Flowserve Announces Pumping Systems Order at Nevada Solar Power Plant

Flowserve Corporation - 02.13.2012

Flowserve Corporation (NYSE: FLS), a leading provider of flow control products and services for the global infrastructure markets, today announced it received an order for key pumping systems at the Crescent Dunes Solar Energy Project near Tonopah, Nevada. The order was booked in the fourth quarter of 2011.

The Crescent Dunes Solar Energy Project is a concentrated solar power (CSP) plant that utilizes mirrors to focus the sun's energy on a central receiver that sits atop of a tower. The 110-megawatt (MW) solar energy project's "molten salt power tower" design captures and stores the sun's thermal energy. The liquid molten salt, which is pumped to the receiver atop the tower where it captures the thermal energy, is then piped down to tanks to store the energy until it's needed. The stored heat is then used to generate steam to power a standard steam turbine and generate electricity.

At the heart of this CSP plant are Flowserve molten salt pumps, which must operate at temperatures up to 565°C (1050°F). The pumps use variable frequency drives designed to regulate pump speed and optimize the efficiency of the system. During the day, the liquid molten salt is heated from 260°C (500°F) to 565°C (1050°F) and stored in insulated tanks, so the plant can provide firm, reliable electricity whenever the utility needs it, even after the sun goes down. The station incorporates a new configuration which eliminates intermediate tanks and relies fully on the Flowserve pumps to transport the molten salt to the 269 meter-high (653 feet) receiver. Depending upon the number of daylight hours available, this "green" plant design can operate up to 24 hours per day.

The Crescent Dunes Solar Energy Project is being constructed by Nevada-based Cobra Thermosolar Plants, Inc., a subsidiary of COBRA Group, experts in the design of solar power plants. This innovative solar power plant will be owned and operated by Tonopah Solar Energy, LLC and is expected to generate more than 500,000 megawatt hours per year, enough to supply electricity to more than 75,000 homes when it comes online in 2013.

"Our close relationship with Cobra in Spain, coupled with our 90 years of experience in high temperature pumping applications and our history of supplying equipment for solar power plant projects of this magnitude, was crucial in winning this order," said Tom Pajonas, Flowserve chief operating officer. "Also important was our ability to be a 'one-stop shop' for all of the project's pumping needs and our full line of service offerings, covering installation, start-up and lifetime maintenance."

Investor Contact: Mike Mullin, director, investor relations, (972) 443-6636;
Media Contact: Steve Boone, director, global communications and public affairs, (972) 443-6644

About Tonopah Solar:

Tonopah Solar Energy, LLC (TSE) is a wholly owned subsidiary of SolarReserve, LLC. Headquartered in Santa Monica, Calif., SolarReserve is a solar energy project development company developing large-scale solar energy projects worldwide. It holds the exclusive worldwide license to the molten salt, solar power tower technology developed by Pratt & Whitney Rocketdyne, a subsidiary of United Technologies Corporation. Since its formation in late 2007, SolarReserve's team of power project professionals has assembled a concentrated solar power development portfolio of more than 25 projects featuring its licensed solar power technology with potential output of more than 3,000 megawatts in the United States and Europe; with early stage activities in other international markets including the Middle East, North and South Africa, Australia, China, India and Latin America. SolarReserve is also developing 1,100 MW of photovoltaic projects across the Western United States, and is actively acquiring new sites to add to the pipeline in the US and overseas. SolarReserve's experienced management team has previously developed and financed more than $15 billion in renewable and conventional energy projects in more than a dozen countries around the world. For more information, please visit www.SolarReserve.com.

About Cobra Thermosolar Plants, Inc.:

Cobra Thermosolar Plants, Inc. is a unit of COBRA Group, a subsidiary company within the Industrial Services Group of Madrid-based ACS. COBRA operates in the service sector and all fields of applied engineering, from development and construction of new projects to maintenance of industrial and energy infrastructures. COBRA is a leader in energy and water distribution networks, telecommunication systems, railway installations, industrial systems and energy projects. In all these fields COBRA delivers expert engineering, construction, operation, installation and maintenance services. For more information, please visit www.grupocobra.com.

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 website at www.flowserve.com.

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