Energy Recovery, Inc. (NASDAQ:ERII), the leader in pressure energy technology for industrial fluid flows, has shipped the components for a $1 million desalination plant project in Sur, Oman. For this project, Energy Recovery is partnering with Sidem, a global desalination leader headquartered in France. Energy Recovery expects to recognize revenue on the shipment in the Company’s current second quarter.
Sidem will use Energy Recovery’s PX-Q300 Pressure Exchanger devices for the plant in Sur in the Ash Sharqiyah Region of northeastern Oman. 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, “The current project inOman adds to the legacy of partnership between Energy Recovery and Sidem. Having successfully deployed our PX Pressure Exchanger technology into another major project with Sidem, we continue to act as the preferred supplier of energy recovery solutions with the Q-series of our PX devices. This project has experienced delays over the past year, and we feel this shipment is an indicator of a strengthening global desalination market, the sustainability of which will lend to our continued penetration into emerging markets.” (Original Source)
Shares of Energy Recovery closed yesterday at $3 . 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 $3.09 and its 200-day moving average is $3.78.
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 16.7% from current levels.
According to TipRanks.com, Liu has a total average return of -3.8%, a 53.8% success rate, and is ranked #3030 out of 3606 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.