Energy Recovery Awarded $10.1 Million for Water Projects in Saudi Arabia
SAN LEANDRO, Calif.—March 27, 2018 — Energy Recovery, Inc. (NASDAQ:ERII), the leader in pressure energy technology for industrial fluid flows, today announced total awards of $10.1 million to supply its PX® Pressure Exchanger®, and pump technologies for water projects in Saudi Arabia. The orders are expected to ship in the second and third quarters of 2018.
Energy Recovery will supply its PX-Q300 Pressure Exchangers, VPXPTM circulation pumps and AquaBoldTM high pressure pumps for multiple desalination facilities, which will produce up to 470,000 cubic meters of water per day. Energy Recovery estimates the PX devices will reduce the facilities’ power consumption for all projects by 50 MW, saving over 431 GWh of energy per year, and helping the facilities avoid over 258,000 tons of CO2 emissions per year.
Energy Recovery’s President and CEO Chris Gannon stated, “Megaprojects and the Middle East remain key indicators as to the health of the overall water market, and we see continued strength throughout 2018 and into 2019. We remain focused on maximizing customer value with end-to-end recovery solutions that combine our PX Pressure Exchanger and pump technologies in a single comprehensive offering, as seen in these recent awards.”
Rodney Clemente, Energy Recovery’s Vice President, Water, added, “Historically, the Saudi Arabian market was difficult for membrane desalination technologies to penetrate as low-cost, local power enabled technologies such as thermal desalination to initially gain majority market share. Due to advancements in seawater reverse osmosis technologies and increased awareness in energy preservation, there has been a shift from thermal desalination to seawater reverse osmosis solutions. We first deployed our PX Pressure Exchanger Technology into Saudi Arabia in 2013, and over the past 5 years we have captured 8 mega project references. Energy Recovery is positioned to unlock emerging market opportunities and remains focused on maintaining market position in critical countries like the Kingdom of Saudi Arabia.”
About Energy Recovery
Energy Recovery, Inc. (ERII) is an energy solutions provider to industrial fluid flow markets worldwide. Energy Recovery solutions recycle and convert wasted pressure energy into a usable asset and preserve pumps that are subject to hostile processing environments. With award-winning technology, Energy Recovery simplifies complex industrial systems while improving productivity, profitability, and efficiency within the oil & gas, chemical processing, and water industries. Energy Recovery products save clients more than $1.8 billion (USD) annually. Headquartered in the Bay Area, Energy Recovery has offices in Houston, Ireland, Shanghai, and Dubai. For more information about the Company, please visit www.energyrecovery.com.
Certain matters discussed in this press release are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including expectations regarding the timing of shipments of the orders, reductions in power consumption from the technology, the Company’s ability to unlock emerging market opportunities and market share expectations. These forward-looking statements are based on information currently available to us and on management’s beliefs, assumptions, estimates, or projections and are not guarantees of future events or results. Because such forward-looking statements involve risks and uncertainties, our actual results may differ materially from the predictions in these forward-looking statements. All forward-looking statements are made as of today, and we assume no obligation to update such statements, whether as a result of new information, future events, or otherwise.