SAN LEANDRO, Calif.—June 22, 2015—Energy Recovery Inc. (NASDAQ:ERII), the leader in pressure energy technology for industrial fluid flows, today announced that the Company has recently received $10.3 million in mega project awards to install its PX Pressure Exchanger® technology in desalination plants in Asia and the Middle East.
The Company expects to ship and recognize revenue in the second half of 2015 and first half of 2016.
Mr. Joel Gay, Energy Recovery’s President and Chief Executive Officer, stated, “These recent mega project awards are indicative of continuing progress in our desalination business, as new projects are up year-over-year from 2014. We began the year cautiously optimistic concerning desalination, and have seen many of our past customers deploying capital as part of the improving desalination market. We are building momentum, and feel that these recent wins further validate our leadership position in the desalination market. We are confident that the momentum will propel Energy Recovery forward as we continue implementing technological innovations throughout the global water market.”
About Energy Recovery
Energy Recovery (NASDAQ: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, assumptions and estimates of future performance and economic 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 our expectations as to shipment timing 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.
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