HOUSTON, July 3, 2012 /PRNewswire/ -- Dresser-Rand Company, a subsidiary of Dresser-Rand Group Inc. ("Dresser-Rand" or, collectively with its affiliates, the "Company")(NYSE: DRC), a global supplier of rotating equipment solutions to the oil, gas, petrochemical, and process industries, has acquired certain intellectual property assets from Energy Storage and Power LLC ("ES&P") and Dr. Michael Nakhamkin. Dresser-Rand has purchased all patents, trademarks and other intellectual property associated with compressed air energy storage (CAES) technology developed by Dr. Nakhamkin, and is retaining Dr. Nakhamkin, ES&P's owner, as a consultant. The acquired intellectual property complements Dresser-Rand's current SMARTCAES™ compressed air energy storage technology and expands the range of its offerings. Dresser-Rand will now be able to provide the smallest to the largest CAES projects to meet specific grid scale requirements. Dresser-Rand will provide complete CAES solutions from conceptual design through project optimization in addition to provision of equipment supply, engineering services and a full range of aftermarket services for its entire CAES product line. Aftermarket services also include long-term maintenance agreements. According to James Heid, Dresser-Rand's Vice President of Business Solutions, "Dresser-Rand continues to believe that, based on the proliferation of renewable energy in the form of solar and wind power, there will be a strong market for energy storage in the form of CAES in the near and longer-term. As such, we view the technology developed by Dr. Nakhamkin as complementary to the base technology we presently offer and which has been successfully operating for over 20 years." According to Heid, CAES is an enabling technology that allows clients to store bulk electrical power on a utility scale and withdraw it on demand when the power is needed. It also provides a much needed load source when in compression mode that prevents curtailment of renewables and base load electrical generation. CAES also provides ancillary services/electrical products necessary to ensure the consistent deployment of renewable energy.