SAN LEANDRO, Calif.--(BUSINESS WIRE)--May 13, 2015--
Recovery Inc. (NASDAQ:ERII), the leader in pressure energy
technology for industrial fluid flows, has shipped the components for a
$3 million project for the Mirfa Power Plant in Abu Dhabi, UAE, a
project with partner Degremont, a company focused on the production of
drinking water in industrialized countries. Energy Recovery expects to
recognize the shipment as revenue in the Company’s current second
For this project, Degremont will use Energy Recovery’s PX-Q300 Pressure
Exchanger devices. The award-winning PX Pressure Exchanger remains the
most efficient and reliable energy recovery solution on the market for
desalination, operating with 98% efficiency in its energy exchange.
Joel Gay, President and Chief Executive Officer for Energy Recovery,
stated, “Degremont is a long-standing customer and strategic partner to
Energy Recovery. That Degremont continues to choose our Company as its
preferred supplier of energy recovery solutions further solidifies this
relationship. The shipment for this project experienced several delays,
dating back to the fourth quarter of 2014. The recent shipment, in
addition to a strengthening pipeline for the current year and future
periods are indicators of a recovering market and underscore our
cautious optimism for desalination in 2015.”
About Energy Recovery
Energy Recovery (NASDAQ:ERII) develops award-winning solutions to
improve productivity, profitability, and energy efficiency within the
oil & gas, chemical, and water industries. Our products simplify complex
systems and protect vulnerable equipment. By recycling fluid pressure
that would otherwise be lost in critical processes, we save clients more
than $1.4 billion (USD) annually. Headquartered in the San Francisco Bay
Area, Energy Recovery has offices in Shanghai and Dubai.
This press release contains forward-looking statements that reflect
management's current expectations, assumptions and estimates of future
performance and economic conditions. Such statements are made in
reliance upon the safe harbor provisions of Section 27A of the
Securities Act of 1933 and Section 21E of the Securities Exchange Act of
1934. The company cautions investors that any forward-looking statements
are subject to risks and uncertainties that may cause actual results and
future trends to differ materially from those matters expressed in or
implied by such forward-looking statements. Statements about future
opportunity growth are forward-looking and involve risks and
uncertainties. Energy Recovery disclaims any intention or obligation to
update or revise any forward-looking statements, whether as a result of
new information, future events, or otherwise.
Source: Energy Recovery Inc.
Energy Recovery Inc.
Equity Group Inc.
Adam Prior, +1-212-836-9606