News Article | May 10, 2017
National Grid will streamline operations of more than 400 megawatts of grid-edge resources over 3 years with the first phase of 185 megawatts targeted to go live in 2017 REDWOOD CITY, CA--(Marketwired - May 10, 2017) - National Grid, a leading electricity and natural gas company serving over 7 million customers across New York, Massachusetts, and Rhode Island, announced that it has selected AutoGrid, a leader in flexibility management software, to unify management of its demand response (DR) and distributed energy resource (DER) programs across its service area in North America. The programs are expected to enroll over 400 megawatts (MW) of DR and other DERs over a 3-year timeframe. These programs will deliver significant cost savings to participating businesses while helping National Grid reduce operational expenses and investments in transmission and distribution infrastructure, which will lower costs for all National Grid customers. National Grid plans to implement five programs in the first year of operation across its entire service territory. These include the New York Emergency DR Program (EDRP), the New York Distribution Load Relief Program (DLRP), the New York Commercial System Relief Program (CSRP), the Massachusetts Connected Solutions Program, and the Rhode Island Connected Solutions Program. Eligible commercial and industrial customers can enroll in the program through vendors such as EnerNOC, CPower, NRG, IP Keys, and Direct Energy. National Grid will use AutoGrid Flex™ to unify management of these programs across all customers through a single dashboard, using it for event dispatch, measurement and verification, and reporting for all customers. In addition, the aggregators participating in the program will be able to manage their participation through AutoGrid Engage™, AutoGrid's multi-tenant customer engagement application. In subsequent years, National Grid may expand the use of AutoGrid Flex for other non-wires alternative initiatives. These include innovative new programs that optimize customer-sited energy storage systems, solar power systems, EV chargers, industrial control equipment, and other DERs, providing National Grid with yet another source of flexible capacity to balance supply and demand on the grid. "AutoGrid Flex will help us deliver innovative flexibility management programs to our business customers, enabling them to reduce their energy costs and meet their sustainability goals," said Carlos Nouel, Vice President of New Energy Solutions, National Grid. "We look forward to leveraging AutoGrid Flex's powerful optimization capabilities to improve the reliability of our operations and to support initiatives that not only deliver savings to our customers but reimagine how we engage with our customers." National Grid customers who are interested in participating in DR programs can learn more here: http://ngrid.com/demandresponse. "National Grid has been a leader in developing innovative new business models that address today's most urgent energy challenges, and we are excited to serve as their technology provider on this ambitious initiative to manage distributed energy resources at the grid edge," said Dr. Amit Narayan, CEO of AutoGrid. "By unifying management of these flexibility management programs, National Grid is demonstrating how utilities of the future will use flexibility management to deliver value to their customers and succeed in the new distributed energy world." Using Flexibility Management to Win in a Distributed Energy World AutoGrid Flex and AutoGrid Engage enable utilities, electricity retailers, and other energy service providers to manage a diverse set of distributed energy resources across all customer and program types, helping them launch new services that reduce costs, increase revenues, improve customer engagement, and enhance system reliability. AutoGrid Flex includes four flexibility management modules -- AutoGrid DROMS™, AutoGrid DERMS™ AutoGrid VPP™, and AutoGrid ESMS™ -- that all run on a unified platform that uses AutoGrid's Predictive Controls™ technology to provide energy service providers with a comprehensive flexibility management solution for all types of DERs such as battery storage, EV chargers, thermostats, load control switches, pool-pumps, water heaters, co-generation units, backup generators, and industrial demand response. AutoGrid Engage is a residential, commercial and industrial customer engagement application that incorporates AutoGrid's advanced analytics and big data processing capabilities to provide relevant and personalized pricing and DER offers to residential, commercial and industrial customers, deliver real-time