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Business Wire 13-Feb-2024 7:00 AM
Energy Recovery, Inc. (NASDAQ:ERII) today announced the award of contracts totaling over $28 million to supply its newest top-of-the-line PX® Pressure Exchanger® energy recovery device (ERD), the PX Q400, to mega desalination projects in the Gulf region.
These facilities will produce nearly 1.5 million cubic meters of water for municipal use in the Gulf, a significantly water-stressed region, and the awards demonstrate confidence in Energy Recovery's latest innovation, the PX Q400. With the highest capacity and efficiency of any PX® Pressure Exchanger®, the Q400 offers best-in-class performance and the lowest projected life cycle cost of any proven ERD for seawater reverse osmosis (SWRO) desalination due to lower maintenance and operational expenditures.
"The PX Q400 is the new gold standard ERD for SWRO desalination," said Rodney Clemente, Energy Recovery Senior Vice President of Water. "These mega desalination facilities are fulfilling a critical need to supply water in the Gulf at a low cost, and by choosing the PX Q400, our customers are demonstrating trust in our ability to innovate and provide the best performing ERD while continuing to deliver the reliability that they expect from Energy Recovery."
All orders are expected to ship by Q4 2024. When installed, the PX Q400 devices are projected to prevent more than 600,000 metric tons of carbon emissions from entering the atmosphere, which is equivalent to removing roughly 130,000 passenger cars from the road each year.
About Energy Recovery
Energy Recovery (NASDAQ:ERII) is a trusted global leader in energy efficiency technology. Building on our pressure exchanger technology platform, we design and manufacture reliable, high-performance solutions that generate cost savings and increase energy efficiency across several industries. With a strong foundation in the desalination industry, Energy Recovery has delivered transformative solutions that increase operational efficiency and deliver positive environmental impact to our customers worldwide for more than 30 years. 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.
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 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, including the timing of shipments and the expected reduction in carbon emissions due to our products. 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, 2022 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.