM) business's unaudited backlog was $19.2mln as at end June, while the energy segment backlog was $16.4mln.

"Investments made during the electronics industry downturn to broaden our customer base and increase distributions channels are today yielding dividends," said William Clough, chief executive of CUI Global, who added the firm was now on a path to sustained growth.

"Business momentum for our Energy products, especially for our GasPT, is building across a broader base of prospective customers and geographies," he added.

"In Europe, we submitted a bid for up to 1,000 GasPTs for biomethane-to-grid applications to ENGIE. We will soon initiate field trials for our odorizer product that is already eliciting interest from gas operators in continental Europe.

"In North America, we see traction in both our GasPT and VE sampling system products.

"In particular, we are closing in on an opportunity to establish GasPT as the standardized process control device for a Top-3 gas turbine manufacturer.

"We initiated field trials in Canada with a large energy delivery company for GasPT as a fiscal monitoring solution that is similar in scope to our project in Italy.

In the power and electromechanical segment, beta testing of the ICE Block units in the field is proceeding very well, he added.

Yesterday the firm said production of its ICE switch - aimed at unlocking capacity in data centres - had started.

The device is a power monitoring and switching system that connects to Virtual Power Systems' (VPS) ICE (Intelligent Control of Energy) Software to provide dynamic redundancy inside a data center.

Initial sales of the ICE Block and ICE Switch are expected to start this year.

Shares in CUI Global Inc added 17.19% to $3.75 in New York.

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Wed, 09 Aug 2017 11:35:00 +1000 https://www.proactiveinvestors.com.au/companies/news/182214/cui-global-shares-surge-in-new-york-as-backlogs-point-to-stronger-second-half-182214.html
<![CDATA[News - CUI Global says new switch will unlock power capacity in data centers ]]> https://www.proactiveinvestors.com.au/companies/news/182151/cui-global-says-new-switch-will-unlock-power-capacity-in-data-centers-182151.html CUI Global Inc (NASDAQ:CUI) says its digital power monitoring subsidiary has started production of its ICE switch - aimed at unlocking capacity in data centres.

"The ICE Switch is the next step in unlocking underutilized power capacity in data centers," said  Matt McKenzie, president of CUI.

The device is a power monitoring and switching system that connects to Virtual Power Systems' (VPS) ICE (Intelligent Control of Energy) Software to provide dynamic redundancy inside a data center.

Put simply, usually in a data center, half of the power infrastructure is untapped to provide redundancy (to be available) in the event of a failure.

But this ICE Switch unlocks additional power by allowing the centers to use that stranded power for non-critical servers, and can still provide cover if  a failure occurs.

The ICE software combines telemetry and machine learning predictions to distribute redundant power for optimal use.

"In addition to the peak shaving capabilities of the ICE Block hardware, the ICE Switch is a continuation of our efforts with Virtual Power Systems to set new standards for efficient power infrastructure," said McKenzie.

CUI Global Inc shares shed 3.49% to US$3.07 in New York.

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Tue, 08 Aug 2017 15:13:00 +1000 https://www.proactiveinvestors.com.au/companies/news/182151/cui-global-says-new-switch-will-unlock-power-capacity-in-data-centers-182151.html
<![CDATA[News - Independent research proves effectiveness of CUI’s thermowell technology ]]> https://www.proactiveinvestors.com.au/companies/news/179082/independent-research-proves-effectiveness-of-cuis-thermowell-technology-179082.html CUI Global Inc’s (NASDAQ:CUI) subsidiary, Orbital Gas Systems, has independently tested and proven that its patented VE technology is more effective than the standard equipment currently used in natural gas transmission pipelines.

The results from the flow lab testing showed that the VE technology – which features helical strakes on the body of its thermowells and sample probes – eliminates vortex-induced vibration, which is an important source of fatigue damage.

In the testing, which was carried out by a “highly respected” independent research facility in North America, Orbital’s VE thermowell was pitted against a typical straight shank thermowell, with both being tested at high pressure flows.

The results demonstrated that the typical thermowell vibrated at all velocities, whereas the VE helical strake thermowell had no visible vibration or measured strain.

