Energy Recovery Awarded $2.5 Million for Desalination Projects in Saudi Arabia
SAN LEANDRO, Calif.—August 10, 2017 — Energy Recovery, Inc. (NASDAQ:ERII), the leader in pressure energy technology for industrial fluid flows, today announced total award of $2.5 million to supply its PXTM Pressure ExchangerTM technology for desalination projects in Saudi Arabia. The orders began shipping in the second quarter of 2017, with expected completion by the third quarter of 2017.
Energy Recovery will supply its PX-Q300 and PX-220 Pressure Exchanger devices for the plants, which will produce a total of up to 103,000 cubic meters of water per day. Energy Recovery estimates the PX devices will reduce the total power consumption for all projects by 14.4 MW, saving a total of over 124.4 GWh of energy per year and avoiding 74,378 tons of CO2 emissions per year.
Energy Recovery’s President and CEO Joel Gay stated, “We remain bullish on the outlook of the desalination market through the balance of 2017 and into 2018. These orders further solidify our position as a market leader in the Middle East desalination market, more specifically in Saudi Arabia, which remains a bellwether for mega project activity. As mentioned on our previous 2nd quarter 2017 earnings call, we remain laser-focused on our water business and will continue to guard our position as market leader and attack new opportunities to provide our Pressure Exchanger technology to customers seeking to optimize plant savings and operations.”
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 amount and timing of the revenues associated with the referenced awards and the shipments of the devices, reductions in power consumption from the technology, estimates of emissions avoided through employing the technology, expectations about future growth in the desalination industry, Energy Recovery’s market share, and Energy Recovery’s ability to deliver products containing its technologies, including in the relevant regions and for major products. 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.