Energy Recovery Awarded $2 Million for Desalination Projects in China
SAN LEANDRO, Calif.—May 26, 2016 —Energy Recovery, Inc. (NASDAQ:ERII), the leader in pressure energy technology for industrial fluid flows, today announced several awards for a total $2 million to supply its technology for desalination projects in China. All are expected to ship in 2016.
Energy Recovery will supply its devices, including its PXTM Pressure ExchangerTM, for multiple seawater reverse osmosis plants, which will collectively produce up to 80,000 cubic meters of water per day. Energy Recovery estimates its devices will reduce power consumption for all projects by 9.2 MW, saving over 80 GWh of energy per year, and helping avoid 48,000 metric tons of CO2 emissions per year when operating at full capacity.
Energy Recovery’s President and CEO Joel Gay stated, “Energy Recovery continues to demonstrate its leadership in providing energy recovery solutions for the desalination market in China and around the globe. These projects, along with several other recent wins, confirm our outlook for new growth in this market. We are fully prepared to take advantage of this and we’re committed to further building our leadership position in water desalination even as we continue expansion into other new markets and industries.”
About Energy Recovery
Energy Recovery (NASDAQ:ERII) recycles and converts wasted pressure energy into a usable asset and preserves 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 $1.7 billion (USD) annually. Headquartered in the Bay Area, Energy Recovery has offices in Ireland, Shanghai, and Dubai. For more information about the Company, please visit our website at 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 our expectations for commercialization of technologies through the development of new applications and in new industries and for our long term strategy generally. 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. Potential risks and uncertainties include our ability to achieve the milestones under the licensing agreement with a subsidiary of Schlumberger Limited and the risks discussed under “Risk Factors” in our Form 10-K filed with the U.S. Securities and Exchange Commission (“SEC”) on March 3, 2016 as well as other reports filed by us with the SEC from time to time. 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.