“The independently validated results prove that Orbital's patented VE Technology, with its helical design, is an innovative and effective solution to many of the common issues encountered by traditional sample probes and thermowells,” said CUI president and chief executive William Clough.

“[It also demonstrates] that that VE Technology obviates the need for calculations and replacement probes/thermowells.”

Several representatives from “some of the largest natural gas operators and transporters in the world” attended the testing, which CUI said represents the potential customer base for the technology.

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Mon, 12 Jun 2017 07:58:00 +1000 https://www.proactiveinvestors.com.au/companies/news/179082/independent-research-proves-effectiveness-of-cuis-thermowell-technology-179082.html
<![CDATA[News - CUI Global sees plenty of catalysts for growth ]]> https://www.proactiveinvestors.com.au/companies/news/177610/cui-global-sees-plenty-of-catalysts-for-growth-177610.html Power and electro-mechanical components specialist CUI Global Inc (NASDAQ:CUI) sees plenty of growth catalysts on the horizon.

William Clough, president and chief executive officer of CUI Global, said the electronics industry is in the early stages of a up-cycle that should feed through the markets CUI serves.

The company’s first quarter performance was a mixed bag, with strong sales growth on the power electro-mechanical (P&EM) side offset by lower order-flow on the energy side.

P&EM revenue increased by around 5% year-on-year, but not enough to prevent group revenue sliding to US$17.8mln from US$20.7mln. Analysts had expected revenue of US$21.95mln.

The group’s strong presence in the UK meant the top line was hit by the collapse of sterling following last June’s decision by the United Kingdom to exit the European Union.

On the plus side, the P&EM arm’s order backlog at the end of March stood at a healthy US$19.6mln, while the Energy arm’s unaudited backlog was US$14.3mln.

Clough said the Energy division was laying the groundwork for greater adoption of CUI’s gas technology products.

“Business activity in this segment is increasing as prospective customers respond favorably to the value proposition of our GasPT product,” the CUI boss said.

Clough drew attention to recent regulatory changes by the power generation watchdog OFGEM in the UK that have expanded the addressable market for biomethane applications.

“Key reference customers, such as Snam Rete and National Grid, are also helping us to drive more widespread adoption of our gas technology solutions. These and other developments are contributing to an expanding pipeline of opportunities and evidences the gas industry's growing acknowledgment of our GasPT product as a direct replacement to legacy gas chromatograph technology,” Clough said.

The sales cycles are long, Clough cautioned, but he assured shareholders “we are working hard to convert more of these opportunities into contract awards in 2017."

Meanwhile, the P&EM business continues to generate steady operating cash flow that helps fund the business development in the Energy division.

“To increase our operating cash flow, we are undertaking a number of initiatives to improve manufacturing productivity and reduce operating expenses. We are also exploring various balance sheet initiatives that can supplement our credit availability. These measures are intended to ensure that we have the financial flexibility to capture the opportunities before us today and execute our growth strategy," Clough revealed.

The group ended the quarter with cash and cash equivalents of US$3.0mln, down from US$4.7mln at the end of 2016.

The net loss of US$4.9mln was equivalent to 18 cents a share, versus a loss the year before of US$2.7mln, or 13 cents a share.

The consolidated net loss was primarily the result of lower revenue in the Energy segment related to lower sales of gas related metering, monitoring and control systems, including GasPT, lower gross profit margins, and the ongoing amortization of intangible assets related to the Orbital Gas Systems Limited and CUI-Canada acquisitions.

Shares in CUI were down eight cents at US$3.99 in lunchtime trading.

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Wed, 10 May 2017 12:31:00 +1000 https://www.proactiveinvestors.com.au/companies/news/177610/cui-global-sees-plenty-of-catalysts-for-growth-177610.html
<![CDATA[News - Ofgem decision set to boost CUI Global Inc's Orbital technology ]]> https://www.proactiveinvestors.com.au/companies/news/176949/ofgem-decision-set-to-boost-cui-global-inc-s-orbital-technology-176949.html Energy tech specialist CUI Global Inc (NASDAQ:CUI) says it's been boosted by a relaxation to the accuracy standard for gas measuring devices by UK regulator Ofgem.

