Flowserve Announces Launch of Energy Advantage Program to Support Customers’ Carbon Reduction and Energy Efficiency Goals

Rhea-AI Summary

Flowserve Corporation (NYSE: FLS) has announced its new Energy Advantage program designed to help customers achieve carbon reduction goals and lower ownership costs. This comprehensive program includes engineering expertise, a data-driven evaluation process, and a range of products and services aimed at enhancing energy efficiency in flow control systems. The program has already demonstrated positive results, such as 34% improved energy consumption through recent projects. CEO Scott Rowe emphasized the company's commitment to sustainable solutions as industries transition to cleaner energy.

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• Launch of Energy Advantage program targeting carbon reduction and cost savings.
• Demonstrated 34% improvement in energy consumption and significant CO2 emissions reductions (7,600 tons/year) for a refinery conversion project.

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• None.

DALLAS--(BUSINESS WIRE)-- Flowserve Corporation (NYSE: FLS), a leading provider of flow control products and services for the global infrastructure markets, today announced the launch of its new Energy Advantage program – a holistic flow control approach aimed at helping customers reach their carbon reduction goals and lower total cost of ownership.

Energy Advantage provides customers with Flowserve engineering expertise, a systematic data-driven evaluation process and a complete offering of products and services that can drive increased energy efficiency through optimization of pump and valve power consumption. From pump and control valve re-rating and replacement to our enhanced monitoring and predictive analytic services with RedRaven, Flowserve‘s offerings through the Energy Advantage program can also reduce customers’ carbon emissions, improve plant productivity and reliability and provide operational savings.

“At Flowserve, we are driven by our purpose to provide flow control solutions that make the world better for everyone. As the world transitions to cleaner forms of energy and focuses on lowering carbon emissions, we too are focused on making a more sustainable future for our planet,” said president and chief executive officer, Scott Rowe. “Our Energy Advantage program provides a tangible way we can help our customers increase their energy efficiency, reduce carbon emissions and drive long-term sustainability.”

Rob Vitello, vice president, Energy Advantage added that, “Recently, four of our pumps included in the Energy Advantage program were installed to support a customer’s conversion of a refinery to a renewable fuels facility, which will yield 34% improved energy consumption, saving the customer 7,600 tons of CO2 per year. These tangible results are at the core of this new offering, and we look forward to working with our customers to find the best fit for their needs.”

Energy Advantage is just one way in which we’re supporting existing and new customers during the energy transition and we look forward to additional future opportunities.

To learn more, visit https://www.flowserve.com/en/sustainability/energy-transition-in-motion/.

About Flowserve: Flowserve Corp. is one of the world’s leading providers of fluid motion and control products and services. Operating in more than 55 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 Web site at www.flowserve.com.

Safe Harbor Statement: This news release includes 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," "expects," "could," "intends," "plans," "anticipates," "estimates," "believes," "forecasts," "predicts" or other similar expressions are intended to identify forward-looking statements, which include, without limitation, earnings forecasts, statements relating to our business strategy and statements of expectations, beliefs, future plans and strategies and anticipated developments concerning our industry, business, operations and financial performance and condition.

The forward-looking statements included in this news release are based on our current expectations, projections, estimates and assumptions. These statements are only predictions, not guarantees. Such forward-looking statements are subject to numerous risks and uncertainties that are difficult to predict. These risks and uncertainties may cause actual results to differ materially from what is forecast in such forward-looking statements, and include, without limitation, the following: a portion of our bookings may not lead to completed sales, and our ability to convert bookings into revenues at 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 required capital investment and maintenance expenditures; risks associated with cost overruns on fixed-fee projects and in taking customer orders for large complex custom engineered products; the substantial dependence of our sales on the success of the oil and gas, chemical, power generation and water management industries; the adverse impact of volatile raw materials prices on our products and operating margins; our ability to execute and realize the expected financial benefits from our strategic manufacturing optimization and realignment initiatives; economic, political and other risks associated with our international operations, including military actions or trade embargoes that could affect customer markets, particularly Middle Eastern markets and global oil and gas producers, and non-compliance with U.S. export/re-export control, foreign corrupt practice laws, economic sanctions and import laws and regulations; increased aging and slower collection of receivables, particularly in Latin America and other emerging markets; our exposure to fluctuations in foreign currency exchange rates, including in hyperinflationary countries such as Venezuela; our furnishing of products and services to nuclear power plant facilities and other critical processes; potential adverse consequences resulting from litigation to which we are a party, such as litigation involving asbestos-containing material claims; a foreign government investigation regarding our participation in the United Nations Oil-for-Food Program; expectations regarding acquisitions and the integration of acquired businesses; our ability to anticipate and manage cybersecurity risk, including the risk of potential business disruptions or financial losses; our relative geographical profitability and its impact on our utilization of deferred tax assets, including foreign tax credits; the potential adverse impact of an impairment in the carrying value of goodwill or other intangible assets; our dependence upon third-party suppliers whose failure to perform timely could adversely affect 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 matters; our inability to protect our intellectual property in the U.S., as well as in foreign countries; obligations under our defined benefit pension plans; and other factors described from time to time in our filings with the Securities and Exchange Commission.

All forward-looking statements included in this news release are based on information available to us on the date hereof, and we assume no obligation to update any forward-looking statement.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220302005452/en/

Investor Contacts:

Jay Roueche, Vice President, Investor Relations & Treasurer, (972) 443-6560

Mike Mullin, Director, Investor Relations, (972) 443-6636

Media Contact:

Lars Rosene, Vice President, Corporate Communications & Public Affairs, (972) 443-6644

Source: Flowserve Corporation

FAQ

What is Flowserve's Energy Advantage program?

Flowserve's Energy Advantage program is designed to help customers improve energy efficiency and reduce carbon emissions through a systematic evaluation process and optimized flow control solutions.

How does the Energy Advantage program benefit customers?

The program offers engineering expertise, product offerings, and enhanced monitoring services aimed at increasing energy efficiency and lowering total ownership costs.

What results have been achieved with the Energy Advantage program?

Recent implementations have shown a 34% improvement in energy consumption and a potential reduction of 7,600 tons of CO2 emissions per year.

When was the Energy Advantage program launched?

The Energy Advantage program was announced on March 2, 2023.

What is the stock symbol for Flowserve Corporation?

The stock symbol for Flowserve Corporation is FLS.