Flowserve Corporation (NYSE: FLS), a leading provider of flow control products and services for global infrastructure, has acquired intellectual property and ongoing research and development related to cryogenic Liquefied Natural Gas (LNG) submerged pump technology from NexGen Cryogenic Solutions, Inc. (“NexGen Cryo”). NexGen Cryo, a privately held company based in Arizona, specializes in the engineering, design, and testing of LNG pumps and turbines. This acquisition includes NexGen Cryo’s pump and cold energy recovery turbine (CERT) technology, which is expected to enhance and expand Flowserve’s LNG product portfolio, complementing its existing pumps, valves, and mechanical seals.
Scott Rowe, Flowserve’s President and CEO, stated, “LNG represents a robust path for energy transition. This acquisition aligns with our 3D growth strategy—diversify, decarbonize, and digitize—by enhancing our decarbonization solutions across the LNG value chain. We are excited to integrate this advanced technology into our new LNG pump facility and leverage our extensive network of over 150 quick response centers to bring this product to market.”
Dennis Chalmers, President and CEO of NexGen Cryo, remarked, “With over 300 years of combined experience in cryogenic pumps, we are enthusiastic about the potential of this next-generation technology to offer LNG customers worldwide improved efficiency, greater reliability, and reduced operating costs. We look forward to this technology’s next phase.”
The acquisition, which closed in the third quarter of 2024, is expected to decrease Flowserve’s adjusted earnings per share by $0.05 for the quarter. NexGen Cryo’s technology is now integrated into Flowserve’s Pumps Division.