optimization to increase customer savings and program participation. Using AutoGrid Flex and AutoGrid Engage, energy companies can differentiate themselves in an increasingly competitive new energy world by offering highly personalized flexibility management programs to all their customers. Energy consumers can get significant savings in an automated and convenient manner from their trusted energy provider. By utilizing the unified AutoGrid Flex application to implement their entire flexibility management roadmap, energy companies gain significant time-to-market and cost advantages over the alternative of trying to implement a hodge-podge of point solutions that require expensive and time consuming work to integrate with their complex backend systems and operational processes. AutoGrid Flex's powerful portfolio optimization capabilities allow energy companies to optimize their entire DER portfolio across all programs in real-time, and at scale, significantly boosting their portfolio's return on investment. About National Grid: National Grid ( : NG) ( : NGG) is an electricity and natural gas delivery company that connects nearly 7 million customers to vital energy sources through its networks in New York, Massachusetts and Rhode Island. It is the largest distributor of natural gas in the Northeast. National Grid also operates the systems that deliver gas and electricity across Great Britain. Through its U.S. Connect21 strategy, National Grid is transforming its electricity and natural gas networks to support the 21st century digital economy with smarter, cleaner, and more resilient energy solutions. Connect21 is vital to our communities' long-term economic and environmental health and aligns with regulatory initiatives in New York (REV: Reforming the Energy Vision) and Massachusetts (Grid Modernization). For more information please visit our website, or our Connecting website, follow us on Twitter, watch us on YouTube, friend us on Facebook, find our photos on Instagram. About AutoGrid: AutoGrid builds software applications that enable a smarter Energy Internet. The company's AutoGrid Flex™ suite of Energy Internet applications allows utilities, electricity retailers, renewable energy project developers and energy service providers to deliver cheap, clean and reliable energy by managing networked distributed energy resources (DERs) in real time and at scale. AutoGrid applications are all built on the AutoGrid Energy Internet Platform™ (EIP™), with patented Predictive Controls™ technology that leverages petabytes of smart meter, sensor and third-party data, along with powerful data science and high-performance computing algorithms, to monitor, predict, optimize and control the operations of millions of assets connected across global energy networks. AutoGrid Flex has more than 2,000 megawatts of DERs under contract with more than 25 global energy companies around the world. Several of the world's leading energy companies, such as E.ON, Bonneville Power Administration, Florida Power & Light, Southern California Edison, Eneco, Portland General Electric, CPS Energy, New Hampshire Electric Cooperative, NextEra Energy, Xcel Energy and CLEAResult, are using AutoGrid's software to improve their operations, integrate renewables and drive deeper engagement with their customers. AutoGrid has been recognized with several prestigious industry awards including the 2016 Energy Productivity Innovation Challenge (EPIC), Greentech Media's Grid Edge Award 2016, Bloomberg New Energy Pioneer 2016, World Economic Forum Technology Pioneer 2015, Red Herring Top 100 North America 2015, 2017 Cleantech Global 100, and Industrial Innovation Company of the Year 2014 by the Cleantech Group.
News Article | May 10, 2017
The United Kingdom’s trade body for wind, wave, and tidal energy, RenewableUK, has published its manifesto outlining the role renewable energy can play in building a strong energy future for the country. Published in the lead-up to the UK’s surprise General Election, RenewableUK — the trade body representing the wind, wave, and tidal energy industries across the UK — has laid out its manifesto for how renewable energy can help deliver energy security. Specifically, the two-page brief, Powering Britain, lays out four ways “to create a strong energy future,” including: “The next Government has a clear opportunity to ensure that the renewable energy sector can continue to grow and deliver even cheaper electricity to UK homes and businesses,” explained RenewableUK’s Executive Director Emma Pinchbeck. “The first steps to achieving this include confirming existing investment commitments, and ensuring a competitive process is in place to secure cheap new