Fluor awarded New Mexico biofuels demonstration plant by Joule Unlimited; facility will use sunlight to convert organisms, carbon dioxide into ethanol

Tracy McDonald

IRVING, Texas , February 14, 2012 (press release) – Fluor Corporation (NYSE: FLR) announced today that it was awarded an engineering, procurement and construction management (EPCM) contract by Joule Unlimited, Inc., to design and build a biofuels demonstration facility in New Mexico. Fluor booked the undisclosed contract value in the fourth quarter of 2011.

The facility is intended to scale up a pilot process currently producing liquid fuels via Joule's novel technology, which uses sunlight to convert proprietary organisms and carbon dioxide into liquid hydrocarbons and ethanol. Joule recently won the 2011 Wall Street Journal Technology Innovation Award in the Energy category.

“As a leader in the engineering and construction sector, we believe that the Joule demonstration 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 biofuels industry.”

“We are pleased to be working with Fluor, one of the world’s largest and most experienced contractors, and we look forward to the completion and start-up of this facility, which is critical to Joule's success,” said Bill Sims, president and CEO of Joule Unlimited. “We fully expect to demonstrate the high efficiencies and commercial viability of our process, which will further enhance Joule's leadership position in the biofuels industry.”

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

About Joule Unlimited

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 CO2 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 100th 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 $20.8 billion in 2010. For more information, visit www.fluor100.com and www.fluor.com.

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