Graham Corporation Announces Award of New Energy Vacuum System For Geothermal Power and Lithium Production

Rhea-AI Summary

Graham Corporation (NYSE: GHM) has secured a multi-million dollar contract for a renewable energy vacuum system at the Hell’s Kitchen geothermal project in California's Imperial Valley. This equipment will enhance the efficiency of the geothermal plant operated by Controlled Thermal Resources (CTR), which focuses on sustainable lithium extraction with a minimal carbon footprint. CEO Daniel J. Thoren emphasized the order highlights growth opportunities in the new energy sector, contributing to a diversified and sustainable energy supply. Graham’s longstanding involvement in geothermal energy positions it well in this expanding market.

Positive

• Secured a multi-million dollar contract for renewable energy vacuum system.
• Strengthens position in the growing new energy sector.
• Contributes to sustainable lithium extraction with a minimal carbon footprint.

Negative

• None.

BATAVIA, N.Y.--(BUSINESS WIRE)-- Graham Corporation (NYSE: GHM) (“GHM” or “the Company”), a global leader in the design and manufacture of mission critical fluid, power, heat transfer, and vacuum technologies for the defense, space, energy, and process industries, today announced that it has recently been awarded a multi- million dollar renewable energy vacuum system for the Hell’s Kitchen Stage 1 Project in the Imperial Valley of California.

The vacuum equipment will be used to remove the non-condensable gasses from the power generating facility of the geothermal plant being constructed and operated by Controlled Thermal Resources (CTR). CTR is a clean energy resource developer of an integrated lithium extraction and chemical conversion facility and geothermal power facility in Imperial Valley, California. Lithium is removed from the geothermal brine in a close to zero carbon footprint process before the brine is returned to its source. This is currently one of the cleanest and most environmentally friendly lithium extraction processes available.

Daniel J. Thoren, President and CEO commented, “This recent order is an excellent example of the opportunities we are pursuing in new energy. New energy represents a small but high growth part of our business that provides nice diversification and the opportunity to contribute to sustainable energy supply.”

Since the 1980s, the Imperial Valley has been a hotbed of geothermal power generation in California. Graham has been involved from the beginning, supplying vacuum equipment for geothermal power generating stations that are still operating today. With the development of state-of-the-art lithium extraction processes companies are finally able to access one of the largest lithium deposits in the world.

About Graham Corporation

GHM is a global leader in the design and manufacture of mission critical fluid, power, heat transfer and vacuum technologies for the defense, space, energy and process industries. The Graham Manufacturing and Barber-Nichols’ global brands are built upon world-renowned engineering expertise in vacuum and heat transfer, cryogenic pumps and turbomachinery technologies, as well as its responsive and flexible service and the unsurpassed quality customers have come to expect from the Company’s products and systems.

Graham Corporation routinely posts news and other important information on its website, www.grahamcorp.com, where additional information on Graham Corporation and its businesses can be found.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230222005992/en/

For more information:

Christopher J. Thome

Vice President - Finance and CFO

Phone: (585) 343-2216

Deborah K. Pawlowski

Kei Advisors LLC

Phone: (716) 843-3908

dpawlowski@keiadvisors.com

Source: Graham Corporation

FAQ

What contract did Graham Corporation secure recently?

Graham Corporation secured a multi-million dollar contract for a renewable energy vacuum system for the Hell’s Kitchen geothermal project in California.

What is the significance of the Hell’s Kitchen project for GHM?

The Hell’s Kitchen project represents Graham's involvement in the expanding renewable energy sector and opportunities in sustainable lithium extraction.

How does the new contract impact GHM's business?

The new contract enhances Graham Corporation's diversification and growth in the new energy market.

What is the expected outcome of the vacuum system for the geothermal plant?

The vacuum system will improve efficiency by removing non-condensable gases from the geothermal power generating facility.