Energy Recovery Announces Project Awards in Asia Totaling Over $6 Million
SAN LEANDRO, CA / ACCESSWIRE / July 22, 2021 / Energy Recovery (NASDAQ:ERII) today announced contract awards totaling over $6 million for its PX® Pressure Exchanger® (PX) energy recovery devices and related equipment and services to multiple seawater reverse osmosis (SWRO) desalination facilities in Asia. These orders are currently shipping to customers and are scheduled to be fulfilled by the end of Q3 2021.
Asia's need for clean water is intensifying, driven by population growth, industrialization, rapid urbanization, and climate change. Energy Recovery's PX reduces energy use by up to 60% in SWRO facilities and provides the lowest lifecycle cost of any energy recovery device available on the market - significant savings that make SWRO desalination an attractive option to governments seeking to drought-proof their water infrastructure.
Energy Recovery estimates that the PXs supplied to these facilities will prevent more than 126,000 metric tons of carbon dioxide emissions per year, equivalent to removing more than 27,000 passenger vehicles from the road annually. Once these contracts are completed, Energy Recovery will support the production of over 118 million cubic meters of fresh water per year.
"Water related challenges are particularly acute in Asia, which is home to half the world's population but has less fresh water than any continent except Antarctica. At the same time, the region's population is projected to increase rapidly over the coming years," said Rodney Clemente, Energy Recovery's Senior Vice President of Water. "These project awards reflect a concentrated effort by many Asian countries to drought-proof their water systems. We are seeing this play out with China's five-year plan to increase seawater desalination utilization to ensure sufficient fresh water supply. We are very proud that Energy Recovery's trusted PX solutions can help deliver essential water resources to communities in need, all while significantly reducing wasted energy and emissions that can be extremely harmful to our planet."
Certain matters discussed in this press release are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including the Company's estimates on order shipment; and our belief that our technology provides the lowest lifecycle cost of any energy recovery device available on the market. These forward-looking statements are based on information currently available to us and on management's beliefs, assumptions, estimates, or projections and are not guarantees of future events or results. Potential risks and uncertainties and any other factors that may have been discussed herein regarding the risks and uncertainties of the Company's business, and the risks discussed under "Risk Factors" in the Company's Form 10-K filed with the U.S. Securities and Exchange Commission ("SEC") for the year ended December 31, 2020 as well as other reports filed by the Company with the SEC from time to time. Because such forward-looking statements involve risks and uncertainties, the Company's actual results may differ materially from the predictions in these forward-looking statements. All forward-looking statements are made as of today, and the Company assumes no obligation to update such statements.
About Energy Recovery
Energy Recovery (NASDAQ:ERII) creates technologies that solve complex challenges for industrial fluid-flow markets worldwide. Building on our pressure exchanger technology platform, we design and manufacture solutions that make industrial processes more efficient and sustainable. What began as a game-changing invention for desalination has grown into a global business accelerating the environmental sustainability of customers' operations in multiple industries. Headquartered in the San Francisco Bay Area, Energy Recovery has manufacturing, research and development facilities across California and Texas with sales and on-site technical support available globally. For more information, please visit www.energyrecovery.com.
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SOURCE: Energy Recovery
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