This new standard will allow for broader deployment of CUI Global subsidiary Orbital's unique GasPT device throughout the UK and Western Europe, it said.

READ - CUI Global Inc's UK subsidiary picks up $1.4mln contract with National Grid READ - CUI Global to work with France’s ENGIE for GasPT and VE Technology

The device provides gas analysis through continuous measurement, requiring no carrier or calibration gases or maintenance and provides the 'calorific value', or energy contained, needed to control a system.

CUI Global's president and chief executive William Clough told investors: "Formal recognition by an organization as well-respected and well-recognized as Ofgem evidences growing industry adoption of our GasPT solution and further cements its capability to provide accurate fiscal monitoring and gas quality analysis across a broad spectrum of natural gas applications.

"We are extremely gratified by this regulatory change as it will allow our energy division to more broadly market and sell our solution – smaller, faster and more cost-effective than competing technologies – throughout the UK and Western Europe."

Ofgem found that the change was "ultimately likely to provide users with greater choice by encouraging the development and adaptation of alternative technologies and introduction of innovative ideas and methodologies that are currently excluded by certain existing Ofgem approval parameters".

Orbital's vice president of sales in the UK Neil Stuchbury, added: "We are exceptionally pleased with Ofgem's recognition of this innovative solution and support of the wider industry afforded in this consultation, as the device at the forefront is GasPT.

He went on: "This is an historic change by the UK regulator, having supported the previous accuracy requirements for more than 40 years, and a change we are very proud to have been at the heart of."

Orbital Gas Systems (Orbital) has over 30 years' experience in design, installation and the commissioning of industrial gas sampling, measurement and delivery systems.

It's been a busy period for Orbital. Last month, it was awarded a large contract worth around $1.4 million.

It will deliver additional IRIS remote technology to the National Grid - the UK's largest natural gas transmission company, it said.

CUI said: "While Orbital has now begun development of a "next generation" IRIS solution, this order, worth approximately $1.4 million, calls for the design, construction and delivery of a further 13 IRIS-RTU systems and associated electrical kiosks."

Orbital's IRIS tech allows any user from anywhere in the world to easily monitor and control their assets.

It improves the interface between sites, control room and operatives at all levels and locations.

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Wed, 26 Apr 2017 13:34:00 +1000 https://www.proactiveinvestors.com.au/companies/news/176949/ofgem-decision-set-to-boost-cui-global-inc-s-orbital-technology-176949.html
<![CDATA[News - CUI Global Inc's UK subsidiary picks up $1.4mln contract with National Grid ]]> https://www.proactiveinvestors.com.au/companies/news/175475/cui-global-inc-s-uk-subsidiary-picks-up-14mln-contract-with-national-grid-175475.html Energy tech specialist CUI Global Inc (NASDAQ:CUI) told investors its UK energy subsidiary has been awarded a large contract worth around $1.4 million.

Orbital Gas Systems Ltd will deliver additional its IRIS remote technology to the National Grid - the UK's largest natural gas transmission company, it said.

CUI said: "While Orbital has now begun development of a "next generation" IRIS solution, this order, worth approximately $1.4 million, calls for the design, construction and delivery of a further 13 IRIS-RTU systems and associated electrical kiosks."

The delivery will begin this month (March 2017) with the final system expected to be delivered in the third quater of this calendar year.

Orbital's IRIS tech allows any user from anywhere in the world to easily monitor and control their assets.

It improves the interface between sites, control room and operatives at all levels and locations.

President of Orbital UK, Richard Law, said, "This will be the ninth year of integrating our IRIS-RTU system into the National Grid gas transmission network and I am pleased that there is further recognition of the benefits of our unique IRIS software from this industry leader."

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Mon, 27 Mar 2017 13:07:00 +1100 https://www.proactiveinvestors.com.au/companies/news/175475/cui-global-inc-s-uk-subsidiary-picks-up-14mln-contract-with-national-grid-175475.html
<![CDATA[News - CUI Global to work with France’s ENGIE for GasPT and VE Technology ]]> https://www.proactiveinvestors.com.au/companies/news/174789/cui-global-to-work-with-frances-engie-for-gaspt-and-ve-technology-174789.html Energy tech specialist CUI Global Inc (NASDAQ:CUI) said itsUK energy subsidiary, Orbital Gas Systems Ltd., has entered into a formal collaboration agreement with ENGIE, the global energy group based in Paris, France.

