(By Balachander) Dresser-Rand Group Inc. (NYSE:DRC), a supplier of rotating equipment services for use in oil and gas industries, announced acquisition of compressed air energy storage (CAES) intellectual property assets from Energy Storage and Power LLC (ES&P) and Michael Nakhamkin.
Terms of the transaction were not disclosed.
Houston, Texas-based Dresser-Rand continues to expect the first CAES order possibly in the latter part of 2012 or early 2013.
According to James Heid, Dresser-Rand's Vice President of Business Solutions, CAES is an enabling technology that allows clients to store bulk electrical power on a utility scale and withdraw it on demand when the power is needed.
CAES technology - developed by ES&P's owner Nakhamkin - also provides ancillary services/electrical products necessary to ensure the consistent deployment of renewable energy, the company noted.
Dresser-Rand controls for the first CAES plant in North America.
Shares of Dresser-Rand rose 2.16 percent to trade at $45.86 on Tuesday. Over the past year, the stock has been trading between $34.68 and $56.53.