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, Inc. (NASDAQ:ERII) announced contract awards exceeding $20 million for PX® Pressure Exchanger® devices in the Gulf region.
These contracts aim to address the area's severe water scarcity by allowing desalination plants to produce over one million cubic meters of water daily, sufficient to fill over 400 Olympic swimming pools.
Additionally, the technology is projected to prevent over 424,000 metric tons of CO2 emissions annually, significantly reducing energy consumption in water treatment.
Energy Recovery, Inc. (Nasdaq:ERII) reported a successful fiscal year 2021, with product revenue growth of 13%, reaching $103.9 million. The fourth quarter revenue was $33.6 million, up 27% year-over-year. Despite challenges, the company announced multiple contracts for its Ultra PX technology in wastewater treatment and refrigeration sectors. However, net income fell 46% to $14.3 million for the year. Operating expenses increased 19% in Q4, reflecting higher R&D costs. The company entered a new $50 million credit agreement to support growth.
Energy Recovery, Inc. (NASDAQ:ERII) has secured two contracts worth $885,000 for supplying its PX® Pressure Exchanger® energy recovery devices for wastewater treatment in Tibet, China and Rajasthan, India. The projects will enhance energy efficiency in industrial processes, particularly in lithium carbonate manufacturing and textile wastewater treatment. As demand increases for sustainable solutions, Energy Recovery’s technology aligns with global efforts to reduce untreated wastewater and emissions, crucial for meeting UN Sustainable Development Goals.
Energy Recovery (NASDAQ:ERII) will release its financial results for the year and quarter ending December 31, 2021, on February 24, 2022, after market close. A conference call to discuss these results will occur on the same day at 2:00 PM PT / 5:00 PM ET. Investors can access the live call through a toll-free number or via the internet. The conference call replay will be available until March 24, 2022. Energy Recovery focuses on creating sustainable solutions for industrial fluid-flow markets, enhancing efficiency and environmental sustainability.
Energy Recovery (NASDAQ:ERII) announced contract awards worth nearly $25 million for PX Pressure Exchanger energy recovery devices in Saudi Arabia. The projects will enhance desalination capacity to 1 million cubic meters per day, with completion expected by Q1 2022. This initiative aims to replace outdated thermal technologies with seawater reverse osmosis, reducing water production costs to $0.32 per cubic meter, among the lowest in the region. The transition is projected to save $2.34 billion annually in energy costs.
Energy Recovery (NASDAQ:ERII) announced the appointment of Joan Chow to its Board of Directors, effective immediately. Chow brings extensive marketing expertise and leadership experience from her roles at major companies like Conagra Brands and others. Her background will enhance the board's perspectives as Energy Recovery seeks to expand its PX technology applications. Chow expressed enthusiasm about the company's potential for sustainability and innovation in diverse industries.
Energy Recovery (NASDAQ:ERII) announced a contract to retrofit the desalination facility servicing Palm Jumeirah, Dubai, with its PX Pressure Exchanger devices and PX PowerTrain solutions. This upgrade, set for completion in Q4 2021, aims to enhance operational efficiency for the facility, crucial for the area's water supply and tourism. A significant portion of the UAE's potable water (42%) comes from desalination, underscoring the importance of this project. Energy Recovery emphasizes the reliability and eco-friendliness of its technology in critical water-scarce regions.
Energy Recovery, Inc. (NASDAQ:ERII) announced its Q3 2021 financial results, reporting a 24% decline in product revenue year-over-year at $20.8 million. Despite this, the company projects a strong Q4 with increases in original equipment and aftermarket sales. Net income fell 80% to $1.1 million, with diluted EPS of $0.02. The company continues to invest in raw materials to mitigate supply chain issues while enhancing its industrial wastewater and refrigeration sectors, notably through agreements with grocery chains.
Energy Recovery, Inc (NASDAQ:ERII) has partnered with Vallarta Supermarkets to install its PX G1300 energy recovery device at a store in Indio, California. This agreement aims to enhance energy efficiency in Vallarta's CO2 refrigeration systems, reducing operating costs and aligning with sustainability goals. Vallarta has already cut electricity consumption by 15% across its locations and received accolades for its clean energy initiatives. The PX G is expected to address energy-intensive CO2 systems, promoting a transition to more eco-friendly refrigerants while saving money.
Energy Recovery (NASDAQ:ERII) has secured contracts exceeding $21.9 million for PX Pressure Exchanger energy recovery devices for seawater reverse osmosis desalination plants in Saudi Arabia. These plants will collectively produce over 1 million m3/day of water. The PX technology is noted for reducing energy use by up to 60% and preventing over 490,810 metric tons of CO2 emissions annually. Shipments are anticipated by Q2 2022, enhancing the water supply amidst rising consumption in the region.
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