Energy Recovery Announces Successful Completion of Field Trials for VorTeq Hydraulic Pumping System
SAN LEANDRO, Calif., Jan. 07, 2016 (GLOBE NEWSWIRE) -- Energy Recovery, Inc. (NASDAQ:ERII), the leader in pressure energy technology for industrial fluid flows, today announced the successful completion of field trials for its VorTeq® hydraulic pumping technology.
In partnership with Liberty Oilfield Services, full scale field testing concluded in December 2015 with the most ambitious test to date, a horizontal well in North Dakota’s Bakken Formation. The VorTeq system was employed in a proppant-laden slickwater well completion and successfully pumped at flow rates and pressures typical to the basin, performing in the most hostile weather conditions recorded during the testing period.
Energy Recovery’s President and CEO Joel Gay stated, “The completion of this field test is a critical step towards full commercialization of VorTeq. This success is the consequence of exhaustive testing and refinement of the VorTeq system and our PX® Pressure Exchanger® technology utilized as a pump.”
Ron Gusek, Vice President of Technology & Development at Liberty Oilfield Services stated, “The VorTeq system proved its mettle in a very challenging environment. We are excited about this technology and the real cost savings this application can provide us in the field.”
VorTeq utilizes Energy Recovery’s revolutionary PX Pressure Exchanger technology to pressurize fluids without exposing pumps to the highly abrasive proppants that cause frequent equipment failure and significant lost time for crews in the field. This innovation is expected to significantly extend the service life of high-pressure pumping equipment employed in well completions and to improve overall operational efficiency by reducing the amount of downtime due to pump failures and maintenance.
In October, Energy Recovery announced a 15-year licensing deal with Schlumberger, which will give Schlumberger exclusive rights to use VorTeq technology for its global onshore hydraulic fracturing operations. The deal provided a $75 million exclusivity fee to Energy Recovery and includes two separate $25 million payments subject to Energy Recovery meeting certain key performance milestones expected to be evaluated in 2016.
About Energy Recovery
Energy Recovery (NASDAQ:ERII) recycles and converts wasted pressure energy into a usable asset and preserves 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 $1.5 billion (USD) annually. Headquartered in the Bay Area, Energy Recovery has offices in Ireland, Shanghai, and Dubai. For more information about the Company, please visit our website at www.energyrecovery.com.
Forward-Looking Statements
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 meeting future milestones and the eventual commercialization of the VorTeq system 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.
Contact: Marc Cunningham ir@energyrecovery.com (713) 353-5407
Released January 7, 2016