The US-based company also said it had applied for a funding shelf from the Securities and Exchange Commission.

Under the S-3 shelf registration, when declared effective by the SEC, CUI Global may from time to time issue various types of securities, including common stock, preferred stock, debt securities and/or warrants, up to an aggregate amount of $100mln. The registration statement also includes a sales agreement prospectus that would allow for the sale of up to $30mln in at-the-market (ATM) offerings.

The French collaboration involves joint marketing and sales of Orbital's proprietary GasPT and VE Technology in North America, Western Europe, and Asia. Orbital and ENGIE have agreed to develop a joint commercialization plan, exchange information regarding prospective customers and cooperate on technical efforts to further develop the technologies as they apply to the French energy industry.

ENGIE, a global energy icon and an expert operator in the three businesses of electricity, natural gas and energy services, has also agreed to "present to its contacts in France and abroad, the GasPT and VE Technologies in the gas grid as well as the opportunities the technology could offer for new green gas." ENGIE has also agreed to "assist its contacts in implementation" of the technology.

ENGIE, a multinational energy giant with 2015 annual revenues of $75bn, can and will partner with Orbital to bring its unique technologies to ENGIE relationships in France, throughout Western Europe, and into Asia, where ENGIE has a significant presence.

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Tue, 14 Mar 2017 13:02:00 +1100 https://www.proactiveinvestors.com.au/companies/news/174789/cui-global-to-work-with-frances-engie-for-gaspt-and-ve-technology-174789.html
<![CDATA[News - CUI Global starts trials of data center power controls ]]> https://www.proactiveinvestors.com.au/companies/news/173545/cui-global-starts-trials-of-data-center-power-controls-173545.html Energy tech specialist CUI Global Inc (NASDAQ:CUI) has started trials of its peak shaving electricity controls in three data centers.

Peak shaving reduces consumption during the periods of heaviest demand for power and its use can mean substantial savings for customers that agree.

CUI and Virtual Power Systems set up a partnership in 2016 to supply the market.

The three trials are for a Fortune 500 company; a top-tier data center hardware provider; and one of the largest providers of technology in the world that is evaluating the ICE Block/VPS combination of technologies across its customer base.

The products are expected to move into full production status later this year.

Matt McKenzie, president of US subsidiary CUI Inc, said: "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."

William Clough, CUI Global’s chief executive, 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." 

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Wed, 22 Feb 2017 14:02:00 +1100 https://www.proactiveinvestors.com.au/companies/news/173545/cui-global-starts-trials-of-data-center-power-controls-173545.html
<![CDATA[News - CUI Global subsidiary awarded ISO 9001:2008 accreditation ]]> https://www.proactiveinvestors.com.au/companies/news/173558/cui-global-subsidiary-awarded-iso-90012008-accreditation-173558.html Energy tech specialist CUI Global Inc (NASDAQ:CUI) said its wholly-owned subsidiary, Orbital Gas Systems North America (OGSNA), has been awarded the prestigious ISO 9001:2008 Quality Management Certification on Feb. 13.

The award followed the completion of certification audits on its headquarters and manufacturing center in Houston, Texas.

Earlier, the parent company had encouraging news of its own.

Read: CUI Global starts trials of data center power controls

Extensive audits of OGSNA were carried out earlier this year by the international, independent and renowned certification body, National Quality Assurance, USA. 

ISO 9001 is the internationally recognized standard for Quality Management Systems (QMS). It is the most widely used QMS standard in the world, with over 1.1mln certificates issued to organizations in 178 countries. 

OGSNA’s compliance to ISO 9001:2008 also positions the company for future scopes to meet other related standards that are based on ISO 9001. 

“We are delighted to obtain our ISO certification,” said Nicholas Clough, OGSNA’s president & chief sales officer. 

“The ISO 9001:2008 certificate is the model for quality assurance and the fact that our company has been certified so soon after its formation proves beyond any doubt that we focus on quality management and have a commitment to the continuous improvement of our quality processes. Our ISO 9001:2008 Quality Management System covers all main processes within the company, ensuring that they are conducted under controlled conditions.”