generation. We need a transparent procurement system which is fair to all technologies.” Unsurprisingly, the trade body of the wind, wave, and tidal energy highlighted the economic and environmental benefits of those technologies — and managed to avoid using the word ‘solar’ once in its brief, which is maybe a little unnecessarily partisan. Of course, in their defense, the authors of the report advocated “Maximising the use of our domestic energy resources,” saying that such a move would help insulate customers from the “rising household energy bills” which have primarily been caused by “fluctuations in fossil fuel prices.” Given that the UK is one of the leading wind energy regions in the world, and has significant onshore and offshore wind resources, it is therefore somewhat unsurprising that RenewableUK would so heartily advocate the use of wind as a means to securing the UK’s energy future. Further, the brief highlighted the recently confirmed high approval rating currently in effect across the UK for renewable energy, a view which is mirrored by industry. Focusing on renewable energy as the future will deliver technological, economical, and environmental benefits. Further, the country’s grid operator, National Grid, “has made clear that it sees flexible technologies and smart system management as key to grid security.” RenewableUK therefore points out that “renewables today contribute to our energy security, through second by second response or with longer-term reserve and storage.” Finally, and maybe most importantly, investing in and supporting the country’s renewable energy industry in turn supports industrial growth and export capacity. Renewable energy companies in the UK currently employ more than a quarter of a million people, and are expected to invest n £15.6bn in UK infrastructure between 2016 and 2021. This investment and industry power provides jobs not just to millions, but to those in communities who need them most — and creates industry hubs which provide secondary and tertiary economic benefits to local communities. Further, UK renewable energy companies currently export to 43 different countries both inside and outside of Europe, and the sector as a whole attracts significant foreign direct investment. “As we look to leaving the European Union, the next Government can show leadership by bringing forward a plan to deliver the UK’s climate commitments and maintaining a robust carbon price floor,” Pinchbeck added. “Stable policy will allow industry to keep delivering. Government should be at the heart of building our strong energy future.” The Powering Britain brief therefore lays out five key recommendations for Government — both Theresa May’s current administration, and whoever wins the upcoming June General Election: Check out our new 93-page EV report. Join us for an upcoming Cleantech Revolution Tour conference! Keep up to date with all the hottest cleantech news by subscribing to our (free) cleantech daily newsletter or weekly newsletter, or keep an eye on sector-specific news by getting our (also free) solar energy newsletter, electric vehicle newsletter, or wind energy newsletter.
News Article | May 10, 2017
With more than 17 hours of content and 12 hours of dedicated networking, Solar Summit 2017 is certainly going to be time well spent. We like to run our events with conversations between an analyst who has put in the time studying these markets, and industry participants who are living in the day-to-day market realities. We’ll welcome to the stage Google, First Solar, NRG, GE, Sunrun, SunPower, Deutsche Bank, Sharp Electronics, Nexamp, Arizona Public Service, sPower, the Solar Energy Industries Association, EDF Renewables, the U.S. Department of Energy, NREL and many more. Shayle Kann, head of research here at GTM, will take the stage with John Smirnow, an expert attorney on international trade and customs, to discuss the Suniva bankruptcy and the pending trade dispute between America and Asia. Shayle and John have been following America’s solar trade wars closely over the years, and we look forward to hearing directly from them. Because our events are designed and planned by top industry analysts and experts, they attract the high-level decision-makers you want to do business with. Attendees include professionals from Tesla, Delta, PG&E, Mitsubishi Electric, LG, National Grid, Georgia Power, S&P Global Market Intelligence, Exelon, Florida Power & Light, SolarWorld and about 600 others from across the solar landscape. We do have some seats left for our expected-to-sell-out show, so take a look at the event site and register today to join us. We hope to see you in sunny Arizona next week, May 17-18.
