Energy Recovery Announces $3 Million Shipment for Mirfa Power Plant in Abu Dhabi, UAE
SAN LEANDRO, Calif.—May 13, 2015— Energy Recovery Inc. (NASDAQ:ERII), the leader in pressure energy technology for industrial fluid flows, has shipped the components for a $3 million project for the Mirfa Power Plant in Abu Dhabi, UAE, a project with partner Degremont, a company focused on the production of drinking water in industrialized countries. Energy Recovery expects to recognize the shipment as revenue in the Company’s current second quarter.
For this project, Degremont will use Energy Recovery’s PX-Q300 Pressure Exchanger devices. 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, “Degremont is a long-standing customer and strategic partner to Energy Recovery. That Degremont continues to choose our Company as its preferred supplier of energy recovery solutions further solidifies this relationship. The shipment for this project experienced several delays, dating back to the fourth quarter of 2014. The recent shipment, in addition to a strengthening pipeline for the current year and future periods are indicators of a recovering market and underscore our cautious optimism for desalination in 2015.”
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 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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