Energy Recovery Awarded $12.2 Million for Water Projects, Includes Facility to Support World Cup
SAN LEANDRO, CA / ACCESSWIRE / October 17, 2019 / Energy Recovery, Inc. (NASDAQ:ERII) today announced it will supply its PX® Pressure Exchanger® devices, along with related equipment and services, to three large-scale desalination facilities in the Middle East. The devices are expected to ship in Q1 and Q3 of 2020.
The $12.2M award includes a desalination facility that will support the 2022 FIFA World Cup, which will be held in Qatar. The country expects to host approximately 1.5 million visitors for the World Cup, which represents more than half the country's current population of 2.7 million.
"As the Middle East prepares for the 2022 World Cup, we're proud that our technology can help meet the region's water needs and enable our customers to produce this critical resource in a more cost effective and sustainable way," said Energy Recovery President and CEO Chris Gannon. "The desalination industry is experiencing a growth cycle that we now see extending further than we anticipated just a few years ago. Against the backdrop of this explosive growth, we are focused on executing against our historically strong backlog and pipeline and investing to grow our Water business."
Energy Recovery estimates the PXs supplied to these facilities will prevent more than 400,000 metric tons of carbon dioxide emissions per year. The facilities will collectively produce over 700,000 cubic meters of water.
"We continue to win large-scale SWRO desalination projects in territories across the Middle East," shared Energy Recovery Vice President of Water Rodney Clemente. "Our value proposition is centered around our ability to deliver the strongest economic benefit to our customers by having the lowest life cycle cost of any energy recovery solution available on the market today. With extremely predictable and reliable performance, unmatched durability and longevity, and our industry leading uptime advantage, our PX Pressure Exchanger continues to set the gold standard for ERDs serving the global SWRO desalination space."
About Energy Recovery
Energy Recovery, Inc. (ERII) is an energy solutions provider to industrial fluid flow markets worldwide. Energy Recovery solutions recycle and convert wasted pressure energy into a usable asset and preserve 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 water, oil & gas, and chemical processing industries. Energy Recovery products annually save customers $2 billion (USD) and eliminate more than 11.5 million metric tons of carbon dioxide emissions. Headquartered in the Bay Area, Energy Recovery has offices in Dubai, Houston, Madrid, and Shanghai. For more information about the Company, please visit www.energyrecovery.com.
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 expectations regarding the timing of shipments of the orders, and reductions in power consumption from the technology. 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.
SOURCE: Energy Recovery