News Article | May 8, 2017
"Energy storage is transformative technology that can lead to a cleaner, safer, more reliable, and more affordable energy grid," said Rep. Takano. "I am pleased to restart this bipartisan initiative to educate my colleagues about the potential of energy storage and explore opportunities for us to support this technology in the future. The security and sustainability of our energy infrastructure affects every community across America. I look forward to working with Democrats and Republicans to create a policy environment where the promise of this technology can be fully realized." During the press conference for the launch of the Congressional Advanced Energy Storage Caucus, the Co-Chairs were joined by industry leaders from the Energy Storage Association, AES Energy Storage, S&C Electric, Stem Inc., and National Grid. "States, utilities, and customers have begun using advanced energy storage to enhance the reliability and resiliency of our nation's electric infrastructure," said Jason Burwen, Policy & Advocacy Directory of the Energy Storage Association. "Whether providing resilient response to extreme events, complementing aging distribution infrastructure, enabling more distributed resources and consumer choice, or reducing vulnerability of local communities, energy storage is a powerful and compelling new investment option in our nation's energy infrastructure." "Electricity is fundamental to our overall economy, powering 40% of everything that we do on a day-to-day basis. We believe energy storage is the key for us to create a cleaner, more flexible and more resilient electric grid," said Kiran Kumaraswamy, Market Development Director at AES Energy Storage. "We see storage offering unparalleled flexibility and a cost-effective platform for continued innovation in our rapidly-changing energy landscape." "A robust U.S. energy storage industry will strengthen U.S. manufacturing and provide greater international competitiveness," said Troy Miller, director of Grid Solutions with S&C Electric Company. "Our company employs more than 1,200 people in manufacturing jobs across the country. Continued support and investment in our industry will ensure the U.S. continues to lead the world in advanced energy." The bipartisan Congressional Advanced Energy Storage Caucus is dedicated to advancing understanding of how energy storage systems are enabling American businesses and homeowners to better access reliable, affordable, and sustainable electric power. The members of this Caucus will work together and with stakeholders toward innovative and effective policy solutions that address challenges in our energy infrastructure and drive the adoption of storage technology. To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/advanced-energy-storage-caucus-launched-in-congress-to-bipartisan-support-300453407.html
News Article | May 9, 2017
Phillips Lytle LLP named Dennis W. Elsenbeck Head of Energy and Sustainability to lead Phillips Lytle Energy Consulting, a newly created service offered by the firm. Mr. Elsenbeck will be based in the firm’s Buffalo office, and will provide consulting services to clients in all eight offices across the firm’s footprint. Prior to joining Phillips Lytle, Mr. Elsenbeck served as Director of Stakeholder and Policy for National Grid U.S. Operations. He brings more than 30 years of experience in the energy industry to Phillips Lytle. Mr. Elsenbeck’s background includes experience in the three key areas of the energy industry – supply, delivery and demand – bringing a unique perspective in ensuring alignment of market needs, applied technology and sustainable energy policy. “Any time we can add new, valuable perspectives from a veteran industry insider, it is to the benefit of our clients,” said David P. Flynn, Phillips Lytle partner and practice team leader for the firm’s Energy and Environment Practice Teams. “Dennis has unparalleled energy industry knowledge and contacts, and will be a tremendous asset for our wide range of sophisticated clients.” “Phillips Lytle’s Energy Practice Team is among the best in the business, with a very diverse, high caliber client base,” said Mr. Elsenbeck. “Energy is a rapidly changing industry. I look forward to working with the firm’s attorneys on a number of initiatives, and to being a resource for clients as they navigate the complex policies and regulations surrounding the energy industry.” Phillips Lytle Energy Consulting will provide resources in a variety of areas including: “We have an opportunity to develop the market’s voice in the policy conversation,” said Mr. Elsenbeck. “The market stakeholders, technology innovators and policy makers need to be working in lock step to achieve synergy in the creation of a well-organized, cohesive energy plan that makes sense for all stakeholders.” Mr. Elsenbeck received his Master’s in Engineering from University at Buffalo, as well as his Master’s in Business Administration from University of Rochester. He received a Bachelor’s of Technology from SUNY Institute of Technology. Phillips Lytle LLP is a premier regional law firm that is recognized nationally for its legal excellence. With offices in New York State, Washington, D.C., and Canada, our attorneys serve a multinational client base including FORTUNE 1000 companies, global and regional financial institutions, not-for-profit organizations, middle market companies, startups, entrepreneurs and individuals on important matters affecting their businesses and personal wealth. For more information, visit http://www.phillipslytle.com.
