SAN LEANDRO, Calif., Dec. 18, 2017 /PRNewswire/ -- Energy Recovery, Inc. (NASDAQ:ERII), the leader in pressure energy technology for industrial fluid flows, will host a teleconference at 6:00 a.m. (Pacific Time) on Monday, December 18th, 2017 to provide an update on VorTeq testing and answer questions.
Energy Recovery's President and CEO Joel Gay stated, "Energy Recovery endeavored to initiate and complete the milestone 1 testing related to our VorTeq technology prior to the year end. As was communicated previously, we had identified necessary modifications following our successful private testing in October and were able to optimize missile functionality prior to deploying to the testing facility to commence milestone testing. During said testing, we proved out the missile modifications and were able to immediately meet, and ultimately exceed, the contract KPIs as it relates to flow rate and pressure. This critical achievement further reaffirms the product's viability and our confidence in the technology.
During a routine physical examination of the cartridges and system, we identified a potential material grade selection concern and / or an issue with the material batch, specifically on the cartridge end-covers. To ensure successful completion of the milestone testing process, we made the decision to temporarily suspend testing and work directly with our suppliers to expedite optimized components. However, with the combination of manufacturing time and the upcoming holidays, it is unlikely that we conclude milestone testing prior to year-end.
The exact timing of receipt and qualification of new components is uncertain, but we do expect to resume the milestone process early in the New Year and will provide updates accordingly. While disappointed we were unable to complete milestone testing this year due to the material re-order, the process to date has only solidified that the VorTeq works and furthermore performs to the contractual KPIs for flow and pressure. We remain confident in the success of this revolutionary technology and focused on the ultimate goal and prize for our investors: commercialization."
Conference Call to Discuss VorTeq Testing
LIVE CONFERENCE CALL:
Monday, December 18, 2017, 6:00 AM PDT / 9:00 AM EDT
Listen-only, US / Canada Toll-free: 877-709-8150
Listen-only, Local / International Toll: (+1) 201-689-8354
Investors may also access the live call or the replay over the internet at ir.energyrecovery.com. The replay will be available approximately three hours after the live call concludes.
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.
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 expectation that we will resume milestone testing early in the new year and the ultimate success of the VorTeq system. 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, Inc.