Flowserve, Linde form joint venture

Flowserve Corp., a provider of fluid motion and control products and services, is forming a joint venture with Linde Group, a gases and engineering company, to develop natural gas and biogas refueling systems to be used at gas stations in Europe.

Flowserve Compression Systems GmbH plans to deliver at least 70 iKompressor refueling systems by 2009 to Germany, Austria and neighboring European Union countries.

The systems are designed to cut energy costs by 20 percent at low-inlet pressures, substantially reduce maintenance costs and deliver high reliability designed to help station owners profitably deliver compressed natural gas to customers.

The companies, citing reports from the European Commission, say the EU is targeting the use of renewable energy at 20 percent by 2020 when compared with its total energy consumption, including a 10 percent biofuels target. In Germany, natural gas vehicles are expected to increase to 2 million units by 2020, the companies said, citing the International Energy Association.

The venture will be based next to Flowserve GmbH manufacturing facilities near Vienna.

Flowserve shares rose $5.02, or 3.8 percent, to $138.09 in morning trading. The stock has ranged from $67.76 to $145.45 over the past year.