FlexGen Announces Sale of First Rig of the Future Outside North America: Russian Operator Converting Rig Fleet to Hybrid Gas Solid State Generators

HOUSTON, Texas – October 25, 2017 – FlexGen announced Vostochnaya Technica UK’s (VT) purchase of the first of its revolutionary Rig of the Future battery solid state generator (SSG) outside North America. The sale to VT will be the first Rig of the Future design outside North America, enabling the largest Russian gas operator to convert its entire rig fleet to gas fuel without any sacrifice in performance. The FlexGen SSG eliminates at least one generator set from the drill rig power system while improving rig speed and reliability.

New tier 1 drilling rigs are larger, faster, more-automated, and require more power than their predecessors. Consequently, these rigs cost 40% more to build, and incur 20% higher operating expenses. The FlexGen SSG reduces rig power generation capital expenses by 10 to 15% and operating expenses by more than 20%. FlexGen land drilling systems have been operating on land rigs for more than 3 years with 3 leading drilling contractors. The FlexGen SSG is specified into one North American rig OEM’s newbuild rig design and FlexGen is customizing SSGs for 3 other rig OEM Rig of the Future designs.

Innovative global power system providers like VT are using energy storage and smart controls to deliver more flexible, reliable and cost-effective power systems. FlexGen is committed to becoming the hybrid solutions partner of choice for the oilfield and industrial markets, said FlexGen CEO Josh Prueher.

Vostochnaya Technica UK is a division of Barloworld Equipment, the official dealer for the Cat construction, mining and industrial machine range in eleven southern African countries, in addition to Spain, Portugal, Siberia and the Russian Far East. VT represents over 350 models of Caterpillar equipment, the world’s best-known manufacturer of mining, quarry and construction equipment, as well as machines for road construction including bulldozers, pipe layers, wheel loaders, hydraulic excavators, dump-trucks, diesel and gas-fuel generator sets, and others.

FlexGen is a leading energy storage technology company. Leveraging its best-in-class energy management software and power electronics, FlexGen delivers utility-scale storage projects integrated with traditional and renewable power generation globally. Our customers and partners include the most technically and commercially demanding developers, utilities, government agencies, and industrial companies in the world. For more information, visit www.flexgen.com.

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As the second-largest U.S. energy storage technology company, FlexGen designs and integrates storage solutions and the software platform that is enabling today’s energy transition. Leveraging its best-in-class energy management software and power electronics, FlexGen delivers utility-scale storage projects integrated with traditional and renewable power generation globally. Our clients and partners include the most technically and commercially demanding developers, utilities, government agencies and industrial companies in the world.