CUI Global, a leading innovative energy services provider, has announced on Friday May 8, 2020 that the company has changed its name from CUI Global to Orbital Energy Group with immediate effect. The company has further said that from now on, the Symbol Ticker Symbol of the company would be OEG.
The company has further said that the new company’s name reflects the company’s mission to become a diversified energy infrastructure company. All the shares of the Orbital Energy will continue to be listed for trading on Nasdaq under the new symbol of ‘OEG’.
The name change policy of the company follows after the acquisition of Reach Construction Group, a leading energy, construction and procurement company with focus on renewable energy. The company believes that the new name will depict the real capabilities of the company, evolving business and brand. Furthermore, the company has further announced that it is also launching a new website and social channels regarding the company’s new name. The proposed website will provide users more engaging experience in mobile and desktop devices.
Chief Executive Officer and Vice Chairman of Orbital Energy Group, Jim O’Neil said, “We are excited to change our name to Orbital Energy Group as part of our company-wide transformation. This rebranding marks a key milestone as we leverage our engineering and construction capabilities, including those of our recently internally developed Orbital Power Services group, to deploy a broader set of service offerings in the energy infrastructure market.”
“With our recent acquisition of Reach, we have also extended our energy services business into the rapidly growing areas of alternative and renewable energy, enabling us to take an active role in reducing our nation’s carbon footprint. With our increased capabilities, over time we expect to diversify into synergistic services and to expand geographically to serve the electric power industry, as well as the larger infrastructure services market,” Jim continued.