Dresser-Rand Invests In Echogen’s Technology
Dresser-Rand Group Inc. announced today that Dresser-Rand Co. has entered into a definitive agreement with Echogen Power Systems of Akron, Ohio, U.S.A., under which Dresser-Rand will acquire a minority interest in Echogen as well as certain license and exclusive market rights to Echogen’s technologies and intellectual property.
Dresser-Rand’s investment will be used to advance Echogen’s technology development, including the design and construction of waste heat recovery systems using turbo-expanders provided by Dresser-Rand, the company said. Echogen is a technology development company focused on developing heat-to-electricity power generation systems that use supercritical working fluids to transform heat into power without creating new emissions.
Dresser-Rand’s VP and chief marketing officer, Bradford Dickson said estimates show that there are more than 400 GW of waste heat streams that are not recovered. The company plans to target projects in the 1 to 50 MW range, he said.
Under the agreement, Dresser-Rand will make an initial investment of US$10 million (€7.2 million) in exchange for a 20% ownership interest in Echogen. Dresser-Rand will also acquire certain broad license rights in industrial verticals and will pay Echogen a royalty based upon future equipment sales in these markets. Commercialization is expected to begin in 2012.
For more information: www.dresser-rand.com