Energy Recovery, Inc. Ranks in the Top 150 Fastest Growing Companies in North America on Deloitte's 2009 Technology Fast 500(TM)
Revenue Increases By 1,188 Percent in the Last Five Years Thanks to Increased Demand and Unmatched Technology Performance
SAN LEANDRO, Calif.--(BUSINESS WIRE)-- Energy Recovery, Inc. (NASDAQ:ERII), a leader in the design and development of energy recovery devices for desalination, today announced that it ranks in the top 150 on the Technology Fast 500(TM), Deloitte LLP's ranking of 500 of the fastest growing technology, media, telecommunications, life sciences and clean technology companies in North America. Rankings are based on percentage of fiscal year revenue growth during the five year period from 2004-2008, and Energy Recovery grew 1,188 percent during this period.
"Although Energy Recovery has captured more than 50 percent market share for global desalination plants, we continue to enhance the performance of our technology and improve our operational efficiency. This has enabled us to grow more than 40-fold in the past seven years," said G.G. Pique, president and CEO of Energy Recovery, Inc. "We are proud that this growth has been recognized by the prestigious Technology Fast 500 list, and we look forward to even greater success as we continue to help make desalination an affordable solution to mounting global water shortages."
Technology Fast 500(TM) provides a ranking of the fastest growing technology, media, telecommunications, life sciences and clean technology companies in North America. This ranking is compiled from nominations submitted directly to the Technology Fast 500(TM) website, and public company database research conducted by Deloitte. Technology Fast 500(TM) award winners for 2009 are selected based on percentage fiscal year revenue growth during the five year period from 2004 to 2008.
"With its impressive five-year growth, Energy Recovery has earned its position among the fastest growing technology, media, telecommunications, life sciences and clean technology companies in North America," said Mark Jensen, Managing Partner, Technology and Venture Capital Services, Deloitte & Touche LLP. "Deloitte is proud to honor Energy Recovery for its achievement."
Energy Recovery's PX devices operate at up to 98 percent efficiency and reduce the energy consumption of SWRO systems by up to 60 percent, making desalination a cost-effective solution for clean water supply. PX devices also reduce the carbon footprint of desalination, saving more than 750 MW of energy and reducing CO2 emissions by more than 4.6 million tons per year worldwide. More than 7,000 PX devices are currently deployed or under contract to be installed at desalination plants across the globe. For more information about Energy Recovery's PX Pressure Exchanger technology, visit http://www.energyrecovery.com or send an email to info@energyrecovery.com.
Deloitte's 2009 Technology Fast 500TM Media Guidance 4
In order to be eligible for Technology Fast 500(TM) recognition, companies must own proprietary intellectual property or proprietary technology that contributes to a significant portion of the company's operating revenues. Using other companies' technology or intellectual property in a unique way does not satisfy this requirement. Consulting companies, professional service firms, etc. are not eligible unless they have proprietary technology that contributes to a significant portion of their operating revenues. Technology Fast 500(TM) award eligibility requirements also include base-year operating revenues of at least $50,000 USD or CD, and current-year operating revenues of at least $5 million USD or CD. These revenues must have more than doubled between 2004 and 2008. Additionally, companies must be in business for a minimum of five years, and be headquartered within North America.
About ERI
Energy Recovery, Inc. (NASDAQ:ERII) designs and develops energy recovery devices that help make desalination affordable by significantly reducing energy consumption. ERI's PX Pressure Exchanger(TM) (PX(TM)) device is a rotary positive displacement pump that recovers energy from the high pressure reject stream of seawater reverse osmosis systems at up to 98% efficiency. The company is headquartered in the San Francisco Bay Area with offices in key desalination centers worldwide, including Madrid, Shanghai, Florida and the United Arab Emirates. For more information on ERI and PX technology, please visit www.energyrecovery.com.
About Deloitte
As used in this document, "Deloitte" means Deloitte LLP. Please see www.deloitte.com/about for a detailed description of the legal structure of Deloitte LLP and its subsidiaries.
Source: Energy Recovery, Inc.
Released October 20, 2009