TUALATIN, Ore., Feb. 26, 2018 /PRNewswire/ -- CUI Global, Inc. (NASDAQ: CUI) announced today that its wholly-owned subsidiary, CUI Inc. (CUI), received an initial purchase order for 400 of its ICE Block units and additional ICE Switches valued at approximately $2.9 million for delivery in the fourth quarter of 2018. The order of CUI's Intelligent Control of Energy (ICE) power system hardware, was secured before ICE Block's receipt of UL and TÜV safety certification.
CUI's ICE products utilize Virtual Power Systems' (VPS) Intelligent Control of Energy – ICE® software to provide peak shaving capabilities and unlock underutilized power capacity in data centers. The ICE Switch is a power monitoring and switching system that delivers dynamic redundancy capabilities, allowing unutilized power to be provisioned to additional servers then reallocated to critical equipment if an outage occurs. The ICE Block employs peak-shaving principals to reduce the power capacity needed to support a rack or row of servers. By profiling power demand and employing battery storage, it manages peak demand using power stored during low utilization periods. When paired with Virtual Power Systems' ICE software suite, the ICE Block and ICE Switch deliver a compelling solution designed to save data centers millions of dollars in operating expenses and capital expenditures.
CUI President, Matt McKenzie, stated, "Initial deployments of our ICE power system hardware have generated compelling results that serve to further validate this disruptive technology. This early and significant order is reflective of the strong reception the platform is commanding from a data center market focused on finding ways capture underutilized power capacity without compromising system availability or reliability. We look forward to receiving industry safety certifications soon that will enable us to approach the market in a much more vigorous manner."
William Clough, CUI Global's president & CEO, added, "There is considerable interest from prospective customers for our ICE technology products as data center power consistently emerges as the most critical area that needs to be addressed to support the growth of IoT, mobile and supporting infrastructure. We are thrilled by the rapid acceptance of the ICE Block and ICE Switch by the marketplace where, together with VPS, we have set a new standard for power infrastructure utilization. Our ICE platform serves a key growth driver to our Power & Electromechanical segment that has seen continued strength across its core business over the past several quarters."
"We are pleased with the demand for Software-Defined Power® and VPS solutions," said Steve Houck, CEO of Virtual Power Systems. "CUI's designs utilize VPS's Intelligent Control of Energy - ICE reference architecture, ensuring compatibility with our ICE software platform. These CUI devices and VPS's ICE software are deployed in trials with some of the world's leading data center & cloud providers. These proof of concepts validate our combined solution for Software Defined Power. As these projects move towards full production implementations, the demand for 3rd party ICE enabled hardware solutions will continue to increase. 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," Houck concluded.
CUI and VPS will be exhibiting the ICE Platform at the upcoming Data Center World Expo in San Antonio, Texas March 12-15 in booth #519. The exhibition will be held at the Henry B. Gonzalez Convention Center, bringing together more than 1,000 Data Center, Facilities and IT Infrastructure Professionals.
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 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.
About CUI Inc.
CUI Inc. is a technology company focused on the development and distribution of electronic components. At the leading edge of power supply design, the organization supports customers as they strive to improve the energy efficiency and environmental credentials of their application. The company's power group is complemented by a portfolio of world-class board level components, consisting of interconnect, audio, motion control and thermal products. An unwavering commitment to create collaborative partnerships with customers and a drive to see that their design project is a success has been a hallmark of CUI's sustained growth since its founding in 1989. As a leader in the industry, CUI will continue to invest in the future through new technologies, talented employees, expanded manufacturing capabilities, and a growing global reach.
For more information please visit www.cui.com.
About Virtual Power Systems
Virtual Power Systems (VPS) is transforming how next-generation data center and cloud providers provision, manage and utilize power capacity with its ground-breaking Software-Defined Power® and Intelligent Control of Energy (ICE®) technology platform. VPS eliminates the need to over-provision power as ICE dynamically adjusts power delivery as demand fluctuates across data-center workloads, servers and racks. ICE enables data center and cloud providers to generate significant additional revenue within existing power and IT footprints while avoiding millions of dollars in capital expenditures and operating expenses. Additionally, VPS empowers enterprise customers to reduce power infrastructure wait times and costs. To accelerate market adoption, VPS is developing a robust partner ecosystem, which includes Artesyn Technologies, HP Enterprise, Intel, Lenovo, Schneider Electric and Vertiv.
For more information please visit www.virtualpowersystems.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.
CUI Global, Inc.
Outside IR contact:
LHA Investor Relations
Sanjay M. Hurry
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SOURCE CUI Global