CUI Global shares were up 1.5% at $6.18 on Wednesday.

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Wed, 22 Feb 2017 12:35:00 +1100 https://www.proactiveinvestors.com.au/companies/news/173558/cui-global-subsidiary-awarded-iso-90012008-accreditation-173558.html
<![CDATA[Media files - CUI Global Inc's bioMethane contract is huge opportunity, says Bill Clough ]]> https://www.proactiveinvestors.com.au/companies/stocktube/6937/cui-global-inc-s-biomethane-contract-is-huge-opportunity-says-bill-clough-6937.html Fri, 17 Feb 2017 10:56:00 +1100 https://www.proactiveinvestors.com.au/companies/stocktube/6937/cui-global-inc-s-biomethane-contract-is-huge-opportunity-says-bill-clough-6937.html <![CDATA[News - CUI Global UK unit lands BioMethane contract worth over $750,000 ]]> https://www.proactiveinvestors.com.au/companies/news/173147/cui-global-uk-unit-lands-biomethane-contract-worth-over-750000-173147.html Energy tech group CUI Global, Inc.’s (NASDAQ:CUI) United Kingdom energy subsidiary, Orbital Gas Systems Ltd., has been awarded a contract valued in excess of $750,000 by a major European industrial company operating bio-methane-to-grid plants throughout Europe, the company said on Tuesday.

Orbital will provide two BioMethane units, the company's bio-methane-to-grid system, for delivery to the client in 2017.

The award follows an extensive audit and assessment of Orbital's technical, innovation, and support capabilities with the intention of creating a long-standing partnership for BioMethane solutions. Orbital's 100% success rate in achieving 'gas-to-grid' deadlines and its world-class design, manufacturing and technical support facilities were pivotal factors in securing the contract.

"This contract recognizes Orbital's deep technical expertise in the field of BioMethane by one of Europe's largest industrial companies. Our world-class facilities, innovative technologies and track record of achievement together enabled us to secure this opportunity," said Orbital President, Richard Law.

William Clough, CUI Global's president & CEO, commented, "As the natural gas sector increasingly turns to BioMethane to meet energy and environmental needs, Orbital's recognized expertise in the renewable gas market puts it at the forefront of a growing market opportunity. Awards from industry leaders should spur adoption of our BioMethane system, as well as our solutions for the pipeline gas measurement and power generation markets, and drive our penetration of sizeable addressable markets in Europe, North America and elsewhere."

CUI shares were up 2.7% at $6.17 on Tuesday in New York.

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Tue, 14 Feb 2017 13:53:00 +1100 https://www.proactiveinvestors.com.au/companies/news/173147/cui-global-uk-unit-lands-biomethane-contract-worth-over-750000-173147.html
<![CDATA[News - CUI Global’s subsidiary lands $1.6mln purchase order ]]> https://www.proactiveinvestors.com.au/companies/news/172878/cui-globals-subsidiary-lands-16mln-purchase-order-172878.html Energy tech group CUI Global, Inc. (NASDAQ:CUI) said on Wednesday its wholly-owned subsidiary, CUI Inc., received a $1.6mln purchase order from a US-based infrastructure installation company that serves retail store environments.

The purchase order was received as part of a larger project currently under implementation by CUI Inc.'s customer for a leading pharmacy retailer in the US CUI Inc.'s unmatched value-added support services were key competitive differentiators in securing the purchase order.

The purchase order calls for CUI Inc. to deliver custom engineering assistance, safety approval documentation and its 50 Watt AC-DC external power converters with custom features.

"This purchase order marks the beginning of a new, long-term partnership with a customer that recognizes the value of CUI Inc.'s technical know-how and power electronics expertise. It also speaks to CUI Inc.'s ongoing ability to win and deliver large dollar-value projects despite continued weakness in the electronics industry," said William Clough, CUI Global's president & CEO.

