SAN LEANDRO, Calif.–(BUSINESS WIRE)– Energy Recovery Inc. (ERII), the leader in pressure energy technology for industrial fluid flows, has announced a $3.96 million order to install its PX Pressure Exchanger® technology in an independent water plant located in Qurayyat, Oman, a project with Hyflux Ltd., a global environmental solutions company headquartered in Singapore.
The capacity of the plant exceeds 50,000 cubic meters per day, which qualifies this as a mega project for Energy Recovery. The Company has previously completed additional mega projects with Hyflux, including the 500,000 MLD Magtaa desalination plant located in Algeria, which uses Energy Recovery turbochargers.
Hyflux will use Energy Recovery’s PX-Q300 Pressure Exchanger devices for the water plant in Oman. The plant is located near the Arabian Sea and produces 200 million liters per day (MLD) of fresh water. Energy Recovery estimates the PX devices will reduce plant power consumption by 20 MW and save 173 GWh of energy per year. These energy savings are potentially avoiding about 100,000 tons per year of CO2 emissions.
The order is expected to ship by the fourth quarter of 2015, with the Company recognizing revenues upon delivery. The order represents continued momentum in Energy Recovery’s desalination business, as the Company has announced over $14 million in larger desalination orders, including this one, to date in 2015. This total does not include smaller sized OEM sales and aftermarket shipments that the Company records on a regular basis throughout each reporting period.
Joel Gay, President and Chief Executive Officer for Energy Recovery, stated, “We have continued to see steadily growing momentum in desalination orders throughout 2015. The Company has maintained its dominant market position, and is now seeing increasing activity in an improving desalination market. This is the fourth mega project that Energy Recovery has worked on with Hyflux, and we are proud to consistently win larger scale projects from our existing customers. We have announced over $14 million in larger project orders to date in 2015, which is well ahead of our run rate at this time last year. We understand that larger projects are largely dependent on the timelines of our customers, however we are increasingly optimistic with the direction of the desalination market thus far this year and pleased that our market position with our long-term customers has remained sound.”
The award-winning PX Pressure Exchanger remains the most efficient and reliable energy recovery solution on the market for desalination, operating with 98% efficiency in its energy exchange.
About Energy Recovery
Energy Recovery (ERII) develops award-winning solutions to improve productivity, profitability, and energy efficiency within the oil & gas, chemical, and water industries. Our products simplify complex systems and protect vulnerable equipment. By recycling fluid pressure that would otherwise be lost in critical processes, we save clients more than $1.4 billion (USD) annually. Headquartered in the San Francisco Bay Area, Energy Recovery has offices in Shanghai and Dubai.
This press release contains forward-looking statements that reflect management’s current expectations as to the timing of shipments and revenue recognition, assumptions and estimates of future performance and economic and market conditions. Such statements are made in reliance upon the safe harbor provisions of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. The company cautions investors that any forward-looking statements are subject to risks and uncertainties that may cause actual results and future trends to differ materially from those matters expressed in or implied by such forward-looking statements. Statements about future opportunity growth are forward-looking and involve risks and uncertainties. Energy Recovery disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.
Alex Dolan, +1-510-746-2574
The Equity Group Inc.
Adam Prior, +1-212-836-9606