HOUSTON, May 6, 2015 (GLOBE NEWSWIRE) -- American Electric Technologies, Inc. (Nasdaq:AETI), a leading provider of power delivery solutions for the global energy industry, today announced that its M&I Electric business has signed a strategic partnership with FlexGen® Power Systems for their hybrid generator for the oil & gas market.
Already proven in remote drilling locations, the FlexGen® Solid State Generator can pair with any diesel, dual fuel, or natural gas generator set to significantly improve power performance and reliability while reducing fuel consumption, maintenance, and emissions.
Under the partnership, M&I will sell, deploy and service the FlexGen® Solid State Generator into key energy markets including the United States, Canada, Mexico, Asia, South America and the Middle East.
As part of the strategic alliance, the companies will partner to build a fully integrated FlexGen® Solid State Generator into a drive house. By integrating the FlexGen® SSG, drilling contractors and operators will see lower capital costs, faster drilling speeds, along with greater reliability and efficiency.
Field-Proven FlexGen® Solid State Generator Benefits:
- Reduces drill time through improved transient/block load response
- Virtually eliminates blackouts
- 15-25% reduction in fuel consumption
- 35-45% reduction in maintenance costs
- Eliminates need for 3rd genset
- Reduces emissions
- Reduces capital costs by decreasing the size and number of gensets and alternators required to support load demand
- Cash flow positive on day one
- One day commissioning
"The FlexGen® Solid State Generator is a game-changer for the oil & gas industry. By increasing power performance and reliability while also reducing fuel costs, maintenance, and emissions the FlexGen® Solid State Generator is a product every driller and operator needs on their drilling site," said Charles Dauber, president and chief executive officer, AETI. "We are excited to work with FlexGen® Power Systems to bring their transformative hybrid generators to a worldwide market as they seek to revolutionize the oil & gas industry over the next decade."
"By partnering with M&I we are working with one of the top providers of power delivery solutions in the world," said FlexGen® Power Systems' CEO, Josh Prueher. "Their deep international network and technical expertise will be instrumental as we revolutionize oilfield power by delivering systems that provide clean, reliable power, while also reducing fuel consumption, maintenance, and emissions."
M&I and FlexGen® Power Systems are delivering FlexGen® SSGs to domestic operators and are taking orders for domestic and international delivery of FlexGen® SSGs in 4Q 2015.
American Electric Technologies, Inc. (Nasdaq:AETI) is a leading provider of power delivery solutions to the global energy industry. AETI offers M&I Electric™ power distribution and control products, electrical services, and construction services. AETI is headquartered in Houston and has global sales, support and manufacturing operations in Beaumont, Texas; Bay St. Louis, Mississippi; and Macaé and Rio de Janeiro, Brazil. In addition, AETI has minority interests in two joint ventures, which have facilities located in Xian, China and Singapore. AETI's SEC filings, news and product/service information are available at www.aeti.com.
About FlexGen® Power Systems:
FlexGen® Power Systems develops innovative power equipment products for military, oil & gas, marine, and mining & industrial operations. Our products integrate advanced energy storage and power conversion technologies to hybridize generators optimizing performance, reliability, and efficiency.
Based on our military heritage, we stress a "boots on the ground" understanding of our customers' operations and their power and energy requirements. Our team includes industry veterans from oil & gas, marine, and power generation who lead customer engagements, product development, manufacturing, commissioning, and field support. Through our network of dealer partners, FlexGen® Power Systems delivers and services our products globally.
Forward Looking Statements
This press release contains forward-looking statements, as defined in Section 27A of the Securities Exchange Act of 1934, concerning strategic alliances, technology development and commercialization, and anticipated future demand for our products and other future plans and objectives. While the Company believes that such forward-looking statements are based on reasonable assumptions, there can be no assurance that such future revenues, profits, plans and objectives will be achieved on the schedule or in the amounts indicated. Investors are cautioned that these forward-looking statements are not guarantees of future performance. Actual events or results may differ from the Company's expectations, and are subject to various risks and uncertainties, including those listed in Item 1A of American Electric Technologies' Form 10-K filed with the Securities and Exchange Commission on March 30, 2015. The Company assumes no obligation to publicly update or revise its forward-looking statements even if experience or future events make it clear that any of the projected results expressed or implied herein will not be realized.
CONTACT: Press Contact: Steven Jones FlexGen(R) Power Systems 804.201.5174 firstname.lastname@example.org Investor Contact: Andrew L. Puhala American Electric Technologies, Inc. 713-644-8182 email@example.com
Source:American Electric Technologies, Inc.