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) 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.
Energy Recovery (NASDAQ:ERII) has scheduled its 2021 Annual Meeting of Stockholders for June 10, 2021, at 10:00 a.m. PDT. The meeting will be held virtually and will include an update on the development of the VorTeq technology. Stockholders can participate online at www.virtualshareholdermeeting.com/ERII2021 using their control number found in proxy materials. Stockholders are encouraged to vote in advance either online, by phone, or via mail before the meeting.
Energy Recovery, Inc. (Nasdaq:ERII) announced financial results for Q1 2021, showcasing a record 52% growth in product revenue in its Water segment, totaling $28.9 million. The company achieved a net income of $6.9 million, a significant increase from $0.6 million in Q1 2020. Despite a 12% reduction in operating expenses, operating income soared by 4700% to $6.1 million. The company is expanding into CO2 commercial refrigeration and announced a collaboration with DuPont Water Solutions for industrial wastewater treatment. Cash and investments reached $120 million, marking a 29% increase year-over-year.
Energy Recovery, Inc. (NASDAQ:ERII) is scheduled to release its financial results for Q1 2021 on May 6, 2021, after market close. A live conference call will follow at 2:00 PM PDT / 5:00 PM EDT, hosted by CEO Robert Mao and CFO Joshua Ballard. Investors can join the call via toll-free numbers or stream it online. Energy Recovery specializes in technologies enhancing efficiency in industrial fluid-flow markets, with a strong focus on sustainability across various sectors.
Energy Recovery (NASDAQ: ERII) announced contracts worth $11.7 million to supply PX Pressure Exchanger devices to seawater reverse osmosis facilities in the UAE. Shipping is set for Q2 2021, with the devices projected to cut carbon dioxide emissions by over 400,000 metric tons annually, equivalent to removing 90,000 cars from roads. These projects align with the UAE's Water Security Strategy 2036, enhancing sustainable water access. The demand for seawater desalination technology is rising, particularly in the Middle East, indicating a robust market outlook.
Energy Recovery, Inc. (NASDAQ:ERII) reported strong financial results for Q4 and fiscal year 2020, with total revenue increasing by 37% to $119 million. Product revenue for the year grew by 26%, driven by a 27% increase in the seawater desalination business. The company announced a $50 million share buyback program, aimed at enhancing shareholder value. Despite challenges from COVID-19, ERII achieved a net income of $26.4 million, or $0.47 per diluted share. Looking ahead, the deployment of the VorTeq technology and the development of new applications signal promising growth in 2021 and beyond.
Energy Recovery (NASDAQ:ERII) announced a partnership with DuPont Water Solutions to enhance industrial wastewater treatment systems. A webinar on March 10 will showcase the benefits of integrating Energy Recovery's Ultra PX energy recovery devices with DuPont's membranes, promising significant energy and cost savings. The collaboration aims to tackle critical challenges in Minimal Liquid Discharge operations, potentially transforming the efficiency of wastewater treatment facilities. Both companies emphasize the value of their advanced technologies in reducing waste and operational costs.
Energy Recovery, Inc. (NASDAQ: ERII) will release its financial results for Q4 and FY 2020 on March 11, 2021, after market close. A conference call will follow at 2:00 PM PST / 5:00 PM EST, hosted by CEO Robert Mao and CFO Joshua Ballard, discussing the results and addressing analyst questions. Investors can access the live call or its replay online. Energy Recovery has been innovating in the industrial fluid-flow market for over 20 years, focusing on improving efficiencies and reducing costs in water and oil and gas sectors.
Energy Recovery (NASDAQ:ERII) has secured a contract with IDE Technologies to replace the existing Calder DWEER energy recovery device at a Chilean desalination facility. This facility supplies water for a copper mine and has a capacity of 300,000 m³/day. Energy Recovery will provide several PX PowerTrain solutions that integrate its award-winning PX technology, known for its efficiency and reliability. This decision follows a successful trial demonstrating PX's superior performance compared to DWEER.
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