Energy tech specialist CUI Global Inc (NASDAQ:CUI) said itsUK energy subsidiary, Orbital Gas Systems Ltd., has entered into a formal collaboration agreement with ENGIE, the global energy group based in Paris, France.
The US-based company also said it had applied for a funding shelf from the Securities and Exchange Commission.
Under the S-3 shelf registration, when declared effective by the SEC, CUI Global may from time to time issue various types of securities, including common stock, preferred stock, debt securities and/or warrants, up to an aggregate amount of $100mln. The registration statement also includes a sales agreement prospectus that would allow for the sale of up to $30mln in at-the-market (ATM) offerings.
The French collaboration involves joint marketing and sales of Orbital’s proprietary GasPT and VE Technology in North America, Western Europe, and Asia. Orbital and ENGIE have agreed to develop a joint commercialization plan, exchange information regarding prospective customers and cooperate on technical efforts to further develop the technologies as they apply to the French energy industry.
ENGIE, a global energy icon and an expert operator in the three businesses of electricity, natural gas and energy services, has also agreed to “present to its contacts in France and abroad, the GasPT and VE Technologies in the gas grid as well as the opportunities the technology could offer for new green gas.” ENGIE has also agreed to “assist its contacts in implementation” of the technology.
ENGIE, a multinational energy giant with 2015 annual revenues of $75bn, can and will partner with Orbital to bring its unique technologies to ENGIE relationships in France, throughout Western Europe, and into Asia, where ENGIE has a significant presence.
Story by ProactiveInvestors