CUI Global Announces Award of First Purchase Order for Delivery of its GasPT Technology to Europe's Largest Natural Gas Transmission Company
TUALATIN, Ore., Feb. 10, 2016 /PRNewswire/ -- CUI Global, Inc. (NASDAQ:CUI) announced today that its wholly-owned United Kingdom energy subsidiary, Orbital Gas Systems Ltd. ("Orbital"), has successfully been awarded the initial purchase order ("PO") for its proprietary GasPT® analyzer from Europe's largest natural gas transmission company. The order for 400 devices, including 65 high pressure installations, comes after almost four and a half years of intensive durability and accuracy testing; certification by relevant European Union ("EU") authorities; and a thorough, independent test protocol conducted by The University of Milan on behalf of the transmission company.
The total scope of the project includes the deployment of 3,300 analyzers across the Italian pipeline system. Orbital, through its Italian Distributor, SOCRATE S.p.A. ("SOCRATE"), is the only Vendor providing analyzers against this first PO.
The roll-out schedule calls for 50 units to be deployed within 30 days; another 250 units to be deployed 50 days thereafter; and the remainder to be deployed no later than October 2016. Company representatives will be attending the "kick-off" meeting in Milan next week.
"This is a transformational project for the Company," explained William Clough, CUI Global's president & CEO. "While we have previously deployed several hundred of our GasPT devices, this is the first large scale deployment with Europe's largest natural gas pipeline company and one of the most respected natural gas transmission companies in the World."
"We believe that the efficiencies, accuracy, minimal maintenance, and low-cost nature of our GasPT Technology will produce dramatic results for this project and will allow our Energy Division to leverage this exciting project into additional opportunities throughout Western Europe and into North America," Clough continued.
"We are very pleased to partner with CUI Global and Orbital on this project," stated Nicola Giorgio Sorrentino, CEO of SOCRATE. "This venture is only made possible by the unique nature of the GasPT analyzer and its ability to cost-effectively and efficiently monitor natural gas quality in the pipeline. The initial PO is only the beginning of what will be a tremendous opportunity for both Orbital and SOCRATE."
The substantial testing conducted in Italy included, but was not limited to:
Besides the multifaceted and comprehensive testing regimen for this project, Orbital had to obtain all necessary safety certifications before the tests could begin. In that regard, the GasPT device fully complies with, and is certified by such iconic organizations as: CSA, BASEEFA, OFGEM, PRCI, and IECEx. The device is fully EMC compliant as well.
While qualifying for the Italian opportunity, Orbital also received full certification from The International Organization of Legal Metrology ("OIML"). Specifically, the device is fully certified and compliant with OIML R 140 – Measuring Systems for Gaseous Fuel. NMi (a highly-respected European test house based in The Netherlands) was engaged to perform that certification.
According to its charter, OIML is a "worldwide, intergovernmental organization whose primary aim is to harmonize the regulations and metrological controls applied by the national metrological services, or related organizations, of its Member States," including Italy.
"This is certainly an inflection point for our Energy Division and continues to demonstrate the value of our natural gas product portfolio – A portfolio of products which allows us to change and improve the way natural gas is monitored, increase our market penetration, and, thereby, increase our shareholder value," Clough concluded.
The Company will conduct a conference call and webcast to review the details of this release on Thursday, February 11, 2016 at 8:00 AM EST.
A simultaneous webcast will also be available: http://edge.media-server.com/m/p/4xqs4nw4
About CUI Global, Inc.
For more information please visit www.cuiglobal.com
About Orbital Gas Systems Ltd.:
For more information, please visit www.orbitalgassystems.com.
Important Cautions Regarding Forward Looking Statements
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SOURCE CUI Global, Inc.