Energy Recovery, Inc
Delayed Nasdaq - 07/20 10:00:00 pm

Energy Recovery : Saudi Arabia awards $2.5mn desalination contract

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08/13/2017 | 09:04 am

Saudi Arabia has awarded a $2.5mn contract to Energy Recovery Inc. (NASDAQ:ERII), a major player in pressure energy technology for industrial fluid flows, to supply its PXTM Pressure ExchangerTM technology for desalination projects in Saudi Arabia.

The orders began shipping in the second quarter of 2017, with expected completion by the third quarter of 2017.

US headquartered Energy Recovery will supply its PX-Q300 and PX-220 Pressure Exchanger devices for the plants, which will produce a total of up to 103,000 cubic meters of water per day.

Energy Recovery estimates the PX devices will reduce the total power consumption for all projects by 14.4 MW, saving a total of over 124.4 GWh of energy per year and avoiding 74,378 tons of CO2 emissions per year.

"We remain bullish on the outlook of the desalination market through the balance of 2017 and into 2018. These orders further solidify our position as a market leader in the Middle East desalination market, more specifically in Saudi Arabia, which remains a bellwether for mega project activity," said Energy Recovery's President and CEO Joel Gay.

"As mentioned on our previous 2nd quarter 2017 earnings call, we remain laser-focused on our water business and will continue to guard our position as market leader and attack new opportunities to provide our Pressure Exchanger technology to customers seeking to optimize plant savings and operations."

Energy Recovery solutions recycle and convert wasted pressure energy into a usable asset and preserve pumps that are subject to hostile processing environments. It simplifies complex industrial systems while improving productivity, profitability, and efficiency within the oil & gas, chemical processing, and water industries.

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