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Eileen Drake: Aerojet Rocketdyne Sells Energy Portfolio to Gas Technology Institute

PowerPlantThe Gas Technology Institute has bought the energy assets of Aerojet Rocketdyne (NYSE: AJRD) with the intent to accelerate the development of energy efficiency products for government and commercial sectors.

Eileen Drake, Aerojet Rocketdyne president and CEO, said Monday the company decided to divest its energy business to focus on the company’s aerospace and defense portfolio.

The sale covers 158 worldwide patents and intellectual property rights as well as facilities and technologies for gas and oil production, gasification, gas-to-liquid conversion, steam generation and compact hydrogen production.

GTI President and CEO David Carroll said the organization works to help public and private sectors turn scientific ideas into practical energy applications across the energy supply chain.

Aerojet Rocketdyne and GTI have collaborated over the past 10 years to develop a compact gasifier system to facilitate the process of converting coal into natural gas.

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