Welcome to our dedicated page for Energy Recovery news (Ticker: ERII), a resource for investors and traders seeking the latest updates and insights on Energy Recovery stock.
Energy Recovery, Inc. (NASDAQ: ERII) is a forward-thinking technology company that specializes in transforming wasted pressure energy into valuable assets. Headquartered in the Bay Area, with additional offices in Ireland, Shanghai, and Dubai, Energy Recovery leverages award-winning technology to enhance the productivity, profitability, and efficiency of industrial systems. The company's core operations span the oil & gas, chemical processing, and water industries.
Energy Recovery is committed to sustainability and efficiency. Their innovative solutions help save clients more than $1.5 billion annually by preserving pumps that operate in hostile environments and simplifying complex industrial processes. The company is deeply engaged in engineering, designing, manufacturing, and supplying efficient and sustainable solutions, making industrial processes more efficient.
The company operates in three primary segments: Water, Emerging Technologies, and Corporate. It is particularly renowned for its energy recovery devices (ERDs) and pumps, which are essential to the global reverse osmosis desalination market. The Water segment is the primary revenue driver, reflecting the company's dominant position in this critical area.
Recent achievements include strategic partnerships that further their mission of enhancing industrial efficiency. Energy Recovery continues to innovate, developing new technologies that not only improve industrial processes but also contribute to a more sustainable future.
For detailed information about their products, services, and latest updates, visit their official website at www.energyrecovery.com.
Energy Recovery, listed on Nasdaq as ERII, has announced strategic hires to support its growth. Ricardo Freitas has been appointed Vice President and General Manager for the CO2 refrigeration business, and Matt Hostetler has been named Chief Human Resources Officer (CHRO). Freitas, with three decades of experience in the heating and cooling industry, will lead the expansion into commercial and industrial refrigeration markets starting June 3. Hostetler, joining on June 19, will focus on talent strategies to drive business performance. These appointments aim to optimize products, processes, and talent to fuel future growth.
Energy Recovery, Inc. (NASDAQ: ERII) has secured $15 million in contracts to supply its PX® Pressure Exchanger® energy recovery devices to seawater reverse osmosis (SWRO) desalination plants in India. These projects are set to provide over 670,000 cubic meters of clean drinking water daily to Indian communities in 2024. This initiative aims to address India's severe water scarcity issues due to climate change, groundwater depletion, and rising water demands. The implementation of Energy Recovery's technology is expected to significantly enhance operational efficiency and reduce carbon emissions, contributing to sustainable water supply solutions in India.
Energy Recovery, Inc. (ERII) reported its Q1 2024 financial results, with revenue of $12.1 million in line with guidance. The company saw a decrease in gross margin due to higher manufacturing costs and increased operating expenses. Loss from operations was $10.9 million, with a net loss of $8.3 million and adjusted EBITDA loss of $6.2 million. Cash and investments stood at $129.5 million. CEO David Moon highlighted signed contracts representing 60% of full-year revenue guidance and progress in the CO2 business.
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