Energy Recovery Moves Forward with Commercial Development Center in Texas
SAN LEANDRO, Calif.—January 14, 2019 — Energy Recovery, Inc. (NASDAQ:ERII), the leader in pressure energy technology for industrial fluid flows, announced today that it has executed a lease for the company’s new Commercial Development Center in the Houston region. The facility will serve as the central office for Energy Recovery’s Oil & Gas segment including its management team, its Engineering System, Design and Performance teams, as well as field personnel. Work at the facility will initially focus on the continued technical and commercial advancement of the company’s VorTeq™ and MTeq™ technologies.
The four-acre site in Katy, Texas, will include 20,000 square feet of manufacturing and warehouse space, 5,000 square feet of office space and a two-acre yard for field testing and product development. Once fully operational, the facility will allow the Company to test technology at scales representative of real-world conditions. In addition, the facility will eventually house advanced equipment to machine, inspect and test the Company’s specialized tungsten carbide components. Ultimately, the Center will enable the Company to further refine the technology following commercialization.
Energy Recovery’s President and CEO Chris Gannon stated, “We continue to make progress toward VorTeq commercialization, and our investment in this facility further underscores our confidence in the technology. These new capabilities will resolve a long-term challenge for our company along the path to commercialization, namely our previous reliance upon third-party facilities and resources for full scale product testing and development. The Center will enhance the abilities of our engineers to rapidly innovate and test the VorTeq at scale, allowing us to take control of the commercial development process. Beyond VorTeq, the Center will be an important strategic asset in the ongoing development of other technologies, as we continue to grow and develop new applications for our core PX® Pressure Exchanger® technology.”
Eric Siebert, Energy Recovery’s Vice President, Oil & Gas, added, “The expanded capabilities of our new facility will allow us to build valuable system runtime, reduce cycle time between development iterations and improve repeatability as we progress towards commercialization. The goal has always been the most efficient path to commercialization with VorTeq and MTeq, and this investment is firmly in line with that objective.”
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, 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 our belief that the Company will grow and develop new applications for our PX Pressure Exchanger 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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