News Article | May 9, 2017
In Tuesday morning's New York Times, alongside damaging front page coverage of Sally Yates' testimony, Donald Trump will have been greeted with a full page ad urging him not to abandon the groundbreaking Paris Agreement. It's worth taking a look at the list of signatories: Adobe - Apple - Blue Shield and Blue Cross of Massachusetts - Danfoss - Dignity Health - Facebook - Gap, Inc. - Google - Hewlett Packard - Ingersoll Rand - Intel - Johnson Controls - Levi Strauss - Mars - Microsoft - Morgan Stanley - National Grid - PG & E Corporation - Royal DSM - Salesforce - Schneider Electric - Tiffany & Company - Unilever - VF Corporation That's a pretty impressive list of—to use Trumpian terminology—"job creators." It would seem that a large swathe of the economy is firmly behind concerted, predictable and sustained efforts to curb emissions and move our economy into the 21st Century. (200+ institutional investors worth $15 trillion are of a similar mindset too.) Alongside corporate pressure, it would appear that Trump has also heard from both incoming French President Emmanuel Macron, and from China's President Xi Jinping, about both their determination to defend the agreement, and the fact that the US would suffer serious diplomatic consequences for reneging on its participation in a deal that includes every country except Syria and Nicaragua. And yet, the decision is down to the wire and many pundits are suggesting the "leave" camp has the upper hand. Want to have your say? National Resources Defense Council is asking folks to call the White House (202-456-1111) and weigh in on why leaving Paris would leave the United States isolated as the rest of the world moves toward a low carbon economy. Whatever happens, though, the depth and breadth of opposition to leaving the Paris Agreement suggests the momentum has fundamentally shifted. Even if the United States government decides to leave, a large chunk of the country will plough on regardless, pushing change at the individual, household, local, regional, corporate, international and—where possible—national level too. The destination is set. It's just a question of who wants to lead and who wants to get left behind.
News Article | May 9, 2017
Rising investments by developing countries towards construction and infrastructure sector will drive the global power and control cable market size. Introduction of smart city initiatives across several countries including China, India and UAE will further stimulate the product demand. In 2015, the National Development Bank of China in collaboration with the Ministry of Housing and Urban-Rural Development announced an investment of over USD 12.8 billion towards the advancement of country's national smart city project. Request for a sample of this research report @ https://www.gminsights.com/request-sample/detail/1502 Growing measures to strengthen the transmission and distribution network to cater the growing electricity demand will embellish the power and control cable market. As per the U.S. Energy Information Administration, the global electricity demand has expanded over 3% from the past six years however, it is 16% lower than the generated electricity owing to inefficient grid infrastructure. Utilities across the globe are making significant investments to enhance their transmission capability with the aim to reduce the energy loss which will positively impact the business outlook. In 2016, the U.S. Federal Government announced USD 10 billion grant to reduce the curtailment rate across their western transmission network through the development of new and improved grid infrastructure. Asia Pacific power and control cable market size is set to exceed USD 100 billion by 2024. Ongoing rural electrification program coupled with increasing demand for reliable and safe electricity will positively impact the industry size. Positive outlook towards renewable energy with growing industrialization will further boost the product demand. Browse key industry insights spread across 190 pages with 264 market data tables & 9 figures & charts from this 2017 report Power And Control Cable Market in detail along with the table of contents: Adoption of microgrid network and favorable government initiatives towards expansion of T&D networks to interconnect renewable sources with the central and state grids will complement the MV power and control cable market. In 2016, Belgium based Tideway B.V. awarded USD 14.19 million contract to Prysmian Group for the supply of 33kV MV inter array submarine cables for its 309 MW offshore wind farm projects. UK power and control cable market is set to expand over 3% over the forecast timeline. Government initiatives to shift the dependency to sustainable energy sources will augment the industry outlook. The Réseau de Transport d'Electricité (RTE) and UK National Grid awarded a contract worth USD 290 million to ABB, to develop high-voltage direct current technology aimed at interconnecting electric networks between UK and France. The company will provide two high-voltage HVDC light converter stations that will be linked by a subsea cable. Make an inquiry for purchasing this report @ https://www.gminsights.com/inquiry-before-buying/1502 Middle East & Africa power and control cable market share is set to expand over 7% by 2024. Growing investments towards rebuilding of war affected countries including Syria along with extension of transmission and distribution network will fuel the industry size. According to Siemens, the region is set to increase its