Energy Recovery Awarded $8.8 Million for Water Projects in Saudi Arabia
SAN LEANDRO, Calif. — March 28, 2019 — Energy Recovery, Inc. (NASDAQ:ERII), the leader in pressure energy technology for industrial fluid flows, today announced total awards of $8.8 million (USD) to supply its PX® Q300 Pressure Exchanger® devices to multiple desalination facilities in the Kingdom of Saudi Arabia. The devices are expected to ship in Q2 of 2019.
“I am thrilled with the strong performance of our water business. We currently have the most significant backlog and pipeline in the Company’s history, with activity and awards spanning 2019 and 2020,” said Energy Recovery President and CEO Chris Gannon. “Project activity continues to expand with little signs of slowing, driven in part by growing global demand for potable water. In order to support the increasing level of activity we see this year and beyond, we are proactively investing in our water operations to materially increase manufacturing capacity this year.”
Energy Recovery estimates the PX Pressure Exchangers supplied to these desalination facilities will reduce power consumption for all projects by 54.3 megawatts (MW), saving over 469 gigawatt hours (GWh) of energy per year. The facilities will produce up to 380,000 cubic meters of water per day, equivalent to filling more than 150 Olympic-sized swimming pools daily1.
“The Middle East and surrounding nations continue to lead the way in seawater reverse osmosis desalination growth. I am proud of our team’s strong relationships with our long-term customers in the region, all of whom value our high-efficiency products and services,” said Energy Recovery Vice President of Water Rodney Clemente. “We are pleased that the industry has recognized our PX Pressure Exchanger technology as the technology of choice for their energy recovery needs, and we look forward to supporting our partners in executing these critical projects.”
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 $1.9 billion (USD) annually. Headquartered in the Bay Area, Energy Recovery has offices in Dubai, Houston, Madrid, and Shanghai. 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, strength of our backlog and pipeline, our ability to increase our manufacturing capacity to meet growing demand, and reductions in power consumption from the technology. 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.
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