Flowserve and Clariter Announce Collaboration Agreement to Reduce Plastic Waste Through Commercial-Scale Chemical Recycling Plants

DALLAS and LUXEMBOURG, Feb. 28, 2023 /PRNewswire/ -- Flowserve Corporation (NYSE: FLS), a leading provider of flow control products and services for the global infrastructure markets, and Clariter, a global cleantech pioneer, announced today that the companies have entered into a strategic collaboration agreement to advance production of Clariter's high-quality, green petrochemicals made from plastic waste.

Clariter's proprietary chemical upcycling technology complements other traditional recycling methods. Its unique process transforms the majority of plastic waste streams into new crude oil-free products for industrial and everyday consumer use. Clariter's sustainably produced oils, waxes and solvents meet the highest industry standards of purity, are food-contact grade and meet or exceed the benchmarks of its fossil-based equivalents.

As part of this long-term collaboration agreement, Flowserve will contribute its flow-control expertise, optimum equipment sizing and commissioning support, for the scale-up of Clariter's commercial production plants.

Through this partnership, Flowserve will be the single-source supplier of all pumps, valves, seals and RedRaven products for Clariter's first four commercial-scale chemical recycling facilities. Additionally, Clariter will continue to source parts and aftermarket services from Flowserve once construction of the plants has been completed. The companies are also committed to developing new, sustainable formulations for the lubrication of pumps and valves, to be made from recycled plastic waste.

"The circular economy presents meaningful growth opportunities for Flowserve and seamlessly ties to our strategy of Diversification, Decarbonization, and Digitization," said Scott Rowe, Flowserve President and Chief Executive Officer. "We are excited about this agreement and are proud that our comprehensive offerings will support Clariter on its journey to establish commercial-scale plants. Through our mutual decarbonization efforts, we are thrilled to work together to eliminate substantial amounts of plastic waste on a global scale – making the world better, together."

"Clariter is pleased to welcome Flowserve as a strategic partner," said Ran Sharon, Clariter President and Chief Executive Officer. "Partnering with Flowserve provides a significant boost to the design and engineering of our future plants, and the bringing to commercial scale of our innovative technology to transform plastic waste into green products that replace fossil-based petrochemicals. I look forward to our cooperation as we pursue our common sustainability goals, and bring an end to plastic waste."

To read more about how Flowserve is driving decarbonization and how its products and services are helping customers reach similar goals, visit: https://www.flowserve.com/en/energy-transition/decarbonization/ 

To learn more about Clariter's unique technology and process, visit: https://clariter.com/solution/ 

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.

Flowserve Contacts:
Jay Roueche, Vice President, Investor Relations & Treasurer, (972) 443-6560
Mike Mullin, Director, Investor Relations, (214) 697-8568

About Clariter: Clariter is a global cleantech company that has developed a chemical recycling process that provides a solution to the plastic waste epidemic. This proprietary, efficient technology transforms plastic waste into high-quality, high-value products: oils, waxes, and solvents that replace fossil-based products. Clariter offers a commercially attractive combination of profitability and sustainability.

Clariter Contact:
Barbara Ciesielska, Public Relations, barbara.ciesielska@clariter.com