Dresser-Rand Acquires Compressed Air Energy Storage (CAES) Intellectual Property from Energy Storage and Power LLC and Dr. Michael Nakhamkin
HOUSTON, July 3, 2012 /PRNewswire/ — Dresser-Rand Company, a subsidiary of Dresser-Rand Group Inc. (“Dresser-Rand” or, collectively with its affiliates, the “Company”)(NYSE: DRC), a global supplier of rotating equipment solutions to the oil, gas, petrochemical, and process industries, has acquired certain intellectual property assets from Energy Storage and Power LLC (“ES&P”) and Dr. Michael Nakhamkin.
Dresser-Rand has purchased all patents, trademarks and other intellectual property associated with compressed air energy storage (CAES) technology developed by Dr. Nakhamkin, and is retaining Dr. Nakhamkin, ES&P’s owner, as a consultant.
The acquired intellectual property complements Dresser-Rand’s current SMARTCAES(TM) compressed air energy storage technology and expands the range of its offerings. Dresser-Rand will now be able to provide the smallest to the largest CAES projects to meet specific grid scale requirements. Dresser-Rand will provide complete CAES solutions from conceptual design through project optimization in addition to provision of equipment supply, engineering services and a full range of aftermarket services for its entire CAES product line. Aftermarket services also include long-term maintenance agreements.
According to James Heid, Dresser-Rand’s Vice President of Business Solutions, “Dresser-Rand continues to believe that, based on the proliferation of renewable energy in the form of solar and wind power, there will be a strong market for energy storage in the form of CAES in the near and longer-term. As such, we view the technology developed by Dr. Nakhamkin as complementary to the base technology we presently offer and which has been successfully operating for over 20 years.”
According to Heid, CAES is an enabling technology that allows clients to store bulk electrical power on a utility scale and withdraw it on demand when the power is needed. It also provides a much needed load source when in compression mode that prevents curtailment of renewables and base load electrical generation. CAES also provides ancillary services/electrical products necessary to ensure the consistent deployment of renewable energy.
Dresser-Rand designed and supplied the entire turbomachinery train and controls for the first CAES plant in North America – only the second of its type in the world. Dr. Nakhamkin’s involvement with this same facility included certain patented technology and technical supervision. Each CAES train is custom-engineered to provide clients with a system designed specifically to meet site operating and geologic requirements.
As previously disclosed, Dresser-Rand believes this market represents a very large opportunity and continues to expect the first CAES order possibly in the latter part of 2012 or early 2013.
“Dresser-Rand is the best company to take CAES technology to this burgeoning market,” said Dr. Nakhamkin. “Energy Storage and Power’s technology combined with Dresser-Rand’s existing CAES technology and experience will make Dresser-Rand uniquely qualified to deliver total CAES solutions on a worldwide basis.”
Dresser-Rand is among the largest suppliers of rotating equipment solutions to the worldwide oil, gas, petrochemical, and process industries. The Company operates manufacturing facilities in the United States, France, United Kingdom, Spain, Germany, Norway, and India and maintains a network of 49 service and support centers (including 6 engineering and R&D centers) covering more than 150 countries. Dresser-Rand has principal offices in Paris, France, and Houston, Texas.
This news release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, without limitation, the Company’s plans, objectives, goals, strategies, future events, future bookings, revenues, or performance, capital expenditures, financing needs, plans, or intentions relating to acquisitions, business trends, executive compensation, and other information that is not historical information. The words “anticipates”, “believes”, “expects”, “intends”, “appears”, “outlook”, and similar expressions identify such forward-looking statements. Although the Company believes that such statements are based on reasonable assumptions, these forward-looking statements are subject to numerous factors, risks, and uncertainties that could cause actual outcomes and results to be materially different from those projected. These factors, risks and uncertainties include, among others, the following: economic or industry downturns; the variability of bookings due to volatile market conditions, subjectivity clients exercise in placing orders, and timing of large orders; volatility and disruption of the credit markets; its inability to generate cash and access capital on reasonable terms and conditions; its inability to implement its business strategy to increase aftermarket parts and services revenue; its ability to comply with local content requirements; delivery delays by certain third party suppliers of large equipment; its ability to implement potential tax strategies; competition in its markets; failure to complete or achieve the expected benefits from any future acquisitions; economic, political, currency and other risks associated with international sales and operations; fluctuations in currencies and volatility in exchange rates; loss of senior management; environmental compliance costs and liabilities; failure to maintain safety performance acceptable to its clients; failure to negotiate new collective bargaining agreements; unexpected product claims and regulations; infringement on its intellectual property or infringement on others’ intellectual property; its pension expenses and funding requirements; difficulty in implementing an information management system; and the Company’s brand name may be confused with others. These and other risks are discussed in detail in the Company’s filings with the Securities and Exchange Commission at www.sec.gov. Actual results, performance, or achievements could differ materially from those expressed in, or implied by, the forward-looking statements. The Company can give no assurances that any of the events anticipated by the forward-looking statements will occur or, if any of them does, what impact they will have on results of operations and financial condition. The Company undertakes no obligation to update or revise forward-looking statements, which may be made to reflect events or circumstances that arise after the date made or to reflect the occurrence of unanticipated events, except as required by applicable law. For information about Dresser-Rand, go to its website at www.dresser-rand.com.
SOURCE Dresser-Rand Company