current electricity generation capacity by 66% over the next 15 years. Notable players across the power and control cable market include Polycab, Prysmian, CMI, Havells, Nexans, LS Cable & System, Furukawa Electric, Southwire, General Cable and Sumitomo Electric Industries. U.S. Commercial Boiler Market size was over USD 850 million in 2016 and the annual installation is set to exceed 80,000 units by 2024. Increasing government spending towards healthcare and education sector will stimulate the U.S. commercial boiler market size. Combined Heat And Power Market size for 2016 was valued over USD 20 billion, with annual installed capacity to exceed 25 GW by 2024. Shifting trends from conventional to sustainable energy along with growing demand for captive power generation will positively drive the combined heat and power market size. Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
News Article | August 7, 2015
Nationalising the major power providers, as suggested by Labour leadership candidate Jeremy Corbyn, could cost £185bn, according to leading City analysts. Following a report in the Financial Times in which Corbyn discusses an ambition to take control of the big energy companies, analysts at Jefferies stockbrokers concluded there would be a number of hurdles to this idea. They cite European Union law and stock exchange rules which require an offer for a whole company to be made once a shareholder owns 30% of the shares. The FT piece follows a report by Greenpeace about Corbyn’s proposals. Corbyn is quoted in the Financial Times (£) as saying: “I would want the public ownership of the gas and the National Grid … [and] I would personally wish that the big six were under public control, or public ownership in some form.” The MP for the London seat of Islington North since 1983 is attracting support for his leadership bid. Corbyn is said to want to take stakes in British Gas, SSE, E.ON, RWE npower, Scottish Power and EDF, as well as the National Grid. In the FT, Corbyn is quoted as saying: “You can do it by majority shareholding; you can do it by increased share sales, which are then bought by the government in order to give a controlling interest.” The Jefferies analysts said: “Such a policy would face many hurdles, such as compatibility with EU law, but if it was implemented how much might it cost? In his interview, Mr Corbyn suggests that the government could take a majority equity stake in the utility companies. However, under stock exchange rules, once a stock holding hits 30% an offer for the whole company must be made. Therefore, we assume that all of the equity would be acquired.” According to their analysis, the cost would amount to £185bn based on the entire market stock market value of the companies. But, they said: “If a future Labour government restricted itself to just acquiring the UK assets of the big six generators plus National Grid, the cost would be £124bn.” They assumed that the shares are bought at current prices and not at any higher price, which might be expected from a takeover, to calculate an enterprise value – the debt and equity – for the companies. For companies which are not directly listed on the market and are part of bigger groups – such as EDF or E.ON – the analysts have used valuations of just the UK operations.
News Article | May 10, 2017
William Clough, president and CEO of CUI Global, stated, "Our first quarter results reflect strong sales growth in our P&EM segment that offset lower order-flow in our Energy segment compared to the year-ago period when we received our largest GasPT order to date. P&EM revenue increased by approximately 5% year-over-year as strengthening industry fundamentals drove demand for our products across a broader distribution base supplemented by a new direct sales win in the U.S. In our Energy segment, we continued to execute on business development activities that are laying the groundwork for greater adoption of our gas technology products. Business activity in this segment is increasing as prospective customers respond favorably to the value proposition of our GasPT product." Continued Mr. Clough, "Looking ahead, we see several catalysts on the horizon that put us firmly on a growth trajectory this year. The electronics industry is in the early stages of an upcycle which should create further demand in the market segments we serve. New product and technology introductions, coupled with an expanded distribution footprint and plans to further penetrate geographies in which we have historically been underrepresented, offer us a path to profitable growth. "In our Energy segment, we are seeing broad-based traction for our GasPT product: the recent regulatory change in the UK expands our addressable market for biomethane applications there and in Western Europe; our collaboration with energy leader ENGIE for both natural gas and biomethane applications across Western Europe, North America and Asia is proceeding well with one opportunity immediately ahead of us. 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. Although sales cycles are long, we are working hard to convert more of these opportunities into contract awards in 2017." Mr. Clough concluded, "Our P&EM segment generates steady operating cash flow that helps fund our business development activities in the Energy segment where we see the potential to drive highly attractive growth rates and margin expansion over the long term. 