SAN LEANDRO, Calif.—September 9, 2015 — Energy Recovery Inc. (NASDAQ:ERII), the leader in pressure energy technology for industrial fluid flows, today announced an award for $1.4 million to supply its PX Pressure Exchanger® technology for the world’s first large-scale solar-powered desalination plant, located in Saudi Arabia. The order is expected to ship during the first quarter of 2016.
Energy Recovery will supply its PX-Q300 Pressure Exchanger devices as part of a project that will supply 60,000 cubic meters of fresh water per day. Energy Recovery estimates the PX devices will reduce plant power consumption by 8.4 MW, saving over 73 GWh of energy per year. The plant is expected to be online by the first quarter of 2017.
Energy Recovery’s President and CEO Joel Gay stated, “As a company at the vanguard of desalination technology, we are proud to be part of a project that represents another great leap forward for the industry. Our PX Pressure Exchanger technology continues to play a crucial role in desalination processes, even as plant designs evolve, which increases my confidence that our technology will remain critical to this industry for a long time to come.”
Forward-Looking Statements
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.