Energy Recovery Awarded $5.4 million for Desalination Projects in Middle East
SAN LEANDRO, Calif.—June 03, 2016 — Energy Recovery, Inc. (NASDAQ:ERII), the leader in pressure energy technology for industrial fluid flows, today announced total awards of $5.4 million to supply its PXTM Pressure ExchangerTM technology for desalination projects in the Middle East. The orders are expected to ship primarily in the first quarter of 2017.
Energy Recovery will supply its PX-Q300 & PX-260 Pressure Exchanger devices for the plants, which will produce up to 300,000 cubic meters of water per day. Energy Recovery estimates the PX devices will reduce the power consumption for the projects by 31.4 MW, saving over 275 GWh of energy per year, and help them avoid 165,000 tons of CO2 emissions per year.
Energy Recovery’s President and CEO Joel Gay stated, “As we forecasted our performance for 2016, we predicted the company would aggressively secure new contracts for mega projects in key regions such as the Middle East and North Africa. These deals confirm that we are delivering on our plans to increase our presence in these regions and bolster our market share among major projects. We will continue to pursue this year as one of focus, performance and execution.”
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 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, 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. 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, whether as a result of new information, future events, or otherwise.