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." For the quarter ended March 31, 2017, CUI Global produced consolidated total revenues of $17.8 million. Total revenues for the first quarter decreased 14% year-over-year, compared to $20.7 million in the first quarter of 2016. For the first quarter, the Power and Electromechanical segment contributed revenues of $13.7 million and the Energy segment contributed $4.2 million. The revenues for the three months ended March 31, 2017 were lower than the comparable period due to lower translated revenue at the Company's UK operations related to the lower value British pound Sterling following Brexit, timing of customer project delivery schedules and the temporary halt of deliveries of gas related metering, monitoring and control systems, including GasPT units in Italy due to a regulatory hurdle. The Italian contract is still in place and the Company expects deliveries to return to previous levels as soon as the regulatory issues are resolved. Partially offsetting the decrease in the Energy segment, was a $0.6 million increase in revenue in the Power and Electromechanical segment in the three months ended March 31, 2017 due to the timing of customer delivery schedules and sell through activity at distributors. For the three months ended March 31, 2017, the cost of revenues as a percentage of revenue increased to 68% from 61% during the prior-year comparative period. This percentage will vary based upon the power and electromechanical product mix sold, the mix of natural gas systems sold, contract labor necessary to complete gas related projects, the competitive markets in which the Company competes, and foreign exchange rates. The cost of revenues as a percentage of revenue for the Energy segment for the three months ended March 31, 2017 was 69% compared to 56% in the three months ended March 31, 2016 and the cost of revenues as a percentage of revenue for the Power and Electromechanical segment for the three month period ended March 31, 2017 was 68% compared to 64% during the prior-year comparative period. The higher cost percentage in the Energy segment was due to a less favorable product mix during the three months ended March 31, 2017 compared to the three months ended March 31, 2016. As previously noted, the Energy segment was affected by a temporary halt in shipments of higher margin GasPT units to an Italian customer until a regulatory issue can be resolved. The sales order backlog at March 31, 2017 was a consolidated $33.9 million. Of that, the Power and Electromechanical segment held a backlog of customer orders of approximately $19.6 million and the Energy segment held a backlog of approximately $14.3 million. Gross profit was $5.7 million, or 32%, for the quarter ended March 31, 2017 versus $8.0 million, or 39%, in the same period of 2016. During the three months ended March 31, 2017, the Power and Electromechanical segment generated gross profit margins of 32%, while the Energy segment generated gross profit margins of 31%. This compares to 36% for the Power and Electromechanical segment and 44% for the Energy segment in the three months ended March 31, 2016. During the three months ended March 31, 2017, SG&A decreased $0.7 million, compared to the prior-year comparative period. The decrease for the three-month period is largely due to lower bonuses in the Other category and in severance costs incurred in the Power and Electromechanical segment in the three months ended March 31, 2016 for the transition of the R&D team to CUI-Canada and for various positions within the Energy segment that did not recur in 2017. SG&A increased to 48% of total revenue compared to 45% of total revenue during the three-month period ended March 31, 2016. The company reported a net loss of $(3.9) million or $(0.18) per share (EPS) for the quarter ended March 31, 2017 as compared with a net loss of $(2.7) million or $(0.13) per share in the prior year period. The consolidated net loss for the three months ended March 31, 2017, 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 in both the Power and Electromechanical segment and the Energy segment, and the ongoing amortization of intangible assets related to the Orbital Gas Systems Limited and CUI-Canada acquisitions. In 2017, a lower value of the British pound Sterling due to the recent Brexit vote resulted in lower translated revenue at our U.K. operations, but did not have a significant effect on operating or net loss. The earnings before interest, taxes, depreciation and amortization (EBITDA) for the three months ended March 31, 2017 was $(3.3) million. EBITDA for the three months ended March 31, 2016 was $(1.7) million. As of March 31, 2017, CUI Global held cash and cash equivalents of $3.0 million, a decrease of $(1.7) million since December 31, 2016. Operations, other intangible assets, and equipment, have been funded through cash on hand during the three months ended March 31, 2017. Management will host a conference call today, May 10, 2017 at 8:30 a.m.ET to discuss these results as well as recent corporate developments. After management's opening remarks, there will be a question and answer period. To access the call, please dial (888) 734-0328 and provide conference ID 6151472. For international callers, please dial (678) 894-3054. The live webcast of the conference call and accompanying slide presentation can be accessed through the 'Events & Presentations' page of the CUI Global Investor Relations website (www.cuiglobal.com). For those unable to attend the live call, a telephonic replay will be available until May 24, 2017. To access the replay of the call dial (855) 859-2056 or (404) 537-3406 