The Dresser-Rand Group (DRC) was up +$2.27 (3.7%) Monday on the heels of a $200 million dollar contract announcement for equipment related to a compressed air energy storage and generation system ("CAES").
The contract was awarded by Apex Compressed Air Energy Storage, LLC for a 317 MW CAES facility in Texas. It will be the first CAES system built in the U.S. since the Power South facility in Alabama was built in 1991. The Power South facility also uses Dresser-Rand turbo machinery.
This contract is not only financially significant for Dresser-Rand but it is strategically important as well. It validates Dresser Rand's opinion that CAES can compete very effectively on both a functional and economic basis...
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