Flowserve Acquires LNG Pumping Technology from NexGen Cryo to Accelerate Decarbonization Growth Strategy
DALLAS–(BUSINESS WIRE)–Flowserve Corporation (“Flowserve”) (NYSE: FLS), a leading provider of flow control products and services for the global infrastructure markets, has acquired the intellectual property and in-process R&D related to cryogenic Liquefied Natural Gas (LNG) submerged pump technology, systems and packaging from NexGen Cryogenic Solutions, Inc. (“NexGen Cryo”), a privately held, Arizona-based company specialized in the engineering, design and testing of LNG pumps and turbines.
NexGen Cryo’s pump and cold energy recovery turbine (CERT) technology for the liquefaction, shipping and regasification markets is expected to meaningfully differentiate and expand Flowserve’s LNG product portfolio and complement its existing pumps, valves and mechanical seals offering.
“LNG provides a resilient pathway to energy transition. As we continue advancing our 3D growth strategy to diversify, decarbonize and digitize, this technology acquisition will strengthen our decarbonization offerings across the LNG value chain,” said Scott Rowe, Flowserve’s President and Chief Executive Officer. “We look forward to leveraging our new state-of-the-art LNG pump facility with our existing network of more than 150 quick response centers to commercialize this LNG product offering to our customers.”
Dennis Chalmers, President and Chief Executive Officer of NexGen Cryo commented, “With over 300 years of combined cryogenic pump team experience, we are excited in the potential for this next-generation technology to provide LNG customers across the globe improved efficiency, increased reliability and reduced operating expenditures. I am excited for the next phase of this technology.”
Transaction Details
The technology acquisition closed during the third quarter of 2024. The purchase price and associated expenses are expected to reduce adjusted earnings per share by $0.05 in Flowserve’s 2024 third quarter. NexGen Cryo’s technology is now part of Flowserve’s Pumps Division.
About Flowserve
Flowserve Corporation is one of the world’s leading providers of fluid motion and control products and services. Operating in more than 50 countries, the company produces engineered and industrial pumps, seals and valves as well as a range of related flow management services. More information about Flowserve can be obtained by visiting the company’s website at www.flowserve.com.
About NexGen Cryo
NexGen Cryogenic Solutions, Inc. specializes in the engineering, design and testing of LNG submerged pumps and turbines. More information about NexGen Cryo can be obtained by visiting the company’s website at www.nexgencryo.com.
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Contacts
Investors:
Jay Roueche, Vice President, Investor Relations & Treasurer (972) 443-6560
Tarek Zeni, Director, Investor Relations (469) 420-4045
Media:
Wes Warnock, Vice President, Marketing, Communications & Public Affairs (972) 443-6900