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Wed, 08 Feb 2017 14:02:00 +1100 https://www.proactiveinvestors.com.au/companies/news/172878/cui-globals-subsidiary-lands-16mln-purchase-order-172878.html
<![CDATA[News - CUI signs global distribution deal with Arrow Electronics ]]> https://www.proactiveinvestors.com.au/companies/news/171824/cui-signs-global-distribution-deal-with-arrow-electronics-171824.html CUI Global, Inc. (NASDAQ:CUI) said its wholly-owned subsidiary, CUI Inc. (CUI) has signed a worldwide distribution agreement with Arrow Electronics, Inc., a global provider of products, services and solutions to industrial and commercial users of electronic components and enterprise computing solutions.

In partnering with the digital team at Arrow Electronics, CUI will be able to utilize www.arrow.com and Arrow's established network to reach its diverse and expanding global customer base.

Arrow will distribute over 1000 CUI SKUs across a number of electromechanical technologies. CUI's power portfolio ranges from 1 W to 12,000 W and offers a variety of ac‑dc power supplies and dc-dc converters from the front-end to the point-of-load.

Complementing its power product line is a diverse range of proven electromechanical devices consisting of audio, interconnect, motion control and thermal management products. Under the agreement, Arrow Electronics has already started a phased rollout of CUI products with stock available immediately for many items at www.arrow.com.

"We are very excited to announce our partnership with Arrow Electronics," said CUI's President, Matt McKenzie.

"We believe Arrow and their innovative approach to business is an ideal fit for CUI.  It is this forward-thinking mindset coupled with Arrow's commitment to supporting the engineer from the design phase to production that aligns well with our goals to ensure our customers' projects are a success from start to finish," McKenzie concluded.

Added William Clough, president and CEO of CUI Global, Inc. said: "With the addition of Arrow, we now count four of the industry's top electronics distributors as CUI partners. Given our product mix and our commitment to bringing leading-edge technologies to market, this new partnership enables us to expand our customer reach and drive growth in this division."

CUI Global shares were up 2.2% at $6.72 on Wednesday.

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Wed, 18 Jan 2017 12:19:00 +1100 https://www.proactiveinvestors.com.au/companies/news/171824/cui-signs-global-distribution-deal-with-arrow-electronics-171824.html
<![CDATA[Media files - CUI Global’s latest contract win just the “first step”, says chairman ]]> https://www.proactiveinvestors.com.au/companies/stocktube/6723/cui-globals-latest-contract-win-just-the-first-step-says-chairman-6723.html Thu, 12 Jan 2017 11:05:00 +1100 https://www.proactiveinvestors.com.au/companies/stocktube/6723/cui-globals-latest-contract-win-just-the-first-step-says-chairman-6723.html <![CDATA[News - CUI Global Inc picks up US$1.75mln contract from Europe ]]> https://www.proactiveinvestors.com.au/companies/news/171340/cui-global-inc-picks-up-us175mln-contract-from-europe-171340.html CUI Global Inc (NASDAQ:CUI) has won US$1.75mln worth gas analysis and metering infrastructure contracts at several facilities for a client in Europe.

Won by its UK subsidiary, Orbital Gas Systems, the scope of work includes provision of fiscal metering skids, pressure reduction skids, fuel gas skids, electrical distribution and control buildings, gas quality measurement, supervisory and flow control systems at the client's UK operation.

Neil Stuchbury, Orbital’s director of sales said, "The contract awards were the result of many months of technical and commercial engagement, which enabled our client to attain significant value from Orbital's in-house integration capabilities and industry experience, reducing client project delivery timelines as well as technical and commercial risks."

William Clough, CUI's chief executive, added, "With the start of 2017 CUI Global reinforces its ability to win and deliver large scale, multi-million dollar projects that highlight our proven track record and the industry's continued adoption of our novel technologies, such as the VE sampling systems."  

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Mon, 09 Jan 2017 14:10:00 +1100 https://www.proactiveinvestors.com.au/companies/news/171340/cui-global-inc-picks-up-us175mln-contract-from-europe-171340.html
<![CDATA[News - CUI Global upbeat on outlook for 2017 ]]> https://www.proactiveinvestors.com.au/companies/news/168816/cui-global-upbeat-on-outlook-for-2017-168816.html Industrial technologies group CUI Global (NASDAQ:CUI) has told investors that its hard work in 2016 will bear fruits in the New Year.

