Appointments Strengthen Company’s Presence in Each of its Targeted
SAN LEANDRO, Calif.--(BUSINESS WIRE)--Feb. 6, 2015--
Recovery Inc. (NASDAQ:ERII), the leader in pressure energy
technology for industrial fluid flows, today announced the appointments
of Mr. Ole Peter “OP” Lorentzen and Mr. Alexander J. Buehler to its
Board of Directors effective February 6, 2015. The addition of Messrs.
Lorentzen and Buehler increases the number of directors on the Board to
nine, following the resignation of Mr. Thomas S. Rooney, Jr. on January
Both individuals bring a diverse range of financial, strategic,
entrepreneurial, and engineering experience to Energy Recovery as the
Company continues to expand the application of its fluid pressure
technology into new energy markets.
Hans Peter Michelet, Chairman of the Board, stated, “I am extremely
pleased to welcome OP and Alex to our Board, which we feel adds
considerable expertise in Energy Recovery’s target markets as well as a
familiarity with our business model. OP has been a longtime shareholder
of the Company, and Alex’s former experience as the Company’s Chief
Financial Officer provides considerable insight into our operations.
Additionally, both have worked in certain industries that are directly
applicable with Energy Recovery’s new strategic direction. OP has been
involved in the water industry for years and is intimately aware of the
strength of our Pressure Exchanger technology in desalination. OP’s
interest in joining our Board further validates what we already firmly
believe, that Energy Recovery is at the cutting edge of innovation which
in turn will unlock the value that our shareholders deserve. We believe
Alex’s experience in the oil and gas sector will prove invaluable as we
continue to expand our sales efforts surrounding the IsoBoost™ and
VorTeq™ products. We look forward to benefitting from their financial
acumen and industrial experience as we explore new opportunities and
progress on existing strategic initiatives to advance Energy Recovery’s
growth in the years ahead.”
Mr. Lorentzen stated, “We look forward to working with Management and
the rest of the Board to ensure the successful execution of ERI's
business opportunities, with special emphasis on a focused and targeted
Mr. Buehler stated, “Since my tenure at the Company, I have believed in
the value of Energy Recovery’s products, its technology, and the size of
the market opportunity. I expect to work with the Board to continue
fine-tuning and relentlessly executing on the Company’s strategy, while
also leveraging my experience in the water and oil and gas industries to
develop new customer relationships and business opportunities.”
Background on Mr. Lorentzen
Ole Peter Lorentzen is the Chairman and beneficial owner of Ludvig
Lorentzen, an investment company that typically holds a concentrated
portfolio of investments for seven to 15 years. Ludvig Lorentzen
currently owns 16% of Energy Recovery. Mr. Lorentzen has extensive
experience in working with management teams and Boards to seek methods
of enhancing value for all shareholders. Mr. Lorentzen served on the
Board of Directors of Energy Recovery from January of 2007 until the
company went public in 2008.
Mr. Lorentzen has a bachelor's degree in business administration from
Lund University in Sweden.
Background on Mr. Buehler
Alexander J. Buehler currently serves as the Chief Financial Officer of
Energy Maintenance Services (“EMS”), a private equity-backed company
focused on the construction, maintenance, integrity and monitoring and
automation of oil and gas pipelines throughout North America.
Mr. Buehler previously served as Chief Financial Officer of Energy
Recovery from May 2011 until he joined EMS in July 2014. He has years of
experience in general management and strategic planning as well as new
product development, global sales and marketing, corporate development
and operations management.
Prior to his time at Energy Recovery, Mr. Buehler spent seven years in
executive leadership positions at Insituform Technologies, Inc., (now
Aegion Corporation; NASDAQ: AEGN), a global supplier of water
infrastructure technology and services for municipalities and industry,
including oil and gas. Prior to joining Insituform, Mr. Buehler worked
for five years in the U.S. Army Corps of Engineers, where he served as
project manager in the construction of basecamps to house U.S.
peacekeepers in the Balkans.
Mr. Buehler received a B.S. in Civil Engineering from the United States
Military Academy at West Point and an MBA in Finance from the Wharton
School at the University of Pennsylvania. More recently, he attended
Director’s College at the Stanford Law School in preparation for
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 Bay Area, Energy
Recovery has offices in Madrid, Shanghai, and Dubai.
Source: Energy Recovery Inc.
The Equity Group Inc.
Adam Prior, 212-836-9606