CUI Global Inc's (NASDAQ:CUI) wholly owned energy subsidiary, Orbital Gas Systems, revealed Monday that it has won a purchase order valued at more than $900,000 (£730,000) under an existing pact with a major UK gas network operator.
Orbital Gas Systems, which has offices in the United Kingdom and Houston, Texas, said it will undertake the “service, repair and calibration of equipment” installed at 23 of the gas operator's sites in the UK for a year.
"This most recent order is testament to Orbital's capabilities and those of our exceptional service team and its ability to deliver ongoing support of complex analytical equipment at a world-class level of service,” said Orbital president Nicholas Clough in a statement.
Investors cheered the news, sending CUI Global stock soaring 8.8% to $0.85.
The company did not disclose the name of the UK gas operator for business confidentiality reasons. However, Clough said Orbital looked forward to a "long relationship" with the gas operator, which is one of Orbital's “longest standing and most important customers."
CUI Global’s energy segment denotes the Orbital group of companies, which includes subsidiaries Orbital Gas Systems Limited and Orbital Gas Systems, North America. They handle a portfolio of products services and resources for the oil and gas, petrochemical, power, nuclear and environmental industries. They also design, install and commission industrial gas sampling, measurement and delivery systems.
Orbital Gas Systems boasts two flagship energy products. The first is its GasPT platform, which has a revolutionary method of almost instantly and accurately determining the quality of natural gas.
The company’s second leading product is its VE technology, which employs specialized sampling probes to take smaller, more consistent and cleaner gas samples.
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Contact Uttara Choudhury at [email protected]