Energy Recovery Awarded $3.3 Million for Water Projects in Egypt
SAN LEANDRO, Calif., July 25, 2018 /PRNewswire/ -- Energy Recovery, Inc. (NASDAQ:ERII), the leader in pressure energy technology for industrial fluid flows, today announced a $3.3 million award to supply its PX(®) Pressure Exchanger(®) for a water project in Egypt. The order is expected to ship in the fourth quarter of 2018.
Energy Recovery will supply its PX-Q300 Pressure Exchangers, which will produce up to 106,560 cubic meters of water per day. Energy Recovery estimates the PX devices will reduce the facility's power consumption by 16 MW, saving over 139 GWh of energy per year, and helping the facility avoid over 83,500 tons of CO(2) emissions per year.
Energy Recovery's President and CEO Chris Gannon stated, "This and other recent awards instill further confidence in the strength of our water business through the second half of 2018 continuing into 2019. North Africa remains a key market for desalination, and thanks to the tireless efforts of our water team and the excellence of our Pressure Exchanger technology we continue to see success in both mega project and OEM awards in the region."
Rodney Clemente, Energy Recovery's Vice President, Water, added, "Egypt continues to be a global leader in desalination and was an early adopter of Energy Recovery's technology. Since deploying our industry-leading PX Pressure Exchanger technology, which offers the lowest lifecycle costs of any energy recovery device on the market, we have successfully captured 100% mega project market share in-country with 550,000 cubic meters per day of installed capacity. We continue to track developments in regional infrastructure and are excited for the additional opportunities to support Egypt's aggressive growth strategy into the future."
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.
Forward-Looking Statements
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, the Company's belief in the strength of the Company's water business in 2018 and 2019 and our ability to unlock emerging market opportunities. 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.
Contact
Manuel Mondragon
mmondragon@energyrecovery.com
(510) 541-6824
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SOURCE Energy Recovery, Inc.
