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Energy Recovery Wins $8.3M of Egyptian Water Projects


07 Apr 2020

SAN LEANDRO, CA / ACCESSWIRE / April 7, 2020 / Energy Recovery, Inc. (NASDAQ:ERII) today announced awards of USD $8.3M to supply its PX® Pressure Exchanger® devices ("PX") and related equipment and services to multiple desalination projects in Egypt.

"Energy Recovery prides itself on being a trusted partner to the desalination industry, and we remain dedicated to serving our customers as we adjust to the impacts of COVID-19. The reputation of our PX and its lifetime value proposition are unmatched, and we are focused on fulfilling orders from existing inventory as well as booking new orders. Desalination plants are a critical part of the fresh water infrastructure of many countries, and we are proud to play our part in delivering affordable, clean water to the people of Egypt," said Robert Mao, Energy Recovery Chairman and Interim President and Chief Executive Officer.

The desalination plants included in this award will have a collective capacity of 290,000 cubic meters per day. Once the plants are in operation, Energy Recovery's PX devices are expected to recycle hydraulic energy equivalent to over 300 gigawatt hours of energy annually, an amount associated with approximately 200,000 metric tons of carbon emissions.

"Egypt's population is growing quickly, and, according to the United Nations, the country's per capita share of fresh water means it is on the verge of absolute water scarcity. Egypt has identified desalination as part of its strategy to improve freshwater security, as desalination offers a cost-effective means to diversify supply beyond variable sources such as the Nile River," commented Rodney Clemente, Energy Recovery Senior Vice President of Water. "The country is amidst an aggressive build-out of desalination facilities that is likely to continue at least through 2024 and exceed over 1 million cubic meters per day of new capacity for the municipal sector alone. Energy Recovery has been awarded seven mega-plants (plants exceeding 50,000m3/d) in Egypt to date, and we plan to continue to do our part to help Egypt meet these exciting challenges head-on."

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. Both our headquarters in San Leandro, California, and our Commercial Development Center in Katy, Texas house on-site research, development and manufacturing facilities. In addition, 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.

Forward-Looking Statements

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 the amount of hydraulic energy our devices will recycle. 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.

Contact

Investor Relations

ir@energyrecovery.com
+1 (281) 962-8105

Press Inquiries

pr@energyrecovery.com
+1 (510) 398-2147

SOURCE: Energy Recovery, Inc. via EQS Newswire



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