Energy Recovery Awarded $6.2 Million for Desalination Projects in Saudi Arabia
SAN LEANDRO, Calif.—February 21, 2018 — Energy Recovery, Inc. (NASDAQ:ERII), the leader in pressure energy technology for industrial fluid flows, today announced total awards of $6.2 million to supply its PXTM Pressure ExchangerTM technology for desalination projects in Saudi Arabia. The orders are expected to ship in the 1st half of 2018.
Energy Recovery will supply its PX-Q300 Pressure Exchangers for multiple facilities, which will produce up to 305,000 cubic meters of water per day. Energy Recovery estimates the PX devices will reduce the facilities’ power consumption for all projects by 33.7 MW, saving over 291 GWh of energy per year, and helping the facilities avoid over 174,000 tons of CO2 emissions per year.
Energy Recovery’s President and CEO Joel Gay stated, “The Middle East remains a key market for Energy Recovery and an indication of continuing strength in the global desalination market throughout 2018. Saudi Arabia has prioritized the reallocation of economic resources, with potable water and desalination of particular focus. As evidenced by this latest award, Energy Recovery is a direct beneficiary of said shift in focus and will continue to deliver our best-in-class technology and solutions throughout the global desalination market to enable customers to maximize operational efficiency while minimizing total life-cycle cost.”
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 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.