Company Update (NASDAQ:ERII): Energy Recovery, Inc. Awarded $2 Million in Desalination Orders in 5 Countries
Energy Recovery, Inc. (NASDAQ:ERII), the leader in pressure energy technology for industrial fluid flows, announced new desalination orders for projects utilizing its PX® Pressure Exchanger® Technology in Egypt, Italy,Spain, the United Arab Emirates, and Vietnam. Collectively, these original manufacturer (OEM) projects represent approximately $2 million in revenue and are expected to be delivered by the end of the third quarter.
- A joint venture between two desalination leaders in Spain, Elmasa Tecnología del Agua, S.A (ELMASA) and CANARAGUA, will be using Energy Recovery’s PX-Q300 devices for a desalination plant retrofit inSpain. The technology will replace Pelton turbines.
- Hyundai Engineering and Construction, a global engineering company headquartered in Seoul, will partner with Aquatech International, a worldwide desalination leader based in Pennsylvania, to use Energy Recovery’s PX-Q300 devices in a new offshore oilfield project near Abu Dhabi.
- Veolia Environment SA, a Paris-based transnational environmental services company, will use Energy Recovery’s AquaBold and AT-875 Turbocharger for a new plant in Sinai, Egypt.
- Protecno, based in Italy, will use Energy Recovery’s PX Pressure Exchangers and booster pumps as their standard units in their SWRO plants, and will keep them in their stock for fast-track opportunities.
- Protecno will also use the PX Pressure Exchanger and booster pumps for a new undisclosed plant location in Italy.
- Hyorim Industries Inc., an international manufacturer based in Korea, will use Energy Recovery’s PX Pressure Exchanger, Aquabold pumps, and circulation pumps for a new desalination plant in Vietnam. While Energy Recovery has partnered with Hyorim in the past, this will mark the first time the company has used PX Pressure Exchanger devices with Energy Recovery pumps.
Joey Gay, Chief Executive Officer of Energy Recovery, stated, “We continue to increase our global footprint with small- to medium-sized OEM orders. We intend to announce similar orders in the future to keep our investors informed of our ongoing progress, from the constant flow of projects such as these to the larger projects that we undertake in the oil & gas, chemicals, and water segments.” (Original Source)
Shares of Energy Recovery closed yesterday at $2.88 . 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 $3.90.
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 represents a potential upside of 21.5% from where the stock is currently trading.
According to TipRanks.com, Liu has a total average return of -3.7%, a 53.8% success rate, and is ranked #2992 out of 3589 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.