SAN LEANDRO, Calif., Aug. 16, 2017 /PRNewswire/ -- Energy Recovery, Inc. (NASDAQ: ERII), the leader in pressure energy technology for industrial fluid flows, today announced total awards of $2.7 million to supply its PXTM Pressure ExchangerTM technology for desalination projects in China. The orders will begin shipping in the fourth quarter of 2017.
Energy Recovery will supply its PX-Q300 Pressure Exchanger devices for the plants, which will produce a total of up to 115,000 cubic meters of water per day. Energy Recovery estimates the PX devices will reduce the total power consumption for all projects by 9.1 MW, saving a total of over 78.3 GWh of energy per year and avoiding 46,820 tons of CO2 emissions per year.
Energy Recovery's President and CEO Joel Gay stated, "These awards further solidify Energy Recovery's position as the leader in ERD technology for the desalination industry, both globally and in the critical market of China. As we move into 2018 and beyond, we expect to see private-public partnerships, enabled by the Chinese bond connect plan, further stimulate growth in this pivotal market. We remain confident that our horizontal integration into project financed initiatives such as the Prime Performance ESA, and comprehensive packaged solutions with strong industry partnerships will ideally position us to battle the stochastic nature of this market while providing our best in class Pressure Exchanger technology to customers focused on optimizing their plant operations."
About Energy Recovery Energy Recovery, Inc. (ERII) is an energy solutions provider to industrial fluid flow markets worldwide. Energy Recovery solutions recycle and convert wasted pressure energy into a usable asset and preserve pumps that are subject to hostile processing environments. With award-winning technology, Energy Recovery simplifies complex industrial systems while improving productivity, profitability, and efficiency within the oil & gas, chemical processing, and water industries. Energy Recovery products save clients more than $1.8 billion (USD) annually. Headquartered in the Bay Area, Energy Recovery has offices in Houston, Ireland, Shanghai, and Dubai. For more information about the Company, please visit www.energyrecovery.com.
Forward-Looking Statements 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 expectations regarding the amount and timing of the revenues associated with the referenced awards and the shipments of the devices, reductions in power consumption from the technology, estimates of emissions avoided through employing the technology, expectations about future growth in the desalination industry, Energy Recovery's market share, and Energy Recovery's ability to deliver products containing its technologies, including in the relevant regions and for major products. 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. Because such forward-looking statements involve risks and uncertainties, our actual results may differ materially from the predictions in these forward-looking statements. All forward-looking statements are made as of today, and we assume no obligation to update such statements, whether as a result of new information, future events, or otherwise.