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 (NASDAQ: ERII) has secured contracts exceeding $8 million to provide PX® Pressure Exchanger® energy recovery devices to desalination facilities in Chile. These projects will produce over 350,000 cubic meters of fresh water daily, supporting the mining sector, which is crucial for copper and lithium production. The PX technology is anticipated to reduce carbon emissions by approximately 140,000 tons annually and cut energy consumption in desalination by up to 60%. Orders are expected to be fulfilled by Q4 2023, reaffirming Chile's leadership in the Latin American desalination market amidst ongoing water scarcity challenges.
Energy Recovery, Inc. (NASDAQ: ERII) will announce its financial results for the first quarter ending March 31, 2023, on May 3, 2023, after market close. The company will hold a live conference call to discuss these results at 2 p.m. PT / 5 p.m. ET the same day. Investors can join the call by dialing the toll-free number or by accessing it online. A replay will be available shortly after the call, lasting until June 2, 2023.
Energy Recovery designs technology solutions aimed at efficiency and sustainability in fluid-flow markets globally, with a strong focus on commercial and industrial processes.
Energy Recovery (NASDAQ:ERII) announced its PX G1300 energy recovery device is central to Epta Group's next-generation CO2 refrigeration system, the XTE, revealed at EuroShop 2023 in Düsseldorf, Germany. The PX G1300 improves energy efficiency and reduces the carbon footprint of CO2 refrigeration systems. It offers significant benefits, including a 25%-30% efficiency boost in the first European supermarket utilizing it. The device is part of a broader transition from traditional refrigeration to eco-friendly alternatives, responding to EU regulations aimed at reducing greenhouse gas emissions.
Energy Recovery, Inc. (NASDAQ:ERII) has appointed Fieuw Koeltechniek as its exclusive distributor for the PX G1300 energy recovery device in the Benelux region. The two-year agreement includes guaranteed sales volumes, marking a significant step in Energy Recovery's European expansion. Fieuw has already installed PX G1300s in a Carrefour supermarket in Belgium, demonstrating its capability in larger refrigeration systems. Rising energy prices in Belgium, with a reported 95% increase, drive demand for energy-efficient solutions. The European Union's commitment to phase down HFC refrigerants by 2030 further supports this transition.
Energy Recovery, Inc. (NASDAQ:ERII) reported strong financial results for Q4 2022, achieving record revenue of $42.3 million, up 26% year-over-year. The full-year revenue grew 21% to $125.6 million, driven by its core desalination and industrial wastewater sectors. Gross margin improved to 69.6%, and net income rose 69% to $24 million, with earnings per share increasing 75% to $0.42. Operating expenditure increased 9%, driven by VorTeq costs and litigation. The company anticipates continued growth, especially in the CO2 refrigeration market, through strategic investments and new products.
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