Energy Recovery Announces $1 Million Shipment for Sidem Power Plant in Oman
SAN LEANDRO, Calif.—May 19, 2015— Energy Recovery Inc. (NASDAQ:ERII), the leader in pressure energy technology for industrial fluid flows, has shipped the components for a $1 million desalination plant project in Sur, Oman. For this project, Energy Recovery is partnering with Sidem, a global desalination leader headquartered in France. Energy Recovery expects to recognize revenue on the shipment in the Company’s current second quarter.
Sidem will use Energy Recovery’s PX-Q300 Pressure Exchanger devices for the plant in Sur in the Ash Sharqiyah Region of northeastern Oman. The award-winning PX Pressure Exchanger remains the most efficient and reliable energy recovery solution on the market for desalination, operating with 98% efficiency in its energy exchange.
Joel Gay, President and Chief Executive Officer for Energy Recovery, stated, “The current project in Oman adds to the legacy of partnership between Energy Recovery and Sidem. Having successfully deployed our PX Pressure Exchanger technology into another major project with Sidem, we continue to act as the preferred supplier of energy recovery solutions with the Q-series of our PX devices. This project has experienced delays over the past year, and we feel this shipment is an indicator of a strengthening global desalination market, the sustainability of which will lend to our continued penetration into emerging markets.”
About Energy Recovery
Energy Recovery (NASDAQ:ERII) develops award-winning solutions to improve productivity, profitability, and energy efficiency within the oil & gas, chemical, and water industries. Our products simplify complex systems and protect vulnerable equipment. By recycling fluid pressure that would otherwise be lost in critical processes, we save clients more than $1.4 billion (USD) annually. Headquartered in the San Francisco Bay Area, Energy Recovery has offices in Shanghai and Dubai.
This press release contains forward-looking statements that reflect management’s current expectations, assumptions and estimates of future performance and economic and market conditions. Such statements are made in reliance upon the safe harbor provisions of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. The company cautions investors that any forward-looking statements are subject to risks and uncertainties that may cause actual results and future trends to differ materially from those matters expressed in or implied by such forward-looking statements. Statements about future opportunity growth are forward-looking and involve risks and uncertainties. Energy Recovery disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.
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