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 designs and manufactures energy-saving technology built around proprietary pressure exchanger systems for critical infrastructure. Its news centers on water-sector demand, seawater desalination products, launches such as the PX Q650 Pressure Exchanger, and how contracted project timing, product mix, tariffs, manufacturing costs, and operating expenses affect reported results.
Company updates also cover investor-conference participation, management commentary through shareholder letters, organizational changes, and business decisions within its Emerging Technologies activities. The recurring focus is the use of pressure exchanger technology to improve energy efficiency in desalination and other industrial applications while supporting global sales and technical service.
Energy Recovery (NASDAQ:ERII) has secured over $6 million in contracts for its PX® Pressure Exchanger® devices to support seawater reverse osmosis (SWRO) desalination facilities across Asia. These contracts, set for fulfillment by Q3 2021, come amid increasing water demand due to population growth and climate challenges. The PX technology reduces energy consumption by up to 60% and is projected to prevent over 126,000 metric tons of CO2 emissions annually while producing over 118 million cubic meters of fresh water yearly.
Energy Recovery, Inc. (NASDAQ:ERII) will release its financial results for Q2 2021 on August 5, 2021, after market close. A conference call will follow at 2:00 PM PDT to discuss these results, hosted by CEO Robert Mao and CFO Joshua Ballard. Investors can access the call via toll-free numbers or through the company's investor relations website. The replay will be available for a month following the event. Energy Recovery specializes in technologies that enhance efficiency and sustainability in industrial processes.
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.
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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.