Energy Recovery

  • WKN: A0NJUL
  • ISIN: US29270J1007
  • Land: Vereinigte Staaten von Amerika

Nachricht vom 14.07.2020 | 14:00

Energy Recovery Wins Contracts Totaling Over $20 Million, Including Saudi Thermal to SWRO Mega Project


San Leandro, 07/14/2020 / 08:00, EST/EDT - EQS Newswire - Energy Recovery


SAN LEANDRO, CA / ACCESSWIRE / July 14, 2020 / Energy Recovery, Inc. (NASDAQ:ERII) today announced project awards totaling $20.9 million, including a contract for the 400,000 cubic meters per day ("m3/day") Al Jubail II Seawater Reverse Osmosis ("SWRO") facility ("Jubail II"). Jubail II will replace the thermal capacity of the 136,000 m3/day Jubail I thermal desalination facility.

"This project, one of the largest contracts in Company history, is another marker of the strength of our business, even in the toughest of times," said Robert Mao, Energy Recovery Chairman of the Board and President and CEO. "As the desalination market continues transitioning from thermal to SWRO technology, and as we see projects increasing in size, demand for our technology continues to grow as well."

Energy Recovery will supply several hundred PX® Pressure Exchanger® devices ("PX") to Jubail II project developer Metito Overseas Ltd. ("Metito"), a global leader and provider of choice for sustainable water management solutions.

"We needed a partner whose product would further our mission of creating sustainable water solutions - and Energy Recovery checked every box," said Assem Zakaria, Senior Projects Manager, Metito. "Their PX devices provide the significant energy savings that we needed, as well as the assurance of a long, reliable lifecycle."

Jubail II is expected to deliver operational cost savings of approximately SAR 5.7 billion (USD $1.5 billion) over the decade following its commissioning compared to the Jubail I project, according to analysis firm Global Water Intelligence. The facility is scheduled to be commissioned in 2021 and will serve the municipal water needs of Riyadh, the capital of Saudi Arabia.

"For more than two decades, our valued customers have trusted us to make SWRO desalination less energy intensive and more economically feasible. As one of the earliest adopters of our technology, our partners Metito are a prime example of our long-lasting and sustained performance in the region," said Rodney Clemente, Energy Recovery Senior Vice President of Water. "The Jubail II project also underscores that thermal to SWRO replacement projects in the Middle East are often not a one-for-one capacity replacement. These large SWRO plants are typically larger than the thermal plants they replace, bringing online additional new capacity to keep pace with growing water demand."

About Energy Recovery

For more than 20 years, Energy Recovery, Inc. (NASDAQ: ERII) has created technologies that solve complex challenges in industrial fluid-flow markets. We design and manufacture solutions that reduce waste, improve operational efficiencies, and lower the production costs of clean water and oil and gas. What began as a game-changing invention for water desalination has grown into a global business delivering solutions that enable more affordable access to these critical resources. Headquartered in the San Francisco Bay Area, Energy Recovery has manufacturing, research and development facilities across California and Texas. In addition, our worldwide sales and technical service organization provides on-site support for our line of water solutions. For more information, please visit www.energyrecovery.com.

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 our belief that the desalination market will continue to transition from thermal to SWRO technology, our belief that demand for our products will continue to grow, and our belief that we are producing the best energy recovery solutions available to efficiently deliver fresh water. 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.

Contact

Investor Relations
ir@energyrecovery.com
+1 (281) 962-8105

Press Inquiries
pr@energyrecovery.com
+1 (510) 219-8462

SOURCE: Energy Recovery via EQS Newswire



07/14/2020 EQS Newswire / EQS Group AG



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