The Timken Company has announced an agreement to acquire the assets of Philadelphia Gear Corp., a leading provider of high-performance gear drives and components with a strong focus on value-added aftermarket capabilities in the industrial and military marine sectors, for $200 million. Based in King of Prussia, Penn., Philadelphia Gear had trailing 12-month sales through March 2011 of approximately $85 million.
FlexEnergy Inc (www.flexenergy.com), a clean tech business with the breakthrough solution to create clean energy with near zero emissions from harmful greenhouse gases, is now armed by the State of New Hampshire's Job Training Fund to train upwards of 20 new people it will hire to fuel the company's expansion. Following active hiring at its Irvine, Calif.
The American Wind Energy Association (AWEA) show wrapped up this week in California with more political posturing about the need for stable policy and the extension of wind tax incentives. They were backed up by a speaker from Google who outlined his company’s commitment to green energy. Google is even working on a proposed multi-million dollar offshore transmission project called Atlantic Wind Connection that would serve as a backbone for offshore wind projects off the East Coast.
Global Windpower 2011 is taking place this week in Anaheim, California. The event got underway with its traditional keynotes by celebrities, government leaders and American Wind Energy Association (AWEA) execs. TV mogul Ted Turner led the way. A big fan of wind, he has started his own venture capital firm to sponsor renewable projects known as Turner Renewable Energy.
“I’ve never seen anything more clear as the case for wind, solar, and geothermal,” said Turner. “They must be long-term incentives so we can plan intelligently.”
Cheniere Energy has received an order from the U.S. Department of Energy (DOE) with authorization to export domestically produced natural gas from the Sabine Pass LNG terminal as liquefied natural gas to any country.
The US Federal Energy Regulatory Commission (FERC) recommended licensing Verdant Power’s Roosevelt Island Tidal Energy (RITE) Project, proposed for installation in the East Channel of the East River in New York City. The proposed RITE Project would use the natural tidal currents of the East River to generate up to 1 megawatt (MW) of emission-free electricity via turbine generator units anchored on the riverbed. Verdant Power has proposed a three-phased development approach for the RITE Project, beginning in 2012.
Dresser-Rand has successfully engineered, manufactured and tested a centrifugal compressor whose discharge pressure exceeds 550 bar (7975 psi) while compressing gases that are heavier than typical offshore natural gas blends, including a CO2-rich gas blend that is nearly 65% heavier than these natural gas blends. While the units will be used in the Oil and Gas upstream market, the technology is applicable to other market segments requiring the compression of carbon dioxide and heavy gases such as urea production and carbon capture and sequestration.
Kobe Steel, Ltd. announces that it has acquired a 44.3% equity share in Wuxi Compressor Co., Ltd., based in Wuxi, Jiangsu Province, China, after reaching agreement with parent company Wuxi Victor Group Co., Ltd. The investment will enable Kobe Steel to help meet rising demand for process gas (non-standard) compressors in China.
The acquisition of the Wuxi shares was made through Kobelco (China) Holdings Co., Ltd., Kobe Steel’s China headquarters. This was Kobelco (China) Holdings’ first investment upon its start of operations in April.