Under the Symbol:
Energy Recovery Awarded $5.8 Million for Water Projects in Saudi Arabia
Thursday, July 18, 2019 9:00 AM
SAN LEANDRO, CA / ACCESSWIRE / July 18, 2019 / Energy Recovery, Inc. (NASDAQ: ERII) announced total awards of $5.8 million (USD) to supply its PX® Q300 Pressure Exchanger® devices along with related equipment and services to multiple desalination facilities in the Kingdom of Saudi Arabia.
The devices are expected to ship in Q3 of 2019. These awards continue Energy Recovery’s growing footprint in the region. Earlier this year, the company announced separate desalination projects in Saudi Arabia worth $8.8 million, as well as projects in the United Arab Emirates and the Sultanate of Oman.
“Through our Water business, we continue to see opportunity and growth in the Middle East and across the globe,” said Energy Recovery President and CEO Chris Gannon. “As freshwater supply is strained by population growth, industrialization, rapid urbanization, and climate change, our energy recovery devices provide an innovative solution to help increase the supply and decrease the cost and carbon emissions associated with the production of critically needed freshwater. Today, our more than 20,000 devices installed worldwide help meet the daily water use of over 50 million people.”
Energy Recovery is the leader in pressure energy technology for industrial fluid flows. The company’s PX Pressure Exchanger (PX) is the most-installed energy recovery device for SWRO desalination facilities larger than 50,000 m3/d water capacity.
“We see a surge in SWRO desalination plant construction in the Middle East,” said Energy Recovery Vice President of Water Rodney Clemente. “This growth is a mixture of greenfield projects to increase local water supply and retrofits of existing desalination plants from thermal to SWRO technology. These existing plants are needed to maintain the status quo water supply, and as thermal desalination infrastructure ages in the region, facilities are noticing the cost savings SWRO provides - thanks in part to our PX - and investing in SWRO infrastructure.”
Energy Recovery estimates the PXs supplied to the Saudi Arabia desalination facilities will reduce power consumption for all projects by 31.7 megawatts, saving over 274 gigawatt hours of energy per year. The facilities will produce up to 246,000 cubic meters of water per day - enough freshwater to meet the daily consumption of approximately 400,000 people.
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 water, oil & gas, and chemical processing industries. Energy Recovery products annually save customers $2 billion (USD) and offset more than 11.5 million metric tons of carbon dioxide. 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, 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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SOURCE: Energy Recovery