Specialty Closures for Use in Carbon Capture
and Storage Systems
Sypris Technologies, Inc., a subsidiary of Sypris Solutions,
Inc. (Nasdaq/GM: SYPR), announced today that it has recently
received an award to supply specialty high-pressure closures for
use in the Gorgon Project to support the optimization of the
existing carbon capture and storage facilities. Shipments under
this award are anticipated to be completed by year-end 2024. Terms
of the order were not disclosed.
The Gorgon Project is one of the world’s largest natural gas
projects. The project is located on Barrow Island, Australia and is
comprised of three trains with a combined capacity of 15.6 million
tonnes of gas per annum, and a domestic gas plant, according to
news sources. This project is expected to be an important pillar of
the Australian economy for decades to come. Unlocking this energy
is expected to put Australia in a prime position to meet future
demand and provide a clean-burning fuel, both at home and
overseas.
The project includes CO2 injection and is poised to reach a
significant milestone at its Gorgon LNG facility, injecting and
trapping five million tonnes of greenhouse gas (carbon dioxide
equivalent, CO2e) into a giant sandstone formation two kilometers
under Barrow Island, since safely starting the system in August
2019, according to news sources. The milestone would represent the
largest volume of injection achieved within this timeframe by any
environmental carbon capture and storage system of comparable
specifications. Injecting five million tonnes of CO2 is equivalent
to taking more than 1.6 million passenger vehicles off Australia’s
roads for a year.
Sypris has agreed to manufacture and supply its Tube
Turns®-branded specialty, high-pressure Tool-less® closures for use
on the filtration systems for the project. These closures will be
44 inches in diameter, will be rated to a pressure of 710 psi and
include full wetted surface overlay with Inconel Alloy 625, a
nickel-based superalloy that possesses high strength properties and
resistance to elevated temperatures.
Brett Keener, General Manager, commented, "Sypris continues to
be a leader in supplying high-pressure specialty closures to
support energy projects globally. By leveraging our extensive
engineering design and manufacturing expertise, we believe we are
uniquely qualified to support these types of demanding
requirements. We are proud to be a part of a project with a goal to
help provide clean, reliable energy and reduce the world’s carbon
footprint."
Sypris Technologies, Inc., Tube Turns Products, is a global
leader in the manufacture of custom engineered products for high
pressure critical applications serving multiple industries such as
the oil and gas pipeline, hydrocarbon and petrochemical processing,
food, pharmaceutical, water and utility since 1927. Headquartered
in Louisville, Kentucky, the Company's products are marketed
worldwide, and can be found in projects ranging from the
Trans-Alaska Pipeline and Strategic Petroleum Reserve in the U.S.
to the Tengiz Oil Field in Kazakhstan and the Bonny Island Gas
Field in Nigeria. For more information about the Company, visit its
Web site at www.sypris.com.
Forward-Looking Statements
This press release contains “forward-looking” statements
within the meaning of the federal securities laws. Forward-looking
statements include our plans and expectations of future financial
and operational performance. Each forward-looking statement herein
is subject to risks and uncertainties, as detailed in our most
recent Form 10-K and Form 10-Q and other SEC filings. Briefly,
we currently believe that such risks also include the following:
our failure to achieve profitability on a timely basis by steadily
increasing our revenues from profitable contracts with a
diversified group of customers, which would cause us to continue to
use existing cash resources or require us to sell assets to fund
operating losses; the fees, costs and supply of, or access to,
debt, equity capital, or other sources of liquidity; risks of
foreign operations, including foreign currency exchange rate risk
exposure, which could impact our operating results; cost, quality
and availability or lead times of raw materials such as steel,
component parts , natural gas or utilities including increased cost
relating to inflation; dependence on, retention or recruitment of
key employees and highly skilled personnel and distribution of our
human capital; the cost and availability of full-time accounting
personnel with technical accounting knowledge to execute, review
and approve all aspects of the financial statement close and
reporting process; the cost, quality, timeliness, efficiency and
yield of our operations and capital investments, including the
impact of inflation, tariffs, product recalls or related
liabilities, employee training, working capital, production
schedules, cycle times, scrap rates, injuries, wages, overtime
costs, freight or expediting costs; volatility of our customers’
forecasts and our contractual obligations to meet current
scheduling demands and production levels, which may negatively
impact our operational capacity and our effectiveness to integrate
new customers or suppliers, and in turn cause increases in our
inventory and working capital levels; our failure to successfully
complete final contract negotiations with regard to our announced
contract “orders”, “wins” or “awards”; significant delays or
reductions due to a prolonged continuing resolution or U.S.
government shut down reducing the spending on products and
services; adverse impacts of new technologies or other competitive
pressures which increase our costs or erode our margins;
breakdowns, relocations or major repairs of machinery and
equipment, especially in our Toluca Plant; the termination or
non-renewal of existing contracts by customers; the costs and
supply of insurance on acceptable terms and with adequate coverage;
the costs of compliance with regulatory or contractual obligations;
pension valuation, health care or other benefit costs; our reliance
on revenues from customers in the oil and gas and automotive
markets, with increasing consumer pressure for reductions in
environmental impacts attributed to greenhouse gas emissions and
increased vehicle fuel economy; our failure to successfully win new
business or develop new or improved products or new markets for our
products; war, geopolitical conflict, terrorism, political
uncertainty, or disruptions resulting from the Russia-Ukraine war
or the Israel and Gaza conflict, including arising out of
international sanctions, foreign currency fluctuations and other
economic impacts; our reliance on a few key customers, third party
vendors and sub-suppliers; inventory valuation risks including
excessive or obsolescent valuations or price erosions of raw
materials or component parts on hand or other potential
impairments, non-recoverability or write-offs of assets or deferred
costs; disputes or litigation involving governmental, supplier,
customer, employee, creditor, stockholder, product liability,
warranty or environmental claims; failure to adequately insure or
to identify product liability, environmental or other insurable
risks; unanticipated or uninsured product liability claims,
disasters, public health crises, losses or business risks; labor
relations; strikes; union negotiations; costs associated with
environmental claims relating to properties previously owned; our
inability to patent or otherwise protect our inventions or other
intellectual property rights from potential competitors or fully
exploit such rights which could materially affect our ability to
compete in our chosen markets; changes in licenses, or other legal
rights to operate, manage our work force or import and export as
needed; cyber security threats and disruptions, including
ransomware attacks on our systems and the systems of third-party
vendors and other parties with which we conduct business, all of
which may become more pronounced in the event of geopolitical
conflicts and other uncertainties, such as the conflict in Ukraine;
our ability to maintain compliance with the Nasdaq listing
standards minimum closing bid price; risks related to owning our
common stock, including increased volatility; possible public
policy response to a public health emergency, including U. S or
foreign government legislation or restrictions that may impact our
operations or supply chain; or unknown risks and uncertainties and
the risk factors disclosed in Item 1A of our Annual Report on Form
10-K for the fiscal year ended December 31, 2022. We undertake no
obligation to update our forward-looking statements, except as may
be required by law.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240304630972/en/
Brett H. Keener General Manager (502)
774-6271
Sypris Solutions (NASDAQ:SYPR)
Gráfico Histórico do Ativo
De Mar 2024 até Abr 2024
Sypris Solutions (NASDAQ:SYPR)
Gráfico Histórico do Ativo
De Abr 2023 até Abr 2024
