Hydrogen Optimized has signed an MOU with Flowserve Corp., one of the world's leading providers of fluid motion and control products and services, to demonstrate the integration of RuggedCell™ water electrolyzers with Flowserve compressors. The collaboration will help Hydrogen Optimized to optimize the efficiency of the back end of hydrogen production, and accelerate the commercialization of the RuggedCell™ system.

DALLAS, TEXAS and OWEN SOUND, ONTARIO, CANADA — (April 11, 2023) -- Flowserve Corporation (NYSE:FLS), a leading provider of flow control products and services for the global infrastructure markets, and Hydrogen Optimized, a developer and manufacturer of large-scale green hydrogen production systems, announced today that the companies have entered into a memorandum of understanding (MOU) to advance hydrogen production with innovative technologies and applications.

Hydrogen Optimized's patented RuggedCellTM water electrolyzers are designed to achieve the lowest levelized cost of clean hydrogen at large scale. They convert renewable energy such as solar and wind power into green hydrogen, utilizing a high-power architecture that enables 50 MW+ single modules to serve the clean energy requirements of major industrial applications such as steelmaking, ammonia production, and e-fuels.

Under the MOU, Flowserve will provide its SIHI Liquid Ring Compressor to Hydrogen Optimized for use with a RuggedCell™ system at its High-Power Demonstration Facility in Ontario. In addition, Flowserve will provide engineering support to assist in flow equipment selection, specification, and standardization to help optimize the efficiency of the back end of its hydrogen production. Through this collaboration, Hydrogen Optimized seeks to accelerate the commercialization of its RuggedCell™ system. Additionally, it will enable Flowserve to review critical performance data on its products which is expected to result in a leading technology to meet the needs of future decarbonization efforts.

"We are thrilled to team up with Hydrogen Optimized as we are fully aligned in our goals to accelerate decarbonization solutions globally," said Mike Mancuso, Flowserve Vice President, Marketing and Technology. "While we work in lockstep to reduce carbon emissions, we also look forward to the valuable insights we will gain from this partnership which will help pave the way for Flowserve's future product innovation - better enabling our customers to meet their decarbonization goals."

"Flowserve has an outstanding reputation for quality and reliability, and we are delighted to be working with them," said Andrew T. B. Stuart, President and CEO of Hydrogen Optimized. "We look forward to demonstrating how the integration of RuggedCell™ water electrolyzers with Flowserve compressors will create an exceptional product that meets the rapidly emerging demand for large-scale green hydrogen systems."

About Flowserve: Flowserve Corp. is one of the world's leading providers of fluid motion and control products and services. Operating in more than 55 countries, the company produces engineered and industrial pumps, seals and valves as well as a range of related flow management services. More information about Flowserve can be obtained by visiting the company's Web site at www.flowserve.com.

About Hydrogen Optimized: Hydrogen Optimized Inc., a subsidiary of Key DH Technologies Inc., develops and commercializes large-scale green hydrogen production systems. The company's patented RuggedCell™ water electrolyzers are designed for cost-efficient, iridium-free green hydrogen plants up to gigawatt scale. Complementary technologies and services provided by strategic minority investor ABB enable an end-to-end RuggedCell™ offering, from power source to end-use. For more information: www.hydrogenoptimized.com.