The new accuracy standard allows for the broader
deployment of CUI Global's unique GasPT device throughout the UK
and Western Europe.
HOUSTON, April 24, 2017 /PRNewswire/ -- CUI
Global, Inc.'s (NASDAQ: CUI) wholly-owned energy subsidiary,
Orbital Gas Systems Ltd. (Orbital), has received notification that,
effective April 13, 2017, the Gas and
Electrical Market Authority (Ofgem), the UK's energy regulator and
internationally recognized energy authority, had formally relaxed
the accuracy requirement of Ofgem-approved CVDDs to 0.2
MJ/m3 (approximately 0.5%).
The decision comes after Ofgem published an Open Letter dated
23 November 2016, seeking
"Consultation on relaxing the accuracy requirements of Calorific
Value Determining Devices". In that letter, Ofgem stated that
in response to "the Energy Networks Association consultation on
Reducing Costs and Removing Barriers for Low Flow Entry Sites," it
(Ofgem) would consider any "robust, transparent, quantitatively
argued proposal which is of sufficient quality."
Such a proposal was received by Ofgem from "Northern Gas
Networks (NGN) which proposed a new CVDD, the GasPT2, and the
relaxation of the current accuracy requirements to 0.2
MJ/m3 (approx. 0.5%)." The NGN proposal was
accompanied by "the GasPT2 Technical Note to Energy Regulators on
behalf of Orbital Gas Systems, UK in support of the approval of the
GasPT2 CVDD." See, Open Letter.
CUI Global's president and CEO, William
Clough, said, "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."
After receiving and considering seven written responses from
industry participants, Ofgem found that, "the change is 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."
Ofgem then held:
The Authority has therefore decided that with
effect from the date of this letter, the accuracy requirement of
Ofgem-approved CVDDs is 0.2 MJ/m3 (approx.
0.5%).
The accuracy relaxation in principle permits Orbital's
proprietary GasPT CVDD for use across the entire UK gas network at
regulated measurement points, such as high pressure metering
offtakes from the national transmission system feeding the gas
distribution system, bio-methane network entry sites as well as the
anticipated shale gas connection points.
Orbital's vice president of sales (UK), Neil Stuchbury, said, "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. Within the UK, regulated
CVDDs are utilized at over 150 locations to assess the CV of gas
entering or transferring between networks. In real terms, this
equates to potentially providing energy data to circa 17 million
domestic, industrial and commercial customers. 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."
Note: The formal decision and regulatory change can be found on
Ofgem's website at Ofgem Decision Letter.
About CUI Global, Inc.
Delivering Innovative
Technologies for an Interconnected World . . . . .
CUI Global, Inc. is a publicly traded company dedicated to
maximizing shareholder value through the acquisition and
development of innovative companies, products and technologies.
From Orbital Gas Systems' advanced GasPT platform targeting the
energy sector, to CUI Inc.'s digital power platform serving the
networking and telecom space, CUI Global and its subsidiaries have
built a diversified portfolio of industry leading technologies that
touch many markets. As a publicly traded company, shareholders are
able to participate in the opportunities, revenues, and profits
generated by the products, technologies, and market channels of CUI
Global and its subsidiaries. But most importantly, a commitment to
conduct business with a high level of integrity, respect, and
philanthropic dedication allows the organization to make a
difference in the lives of their customers, employees, investors
and global community.
For more information please visit www.cuiglobal.com.
About Orbital
Orbital Gas Systems (Orbital), a CUI Global Company, is the
leader in innovative gas solutions, having more than 30 years of
experience in design, installation and the commissioning of
industrial gas sampling, measurement and delivery systems.
Operating globally to energy, power and processing markets, Orbital
manufactures and delivers a broad range of applications including
environmental monitoring, gas metering, process control, telemetry,
gas sampling and BioMethane.
For more information please visit www.orbitalgas.com.
Important Cautions Regarding Forward Looking
Statements
This document contains forward-looking
statements within the meaning of Section 27A of the Securities Act
of 1933, as amended, and Section 21E of the Securities Exchange Act
of 1934, as amended. Such statements are subject to risks and
uncertainties that could cause actual results to vary materially
from those projected in the forward-looking statements. The company
may experience significant fluctuations in future operating results
due to a number of economic, competitive, and other factors,
including, among other things, our reliance on third-party
manufacturers and suppliers, government agency budgetary and
political constraints, new or increased competition, changes in
market demand, and the performance or reliability of our products.
These factors and others could cause operating results to vary
significantly from those in prior periods, and those projected in
forward-looking statements. Additional information with respect to
these and other factors, which could materially affect the company
and its operations, are included in certain forms the company has
filed with the Securities and Exchange Commission.
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