Energy Recovery, Inc. (NASDAQ:ERII), the leader in pressure energy technology for industrial fluid flows, has shipped the components for a $3 million project for the Mirfa Power Plant in Abu Dhabi, UAE, a project with partner Degremont, a company focused on the production of drinking water in industrialized countries. Energy Recovery expects to recognize the shipment as revenue in the Company’s current second quarter.
For this project, Degremont will use Energy Recovery’s PX-Q300 Pressure Exchanger devices. 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.
Joel Gay, President and Chief Executive Officer for Energy Recovery, stated, “Degremont is a long-standing customer and strategic partner to Energy Recovery. That Degremont continues to choose our Company as its preferred supplier of energy recovery solutions further solidifies this relationship. The shipment for this project experienced several delays, dating back to the fourth quarter of 2014. The recent shipment, in addition to a strengthening pipeline for the current year and future periods are indicators of a recovering market and underscore our cautious optimism for desalination in 2015.” (Original Source)
Shares of Energy Recovery closed yesterday at $2.76 . ERII has a 1-year high of $6.18 and a 1-year low of $2.49. The stock’s 50-day moving average is $3.07 and its 200-day moving average is $3.83.
On the ratings front, Ardour analyst Jinming Liu downgraded ERII to Hold, with a price target of $3.50, in a report issued on March 11. The current price target implies an upside of 26.8% from current levels.
According to TipRanks.com, Liu has a total average return of -3.8%, a 53.8% success rate, and is ranked #3010 out of 3600 analysts.
Energy Recovery Inc is engaged in designing, developing, and manufacturing of energy recovery devices that transform untapped energy into reusable energy from industrial fluid flows and pressure cycles.