Energy Recovery, Inc. (NASDAQ:ERII), the leader in pressure energy technology for industrial fluid flows, has announced a $3.96 millionorder to install its PX Pressure Exchanger® technology in an independent water plant located in Qurayyat, Oman, a project with Hyflux Ltd., a global environmental solutions company headquartered in Singapore.
The capacity of the plant exceeds 50,000 cubic meters per day, which qualifies this as a mega project for Energy Recovery. The Company has previously completed additional mega projects withHyflux, including the 500,000 MLD Magtaa desalination plant located in Algeria, which usesEnergy Recovery turbochargers.
Hyflux will use Energy Recovery’s PX-Q300 Pressure Exchanger devices for the water plant inOman. The plant is located near the Arabian Sea and produces 200 million liters per day (MLD) of fresh water. Energy Recovery estimates the PX devices will reduce plant power consumption by 20 MW and save 173 GWh of energy per year. These energy savings are potentially avoiding about 100,000 tons per year of CO2 emissions.
The order is expected to ship by the fourth quarter of 2015, with the Company recognizing revenues upon delivery. The order represents continued momentum in Energy Recovery’s desalination business, as the Company has announced over $14 million in larger desalination orders, including this one, to date in 2015. This total does not include smaller sized OEM sales and aftermarket shipments that the Company records on a regular basis throughout each reporting period.
Joel Gay, President and Chief Executive Officer for Energy Recovery, stated, “We have continued to see steadily growing momentum in desalination orders throughout 2015. The Company has maintained its dominant market position, and is now seeing increasing activity in an improving desalination market. This is the fourth mega project that Energy Recovery has worked on withHyflux, and we are proud to consistently win larger scale projects from our existing customers. We have announced over $14 million in larger project orders to date in 2015, which is well ahead of our run rate at this time last year. We understand that larger projects are largely dependent on the timelines of our customers, however we are increasingly optimistic with the direction of the desalination market thus far this year and pleased that our market position with our long-term customers has remained sound.”
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. (Original Source)
Shares of Energy Recovery closed last Friday at $2.48. ERII has a 1-year high of $5.42 and a 1-year low of $2.28. The stock’s 50-day moving average is $2.66 and its 200-day moving average is $3.21.
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.