Energy Recovery Granted $5.4 million Contract For Desalination Projects In Middle East

Energy Recovery, Inc. ERII revealed it has been granted total awards of $5.4 million to supply its PX Pressure Exchanger technology for desalination projects in the Middle East. The company expects the orders to be shipped primarily in the first quarter of the next year.

Energy Recovery said it would supply its PX-Q300 & PX-260 Pressure Exchanger devices for the plants, which would produce a maximum of 300,000 cubic meters of water per day. The company estimates the PX devices will cut down the power consumption for the projects by 31.4 MW, saving over 275 GWh of energy per year, and help them avoid 165,000 tons of CO2 emissions per year.

The company's President and CEO, Joel Gay, commented, "As we forecasted our performance for 2016, we predicted the company would aggressively secure new contracts for mega projects in key regions such as the Middle East and North Africa. These deals confirm that we are delivering on our plans to increase our presence in these regions and bolster our market share among major projects. We will continue to pursue this year as one of focus, performance and execution."

Shares of the company traded 0.73 percent down on Thursday.