Fluor Awarded Renewable Fuel Production Plant By Joule

Fluor Corporation (NYSE: FLR) announced today that it was awarded an engineering, procurement and construction management (EPCM) contract by Joule to design and build a renewable fuel production facility in New Mexico. Fluor booked the undisclosed contract value in the fourth quarter of 2011.

The facility is intended to test and scale up a process for the commercial production of liquid fuels via Joule's novel technology, which uses sunlight to convert industrial waste carbon dioxide into liquid hydrocarbons, ethanol or chemical products. Joule recently won the 2011 Wall Street Journal Technology Innovation Award in the Energy category in recognition of its ability to surpass the scale, productivity and cost efficiencies of biofuel production processes.

“As a leader in the engineering and construction sector, we believe that the Joule renewable fuel production facility affords Fluor an opportunity to showcase our integrated solutions and assist in the commercialization of this critical technology,” said Lou Del Tufo, Fluor’s senior vice president of Energy & Chemicals and Fluor's Biofuels business team. “We look forward to serving Joule on this project and hope to work with them as they solidify their position as one of the most innovative and forward-thinking technology companies in a rapidly growing global renewable fuels industry.”

William J. Sims, president and CEO of Joule, said, “We are pleased to be working with Fluor, one of the world’s largest and most experienced EPC contractors, and we look forward to the completion and start-up of this facility as the first phase of our commercialization efforts. We fully expect to demonstrate the high efficiencies and commercial viability of our process, which, due to its modularity, can readily scale without the cost of feedstock constraints of biofuels, and ultimately lead to sustainable, localized fuel production around the world.”

Fluor’s Greenville, S.C. office is leading the EPCM services project. Engineering, procurement and site mobilization are currently under way.

About Joule

Joule is advancing a technology platform for Liquid Fuel from the Sun™, expected to eclipse the scale, productivity and cost efficiency of any known alternative to fossil fuel today. Its transformative Helioculture™ platform directly and continuously converts sunlight and waste CO 2 to infrastructure-ready diesel, ethanol or commodity chemicals with no dependence on biomass feedstocks, downstream processing or precious natural resources. This process can yield renewable fuels and chemicals in unprecedented volumes with a fraction of the land required by current methods, leapfrogging biomass-dependent approaches and eliminating the economic and environmental disadvantages of fossil fuels. Founded in 2007 by Flagship VentureLabs, Joule is privately held and headquartered in Bedford, Massachusetts. Additional information is available at www.jouleunlimited.com.

About Fluor Corporation

Fluor Corporation (NYSE: FLR) designs, builds and maintains many of the world's most challenging and complex projects. Founded in 1912, John Simon Fluor Sr. started the company with a modest investment of $100. Since those humble beginnings, the company has grown into one of the largest engineering & construction companies in the world. Fluor is celebrating its 100 th anniversary during 2012.

Today, through its global network of offices on six continents, the company provides comprehensive capabilities and world-class expertise in engineering, procurement, construction, commissioning, operations, maintenance and project management. Headquartered in Irving, Texas, Fluor is a FORTUNE 200 company and had revenue of $23.4 billion in 2011. For more information, visit www.fluor100.com and www.fluor.com.

Copyright Business Wire 2010

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