SAN LEANDRO, CA / ACCESSWIRE / September 9, 2020 / Energy Recovery, Inc. (NASDAQ:ERII) (the "Company") today announced the release of its first Environmental, Social and Governance ("ESG") Report, detailing the Company's multi-pronged approach to enhancing sustainability and its ESG performance.
"While our business has always centered on helping our customers achieve more efficient, sustainable operations, our enhanced focus today on ESG, and related stakeholder engagement, positions us to improve the sustainability of our Company while also taking a more strategic and defined role in the global effort to create a more sustainable future," said Robert Mao, Chairman of the Board, President and Chief Executive Officer of Energy Recovery. "With our growing business and expanding global footprint, we believe it is appropriate to formalize our commitment to increasing the resiliency and sustainability of our business. In addition to focusing on how our innovative products can create a more sustainable future, we see an opportunity to build a better Energy Recovery for our shareholders, our customers, our employees, and the world."
Key highlights from the report include:
- 89% of total 2019 product revenue came from renewable energy and energy efficiency-related products.
- Energy Recovery's water products lowered energy expenses for desalination customers by $2 billion per year.
- Deployment of our PX® Pressure Exchangers® ("PX") avoided consumption of 21.0 terawatt hours in 2019, an amount associated with preventing approximately 12.4 million metric tons of carbon emissions - equivalent to removing more than 2.5 million passenger vehicles from the road annually.
- 96% of PXs shipped to customers in 2019 contained components made from recycled materials.
- Energy Recovery retained 93% of its employees in 2019, a year with 38% headcount growth.
"We pride ourselves on creating products and solutions that address climate change, sustainable industrialization, energy efficiency, and water scarcity. We are early in our ESG journey and have focused our inaugural report on establishing where we stand today as a baseline for future progress," said Joshua Ballard, Chief Financial Officer of Energy Recovery. "As a next step, we plan to undertake a goal setting process to establish targets and key performance indicators for select topics. Ultimately we believe that the integration of ESG principles into our corporate and risk management strategies can strengthen our existing business as well as our efforts to develop new applications of pressure exchanger technology for high-pressure fluid-flow environments."
The report is aligned with leading sustainability frameworks and reporting standards, including the Sustainability Accounting Standards Board ("SASB") framework, select disclosures from the Global Reporting Initiative's ("GRI") framework, and select goals from the United Nations Sustainable Development Goals ("UNSDG").
To learn more about the Company's ESG initiatives and commitments, or to download a copy of the 2019 ESG Report, please visit https://bit.ly/ERI-ESG.
About Energy Recovery
For more than 20 years, Energy Recovery, Inc. (NASDAQ: ERII) has created technologies that solve complex challenges in industrial fluid-flow markets. We design and manufacture solutions that reduce waste, improve operational efficiencies, and lower the production costs of clean water and oil and gas. What began as a game-changing invention for water desalination has grown into a global business delivering solutions that enable more affordable access to these critical resources. Headquartered in the San Francisco Bay Area, Energy Recovery has manufacturing, research, and development facilities across California and Texas. Our worldwide sales and technical service organization provides on-site support for our line of water solutions. For more information, please visit www.energyrecovery.com.
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SOURCE: Energy Recovery via EQS Newswire
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