SAN LEANDRO, CA / ACCESSWIRE / April 7, 2022 / Energy Recovery, Inc. (NASDAQ:ERII) today announced multiple contract awards in the Gulf region totaling over $20 million for its PX® Pressure Exchanger® energy recovery devices. The orders are expected to be fulfilled by Q4 of 2023 and altogether, the desalination plants will be able to provide over one million cubic meters of water each day in this water-scarce region of the world.
When these projects are completed, they will produce enough drinking water to fill over 400 Olympic swimming pools per day. Moreover, Energy Recovery estimates that the PXs supplied to these plants will prevent more than 424,000 metric tons of carbon dioxide emissions per year, which is equivalent to the amount of emissions from over 92,000 passenger cars.
In just the past 20 years, the Gulf's population has increased by 55%, putting incredible strain on the region's water supply. Countries in the Gulf region rank among the most water-stressed countries in the world.
"The reliable and efficient production of clean, drinkable water is of critical importance in arid regions like the Gulf region," said Rodney Clemente, Energy Recovery's Senior Vice President of Water. "Energy Recovery's reputation for producing dependable products is one of the main reasons why customers trust our PX to perform even under harsh conditions, bringing down the costs and energy consumption of what was once an highly energy intensive process. The performance of our technology remains reliable, repeatable, and predictable, allowing us to contract approximately 12 million cubic meters of installed capacity across the region."
Energy Recovery's PX can reduce energy use in Sea Water Reverse Osmosis facilities by up to 60%. The PX provides the lowest lifecycle cost of any energy recovery device available on the market, providing significant savings to plant operators and bringing down the cost of clean water.
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 Company's estimates on order shipment; and our belief that our technology provides the lowest lifecycle cost of any energy recovery device available on the market.. 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. Potential risks and uncertainties and any other factors that may have been discussed herein regarding the risks and uncertainties of the Company's business, and the risks discussed under "Risk Factors" in the Company's Form 10-K filed with the U.S. Securities and Exchange Commission ("SEC") for the year ended December 31, 2020 as well as other reports filed by the Company with the SEC from time to time. Because such forward-looking statements involve risks and uncertainties, the Company's actual results may differ materially from the predictions in these forward-looking statements. All forward-looking statements are made as of today, and the Company assumes no obligation to update such statements.
About Energy Recovery
Energy Recovery (NASDAQ:ERII) creates technologies that solve complex challenges for industrial fluid-flow markets worldwide. Building on our pressure exchanger technology platform, we design and manufacture solutions that make industrial processes more efficient and sustainable. What began as a game-changing invention for desalination has grown into a global business accelerating the environmental sustainability of customers' operations in multiple industries. Headquartered in the San Francisco Bay Area, Energy Recovery has manufacturing, research and development facilities across California and Texas with sales and on-site technical support available globally. For more information, please visit www.energyrecovery.com.
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SOURCE: Energy Recovery
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