Energy Recovery Awarded More Than $12 Million in Desalination Contracts in the United Arab Emirates
Energy Recovery (NASDAQ:ERII) today announced contract awards totaling over $12 million for its PX® Pressure Exchanger® (PX) energy recovery devices for three seawater reverse osmosis (SWRO) desalination projects in the United Arab Emirates. The plants include capacity totaling close to 1 million cubic meters per day, and the orders are expected to ship by Q4 2024. These contracts have previously been reported in the company's financial guidance.
One of the recently awarded contracts will include PX installations on a floating desalination barge in the Arabian Gulf, which will produce fresh water offshore before pumping it back to the mainland. Offshore desalination facilities eliminate the need for swaths of coastal land, which is often limited and expensive, making it a viable option for densely populated coastal regions. The contracts in the United Arab Emirates will incorporate both the PX Q400 and PX Q300 models, which offer operational sound levels at just 79 decibels. This will also create safer and better workplace environments for these SWRO plants.
"Energy Recovery has been the trusted gold standard in energy recovery solutions for the seawater reverse osmosis desalination industry for well over a decade," said Rodney Clemente, Energy Recovery Senior Vice President of Water. "Our first large-scale reference in the region was contracted in 2008, and we have since grown our contracted capacity to approximately 5 million cubic meters per day, underscoring our market leadership position in the United Arab Emirates. As the global leader, we continue to innovate for and partner with our customers to deliver best-in-class products that can be used to serve a variety of industries and plant sizes around the globe. We are truly proud to be able to partner alongside industry leaders in driving sustainable solutions that help meet growing global freshwater challenges head-on."
Energy Recovery's PX can reduce energy use by up to 60% in SWRO desalination 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. The announced contracts in the United Arab Emirates are projected to save over 416 gigawatt hours per year of energy, which avoids 201,265 tons per year of harmful CO2 emissions — the equivalent of over 36,000 homes electricity use for one year.
About Energy Recovery
Energy Recovery is a trusted global leader in energy efficiency technology. Building on our pressure exchanger technology platform, we design and manufacture reliable, high-performance solutions that generate cost savings, increase energy efficiency, and reduce carbon emissions across several industries. With a strong foundation in the desalination industry, Energy Recovery has delivered transformative solutions that increase operational efficiency and environmental sustainability to our customers worldwide for more than 30 years. Headquartered in the San Francisco Bay Area, Energy Recovery has manufacturing and R&D facilities across California and Texas, with sales and on-site technical support available globally.
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. 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, 2022 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.
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