and provide conference ID 6151472. An archived copy of the webcast and slide presentation will also be available on the 'Events & Presentations' page of the CUI Global Investor Relations website. CUI Global, Inc. is a publicly traded company dedicated to maximizing shareholder value through the acquisition and development of innovative companies, products and technologies. From Orbital Gas Systems' advanced GasPT2 platform targeting the energy sector, to CUI Inc.'s digital power platform serving the networking and telecom space, CUI Global and its subsidiaries have built a diversified portfolio of industry leading technologies that touch many markets. As a publicly traded company, shareholders are able to participate in the opportunities, revenues, and profits generated by the products, technologies, and market channels of CUI Global and its subsidiaries. But most importantly, a commitment to conduct business with a high level of integrity, respect, and philanthropic dedication allows the organization to make a difference in the lives of their customers, employees, investors and global community. For more information please visit www.cuiglobal.com. 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, volatility in foreign currency exchange rates, 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. EBITDA, Adjusted EBITDA and Adjusted Net Income (loss) are non-GAAP financial measures and are reconciled in the table below. These non-GAAP financial measures do not represent funds available for management's discretionary use and is not intended to represent cash flow from operations. EBITDA, Adjusted EBITDA and Adjusted Net Income (loss) should not be construed as a substitute for net loss or as a better measure of liquidity than cash flow from operating activities, which is determined in accordance with United States generally accepted accounting principles ("GAAP"). EBITDA, Adjusted EBITDA and Adjusted Net Income (loss) exclude components that are significant in understanding and assessing the company's results of operations and cash flows. In addition, EBITDA, Adjusted EBITDA and Adjusted Net Income (loss) are not terms defined by GAAP and as a result our measure of EBITDA, Adjusted EBITDA and Adjusted Net Income (loss) might not be comparable to similarly titled measures used by other companies. However, EBITDA, Adjusted EBITDA and Adjusted Net Income (loss) are used by management to evaluate, assess and benchmark the company's operational results and the company believes EBITDA, Adjusted EBITDA, and Adjusted Net Income (loss) are relevant and useful information which are often reported and widely used by analysts, investors and other interested parties in the Company's industry. Accordingly, the Company is disclosing this information to permit a more comprehensive analysis of its operating performance, to provide an additional measure of performance and liquidity and to provide additional information with respect to the Company's ability to meet future debt service, capital expenditure and working capital requirements. Adjusted Net Income (loss) eliminates the amortization expenses associated with intangible assets acquired with Orbital Gas Systems Limited ("Orbital") and CUI-Canada, as well as non-cash expenses associated with stock and stock options for compensation, royalties and services during the period. EBITDA, Adjusted EBITDA and Adjusted Net Income (loss) are non-GAAP financial measures and are reconciled in the table below. These non-GAAP financial measures do not represent funds available for management's discretionary use and is not intended to represent cash flow from operations. EBITDA, Adjusted EBITDA and Adjusted Net Income (loss) should not be construed as a substitute for net loss or as a better measure of liquidity than cash flow from operating activities, which is determined in accordance with United States generally accepted accounting principles ("GAAP"). EBITDA, Adjusted EBITDA and Adjusted Net Income (loss) exclude components that are significant in understanding and assessing the company's results of operations and cash flows. In addition, EBITDA, Adjusted EBITDA and Adjusted Net Income (loss) are not terms defined by GAAP and as a result our measure of EBITDA, Adjusted EBITDA and Adjusted Net Income (loss) might not be comparable to similarly titled measures used by other companies. However, EBITDA, Adjusted EBITDA and Adjusted Net Income (loss) are used by management to evaluate, assess and benchmark the company's operational results and the company believes EBITDA, Adjusted EBITDA, and Adjusted Net Income (loss) are relevant and useful information which are often reported and widely used by analysts, investors and other interested parties in the Company's industry. Accordingly, the Company is disclosing this information to permit a more comprehensive analysis of its operating performance, to provide an additional measure of performance and liquidity and to provide additional information with respect to the Company's ability to meet future debt service, capital expenditure and working capital requirements. Adjusted Net Income (loss) eliminates the amortization expenses associated with intangible assets acquired with Orbital Gas Systems Limited ("Orbital") and CUI-Canada, as well as non-cash expenses associated with stock and stock options for compensation, royalties and services during the period. To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/cui-global-inc-reports-unaudited-first-quarter-2017-financial-results-300454841.html