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DALLAS–(BUSINESS WIRE)–Flowserve Corporation (NYSE: FLS), a leading provider of flow control products and services for global infrastructure markets, today announced that the company has won a contract to supply its vertical turbine pumps to McMillen Jacobs Associates for its design, engineering and construction services on the West Kauai Energy Project (WKEP) – a comprehensive and integrated renewable energy and irrigation project that will help the State of Hawaii achieve its goal of a zero-carbon future.
With the launch of the Hawaii Clean Energy Initiative in 2008, Hawaii became the first US state to commit to 100% clean renewable energy by 2045. Through an agreement between the Kauai Island Utility Cooperative (KIUC) and a U.S. utility and power generation company, WKEP will use state land and water for the following primary purposes: renewable energy generation through hydroelectric generation, renewable energy generation through solar photovoltaic (PV) generation, pumped hydropower and battery storage, and the provision of irrigation to support diversified agriculture.
Flowserve vertical turbine pumps will enable the sophisticated engineering design of the hydroelectric and pumped storage components of the project. Upon completion of WKEP, the project is expected to supply Kauai with 25% of its electricity needs. Specifically, pumped hydro will provide twelve hours of daily storage – a significant improvement over standard storage from existing solar battery installations which only provide five hours. This extended duration will allow the island to run on 100% renewable energy for longer periods of time without requiring sunlight. “We are delighted to be part of this meaningful project. With our focus on making the world a better place for everyone, we are well positioned to support Hawaii’s ambitious goals on the path to zero emissions,” said Tamara Morytko, President, Flowserve Pump Division. “As we seek to expand into low-carbon markets through the energy transition, Flowserve’s role in the WKEP is deeply aligned with our 3D growth strategy to diversify, decarbonize and digitize.”
To learn more about how Flowserve’s innovative solutions and services are helping customers through the energy transition, visit https://www.flowserve.com/en/energy-transition/energy-transition-in-motion/.
To see more ways Flowserve is helping to reduce carbon emissions for our customers and in our own operations, read our 2021 ESG Report: https://www.flowserve.com/en/esg/corporate-sustainability/.
About Flowserve: Flowserve Corp. is one of the world’s leading providers of fluid motion and control products and services. Present in more than 55 countries, the company produces technical and industrial pumps, seals and valves, as well as a range of related flow management services. Further information about Flowserve can be obtained by visiting the company’s website at www.flowserve.com.
Safe Harbor Statement: This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended. Words or phrases such as “may”, “should”, “expect”, “could”, “intend”, “plan”, “anticipate”, “estimate”, “believe”, “expects”, “predicts” or other similar expressions are intended to identify forward-looking statements, which include, but are not limited to, earnings forecasts, statements relating to our business strategy and statements of expectations, beliefs, future plans and strategies and anticipated developments regarding our industry, business, operations and financial condition. performance and status.
The forward-looking statements included in this press release are based on our current expectations, projections, estimates and assumptions. These statements are only predictions, not guarantees. These forward-looking statements are subject to numerous risks and uncertainties that are difficult to predict. These risks and uncertainties could cause actual results to differ materially from what is anticipated in these forward-looking statements, and include, but are not limited to, the following: the impact of the global outbreak of COVID-19 on our business and operations; a portion of our bookings may not result in realized sales, and our ability to convert bookings into revenue with acceptable profit margins; changes in global economic conditions and the potential for unexpected cancellations or delays of customer orders in our reported backlog; our dependence on our customers’ ability to make necessary capital and maintenance expenditures; if we are unable to successfully execute and realize the expected financial benefits of our strategic transformation and realignment initiatives, our business could be adversely affected; risks associated with cost overruns on fixed-price projects and taking customer orders for large, complex, custom-designed products; the substantial dependence of our sales on the success of the oil and gas, chemical, power generation and water management industries; the negative impact of commodity price volatility on our revenues and operating margins; economic, political and other risks associated with our international operations, including military actions, trade embargoes, epidemics or pandemics or changes in tariffs or trade agreements that could affect customer markets, particularly northern markets -African, Russian, and Middle Eastern and global oil and gas producers, and failure to comply with U.S. export/re-export controls, foreign bribery laws, economic sanctions, and laws and regulations in terms of imports; increased aging and slower collection of receivables, particularly in Latin America and other emerging markets; our exposure to currency fluctuations, including in hyperinflationary countries such as Venezuela and Argentina; our supply of products and services to nuclear power plants and other critical processes; potential adverse consequences resulting from litigation to which we are a party, such as litigation involving claims relating to asbestos-containing materials; expectations regarding acquisitions and the integration of acquired businesses; our relative geographic profitability and its impact on our use of deferred tax assets, including foreign tax credits; the potential negative impact of an impairment in the carrying value of goodwill or other intangible assets; our dependence on third-party suppliers whose failure to meet deadlines could harm our business operations; the highly competitive nature of the markets in which we operate; environmental compliance costs and liabilities; potential work stoppages and other labor issues; access to public and private sources of debt financing; our inability to protect our intellectual property in the United States, as well as in foreign countries; obligations under our defined benefit pension plans; our internal control over financial reporting may not prevent or detect misstatements due to its inherent limitations, including the possibility of human error, circumvention or circumvention of controls, or fraud; the recording of an increase in valuation allowances for deferred tax assets in the future or the impact of changes in tax legislation on these deferred tax assets could affect our results of operations; our information technology infrastructure could be subject to service interruptions, data corruption, cyberattacks or network security breaches, which could disrupt our business operations and result in the loss of critical information and confidential; ineffective internal controls could impact the accuracy and timely reporting of our business and financial results; and other factors described from time to time in our filings with the Securities and Exchange Commission.
All forward-looking statements included in this press release are based on information available to us as of the date hereof, and we undertake no obligation to update any forward-looking statement.
Jay Roueche, Vice President, Investor Relations and Treasurer, (972) 443-6560
Mike Mullin, Director, Investor Relations, (214) 697-8568
Morgan Contreras, Director, Corporate Communications, (214) 476-0084
Source: Flowserve Corporation