CUI said it is continuing to gain traction and momentum and, as a result, expects “greater gas technology sales in 2017”.

“Our optimism for growth in 2017 is founded in the gas industry's growing acceptance of our technology solutions as industry-shifting and aligned with the global transition to natural gas energy from other fossil fuels,” said President and chief executive William Clough.

The bullish outlook for next year came alongside CUI’s third quarter results in which the firm made “steady progress”.

The group secured several new contracts and partnerships in the three months to September, including a US$40mln, 5-year framework agreement with UK-based National Grid (LON:NG.).

While CUI continued to perform well at an operational level, it said the exchange rate movements caused by Brexit hampered its financial progress in the period.

Revenues for the quarter slipped to US$23.3mln versus the US$24.8mln posted last year, while losses widened to US$0.5mln or US$0.02 per share (Q3 2015: Loss of US$59,000 or US$0 per share).

Adjusted EBITDA (underlying earnings) also fell to US$0.2mln from US$1mln a year earlier.

The Oregon-based company added that the US$7.1mln it has in the bank at the end of the period will provide ample capital to achieve our goals and take [CUI] to profitability”.

The power and electromechanical segment unaudited backlog was US$18.2mln as of September 30, while the energy segment unaudited backlog stood at US$13.4mln.

Shares closed at US$4.69 on Wednesday. 

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Thu, 10 Nov 2016 08:33:00 +1100 https://www.proactiveinvestors.com.au/companies/news/168816/cui-global-upbeat-on-outlook-for-2017-168816.html
<![CDATA[News - CUI Global to speak at two Investor Conferences ]]> https://www.proactiveinvestors.com.au/companies/news/168635/cui-global-to-speak-at-two-investor-conferences-168635.html CUI Global, Inc. (NASDAQ:CUI) today announced it will participate in two upcoming investor conferences.

Craig-Hallum Alpha Select Conference in New York on Wednesday, November 16.

William Clough, chairman, president and chief executive officer, and Daniel Ford, chief financial officer, are scheduled to present at 2:50 PM ET and will host one-on-one meetings throughout the day.

Southwest IDEAS Conference in Dallas, TX on Thursday, November 17.

Clough and Ford are scheduled to present at 2:20 PM CT and will host one-on-one meetings throughout the day.

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Mon, 07 Nov 2016 14:08:00 +1100 https://www.proactiveinvestors.com.au/companies/news/168635/cui-global-to-speak-at-two-investor-conferences-168635.html
<![CDATA[Media files - Penny starts to drop about CUI Global Inc’s gas technology ]]> https://www.proactiveinvestors.com.au/companies/stocktube/6211/penny-starts-to-drop-about-cui-global-incs-gas-technology-6211.html Wed, 19 Oct 2016 12:25:00 +1100 https://www.proactiveinvestors.com.au/companies/stocktube/6211/penny-starts-to-drop-about-cui-global-incs-gas-technology-6211.html <![CDATA[News - CUI Global's UK subsidiary signs agreement with National Grid ]]> https://www.proactiveinvestors.com.au/companies/news/166833/cui-global-s-uk-subsidiary-signs-agreement-with-national-grid-166833.html Orbital Gas Systems, the UK subsidiary of CUI Global, Inc. (NASDAQ:CUI), has signed a framework agreement with energy distribution giant National Grid Gas PLC (LON:NG., NYSE:NGG).

The framework agreement will give Orbital the opportunity to provide goods and services worth more than £30.0 million (US$40.0 million) over a five-year period.

Orbital, the largest natural gas systems integrator in the UK, will get the chance to provide services to National Grid, including the supply of equipment such as its proprietary IRIS, GasPT, and VE Technology systems, and will be in the box seat to provide design, system integration, installation, technical support and training for a variety of other systems in the field of gas metering, analysis and telemetry.

“I am delighted with the dedication and attention to detail displayed by our team in securing this framework agreement, scoring the highest technically across all areas from over 30+ companies bidding,” said Richard Law, managing director of Orbital UK.

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Mon, 03 Oct 2016 11:16:00 +1100 https://www.proactiveinvestors.com.au/companies/news/166833/cui-global-s-uk-subsidiary-signs-agreement-with-national-grid-166833.html