Fluor Awarded Biofuels Demonstration Plant by Joule Unlimited

Wednesday, Feb 15, 2012

Fluor Corporation (NYSE: FLR) announced today that it was awarded an engineering, procurement and construction management (EPCM) contract by Joule Unlimited, Inc., to design and build a biofuels demonstration facility in New Mexico. Fluor booked the undisclosed contract value in the fourth quarter of 2011.

“We look forward to serving Joule on this project and hope to work with them as they solidify their position as one of the most innovative and forward-thinking technology companies in a rapidly growing global biofuels industry.”

The facility is intended to scale up a pilot process currently producing liquid fuels via Joule's novel technology, which uses sunlight to convert proprietary organisms and carbon dioxide into liquid hydrocarbons and ethanol. Joule recently won the 2011 Wall Street Journal Technology Innovation Award in the Energy category.

“As a leader in the engineering and construction sector, we believe that the Joule demonstration facility affords Fluor an opportunity to showcase our integrated solutions and assist in the commercialization of this critical technology,” said Lou Del Tufo, Fluor’s senior vice president of Energy & Chemicals and Fluor's Biofuels business team. “We look forward to serving Joule on this project and hope to work with them as they solidify their position as one of the most innovative and forward-thinking technology companies in a rapidly growing global biofuels industry.”

“We are pleased to be working with Fluor, one of the world’s largest and most experienced contractors, and we look forward to the completion and start-up of this facility, which is critical to Joule's success,” said Bill Sims, president and CEO of Joule Unlimited. “We fully expect to demonstrate the high efficiencies and commercial viability of our process, which will further enhance Joule's leadership position in the biofuels industry.”

Fluor’s Greenville, S.C. office is leading the EPCM services project. Engineering, procurement and site mobilization is currently under way.

Source: Business Wire