Energy Recovery Awarded $13.8 Million Contract with Planned Largest SWRO Plant in Israel
Energy Recovery (NASDAQ:ERII) secured contracts exceeding $13.8 million for its PX® Pressure Exchanger® and PX PowerTrain™ systems, aiding the Sorek B Seawater Reverse Osmosis Desalination Plant led by IDE Technologies. This facility will be the largest SWRO plant in Israel, anticipated to produce 200 million cubic meters of water annually. Expected shipment of the order is between Q3 and Q4 2021, with commissioning scheduled for Q3 2022 to Q1 2023.
- Contract awards totaling over $13.8 million enhance the company's revenue.
- The Sorek B Plant is expected to be the largest SWRO facility in Israel, increasing market presence.
- Energy Recovery's PX technology touted to offer the lowest lifecycle costs, supporting long-term profitability.
- None.
SAN LEANDRO, CA / ACCESSWIRE / June 8, 2021 / Energy Recovery (NASDAQ:ERII) today announced contract awards totaling over
Once completed, the Sorek B Plant will be the largest SWRO plant in Israel and one of the largest facilities in the world, producing 200 million cubic meters per year. The plant is expected to be commissioned between Q3 2022 and Q1 2023.
"Like many nations along the Mediterranean coastline, Israel has recently experienced unprecedented droughts leading to significant strain on the country's fresh water supplies," said Rodney Clemente, Energy Recovery's Senior Vice President of Water. "We are extremely proud to supply our trusted PX technology to the Sorek B Plant and to support the deployment of drought-proof water solutions in the region. We are confident our technology provides the lowest lifecycle cost of any energy recovery device available on the market while significantly reducing energy use and emissions."
"Energy Recovery's pressure exchanger technology is already a trusted global standard. The addition of the PX PowerTrain makes the deployment of the PX even more streamline, allowing us to meet tight project timelines reliably," said Gregory Shtelman, Partnership Deputy Manager and Desalination Project Manager at IDE. "The PX PowerTrain system, Energy Recovery's knowledgeable team, and our experience working with the company on previous projects made Energy Recovery the easy choice. IDE Technologies is proud to partner with Energy Recovery in providing comprehensive water solutions to regions in need, and to empower ground-breaking facilities like our Sorek B Plant."
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 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.
About IDE Technologies
A world leader provider of desalination and water treatment solutions, IDE specializes in the development, engineering, construction and operation of some of the world's largest and most advanced thermal and membrane desalination facilities and industrial water treatment plants. IDE partners with a wide range of customers - municipalities, oil & gas, mining, refineries and power plants - on all aspects of water projects, and delivers approximately 3 million m3/day of high-quality water worldwide.
For more information, visit www.ide-tech.com.
Press Inquiries
Energy Recovery
pr@energyrecovery.com
+1 (510) 219-8462
IDE Technologies
nillym@ide-tech.com
972-506388240
Investor Inquiries
Energy Recovery Investor Relations
ir@energyrecovery.com
+1 (281) 962-8105
SOURCE: Energy Recovery
View source version on accesswire.com:
https://www.accesswire.com/650755/Energy-Recovery-Awarded-138-Million-Contract-with-Planned-Largest-SWRO-Plant-in-Israel
FAQ
What is the contract value awarded to Energy Recovery for the Sorek B desalination plant?
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