Asia
Pacific
Bangkok
Beijing
Hanoi
Ho Chi Minh City
Hong Kong
Jakarta
Kuala Lumpur
Manila
Melbourne
Shanghai
Singapore
Sydney
Taipei
Tokyo
Europe &
Middle East
Almaty
Amsterdam
Antwerp
Bahrain
Baku
Barcelona
Berlin
Bologna
Brussels
Budapest
Cairo
Düsseldorf
Frankfurt / Main
Geneva
Kyiv
London
Madrid
Milan
Moscow
Munich
Paris
Prague
Riyadh
Rome
St. Petersburg
Stockholm
Vienna
Warsaw
Zurich
North & South America
Bogotá
Brasilia
Buenos Aires
Caracas
Chicago
Chihuahua
Dallas
Guadalajara
Houston
Juarez
Mexico City
Miami
Monterrey
New York
Palo Alto
Porto Alegre
Rio de Janeiro
San Diego
San Francisco
Santiago
Sao Paulo
Tijuana
Toronto
Valencia
Washington, DC
Exhibit 5.1
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Baker & McKenzie LLP
Two Embarcadero Center, 11th Floor
San Francisco, CA 94111-3802, USA
Tel: +1 415 576 3000
Fax: +1 415 576 3099
www.bakernet.com |
June 16, 2008
Energy Recovery, Inc.
1908 Doolittle Drive
San Leandro, California 94577
RE: Registration Statement on Form S-1
Ladies and Gentlemen:
We have acted as securities counsel to Energy Recovery, Inc., a Delaware corporation (the
Company), in connection with its filing with the Securities and Exchange Commission (the SEC)
of a registration statement on Form S-1 (Registration No. 333-150007), as amended (the
Registration Statement), under the Securities Act of 1933, as amended (the Securities Act),
with respect to the issuance of up to 16,100,000 shares of the Companys common stock, par value
$0.001 per share, which includes (i) up to 8,078,566 shares to be sold by the Company and up to
2,100,000 shares proposed to be sold by the Company pursuant to an over-allotment option
(collectively, the Company Shares) and (ii) up to 5,921,434 shares to be sold by certain selling
stockholders (the Selling Stockholders Shares).
We have reviewed the Underwriting Agreement (the Agreement), and we have examined the
originals, or photostatic or certified copies, of such records of the Company, of certificates of
officers of the Company and of public documents, and such other documents as we have deemed
relevant and necessary as the basis of the opinions set forth below. In such examination, we have
assumed the genuineness of all signatures, the authenticity of all documents submitted to us as
originals, the conformity to original documents of all documents submitted to us as photostatic or
certified copies and the authenticity of the originals of such copies.
Based upon and subject to the foregoing, we are of the opinion that:
1. The Company Shares have been duly and validly authorized, and when issued in accordance
with the terms of the Agreement, will be validly issued, fully paid and non-assessable.
2. The Selling Stockholders Shares have been duly and validly authorized and are validly
issued, fully paid and non-assessable.
The opinions expressed above are limited to the General
Corporation Law of the State of Delaware (including all applicable provisions of the Delaware
constitution and reported judicial decisions interpreting these laws) and the federal laws of the
United States of America.
Baker & McKenzie LLP is a member of Baker & McKenzie International, a Swiss Verein.