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) 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 This initiative aims to replace outdated thermal technologies with seawater reverse osmosis, reducing water production costs to $0.32 per cubic meter, among the lowest in the region.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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Energy Recovery (NASDAQ:ERII) appointed Lisa Pollina to its Board of Directors, enhancing its leadership with her extensive expertise in banking and capital markets. Pollina's background includes advisory roles for major financial institutions and experience with the U.S. Federal Reserve. She aims to support the company's growth by expanding its technology into new sectors like industrial wastewater treatment and refrigeration. Pollina holds a Bachelor's degree from Western Michigan University and an MBA from Yale.