CUI Global subsidiary enters amended partnership agreement with VPS
CUI Global announced that its wholly-owned Power & Electromechanical Division, CUI Inc., has entered into an amended partnership agreement with Virtual Power Systems, or VPS, on the design, development, marketing and sales of VPS's proprietary Intelligent Control of Energy, or ICE, Software Defined Power, or SDP, infrastructure. In a separate agreement, CUI Global has made an investment for a minority stake in VPS in support of the companies' continued collaboration and development of industry transforming SDP technologies. Under the terms of the amended partnership agreement, CUI has extended its exclusive relationship with VPS to 2024 from the original expiry date of 2019. The agreement also calls for an automatic renewal provision and enhanced protections around CUI's intellectual property as it relates to ICE Block and ICE Switch, the industry's first SDP ICE Compatible devices based on VPS's ICE software platform.