Energy Recovery, Inc. (NASDAQ:ERII), the leader in pressure energy technology for industrial fluid flows, today announced $1 million in awards for desalination projects in California and Texas.
Energy Recovery will supply its PX-Q300 Pressure Exchanger devices and AquaBold high-pressure pumps for the Charles E. Meyer Desalination Plant retrofit in Santa Barbara, California, in partnership with IDE technologies, a global water treatment solutions firm headquartered in Israel. The plant has a capacity of 15 MLD divided in three trains, which could be expanded in the future to double its capacity. Energy Recovery estimates that the plant will save about 26 GWh per year in energy consumption, and reduce its carbon footprint by about 15,000 tons per year. Order shipment is expected in the third quarter of this year.
Energy Recovery’s President and CEO Joel Gay stated, “For the Santa Barbara plant, we are supplying the PXs and the AquaBold high-pressure pumps. Sourcing both devices through Energy Recovery maximizes efficiencies for any plant, and we hope it will become a best practice for the desalination industry.”
In addition, Energy Recovery will provide PX-Q300 Pressure Exchangers for the M&G Chemicals Corpus Christi Facility in Texas, constructed by the company to produce plastics materials for the largest polyethylene terephthalate (PET) plant in the world. The Company has partnered with theItalveco Group, a global environmental engineering company headquartered in Italy. The desalination plant associated with the Corpus Christi facility is expected to produce 6 million gallons of water per day (MGD) to cover plant’s utility needs such as cooling system and boiler systems water make up, among others, and is expected to be in production by the first quarter of 2016. Energy Recovery estimates that the facility will save about 40 GWh per year in energy consumption, and reduce its carbon footprint by almost 24,000 tons per year. Order shipment is expected in the 4th quarter of 2015.
Mr. Gay added, “Energy Recovery has 16,000 devices in use around the world, but with the demand for desalination having been historically limited in the United States, we have had disproportionately few installations in our home country. This is starting to shift. While political factors will continue to present a challenge to widespread adoption of desalination in the U.S., these projects are a clear response to the epic drought that continues to wreak havoc on a number of state economies. As the provider of the foremost enabling technology in desalination, we are well positioned to benefit from and are proud to contribute to the domestic growth of the industry.”
Energy Recovery has already installed its PX-Q300 devices at the Carlsbad Desalination Plant inCalifornia, which is expected to begin production in 2015, and will produce 50 MGD for San Diego County. (Original Source)
Shares of Energy Recovery closed yesterday at $2.63. 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 $2.64 and its 200-day moving average is $3.02.
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.