Energy Recovery

Energy Recovery Inc. (NASDAQ: ERII)[2] manufactures energy recovery devices for water and CO2 refrigeration industries globally. The purpose of these devices, in various applications, is to facilitate the transfer between two different liquids, capturing energy and circulating it back into the system, reducing energy consumption and carbon emissions. Industries where this technology is used include desalination, industrial wastewater, lithium processing, and CO2 refrigeration. Energy Recovery produces its equipment in a facility located at the company's headquarters.[3]

Energy Recovery Inc.
TypePublic
Nasdaq: ERII
Russell 2000 Component
IndustryWater, CO2
Founded1992
FounderLeif Hauge
Headquarters
San Leandro, California
Number of locations
6
Area served
Worldwide
Key people
Robert Mao, CEO
ProductsPX Pressure Exchanger
Revenue$103,904,000Increase (2021)[1]
Total assets$213,690,000Increase (2021)[1]
Total equity$178,779,000Increase (2021)[1]
Number of employees
222 (2021)[1]
Websiteenergyrecovery.com

Energy Recovery is based in San Leandro, California, with international offices in Dubai, United Arab Emirates; Shanghai, China; and Madrid, Spain.[4]

History

Energy Recovery was founded in 1992 by Leif and Marissa Hauge and incorporated in Virginia. The company was reincorporated in Delaware in 2001.[5] Energy Recovery began selling its PX pressure exchanger products for seawater reverse osmosis (SWRO) desalination applications in 1997 and went public in 2008.[5]

On October 19, 2015, Energy Recovery signed a 15-year licensing agreement with Schlumberger Technology Corporation granting Schlumberger the exclusive rights to utilize Energy Recovery's VorTeq technology in on-shore oil and gas well completions globally.[6] As of 2022, Energy Recovery no longer produces the VorTeq product.[7]

In 2016, Forbes reported that Energy Recovery was the top performing company in California in terms of annual returns on investment, with a return of 317.3%.[8]

The company is currently led by president and chief executive officer Robert Mao who was appointed in May 2020.[9]

Products

PX Pressure Exchanger

The PX Pressure Exchanger device is Energy Recovery's flagship product used in desalination.[10] The Pressure Exchanger's technology utilizes pressure energy to reduce electricity and maintenance costs.[1] The device collides two fluid flows, transferring the energy from one fluid to the next. This energy transfer occurs in a fraction of a second, reducing the interaction between the two fluids.[11] Energy Recovery developed pressure exchanger products for specific applications, including its PX G1300™ for the CO2 refrigeration industry,[12] and its Ultra PX™ for Ultra High-Pressure Reverse Osmosis (UHPRO) applications in wastewater treatment.[13]

Energy Recovery holds a majority market share in the desalination industry.[14] There are more than 30,000 Pressure Exchangers supplied in more than 100 countries worldwide.[15] The company's technologies have cut more than 14 billion kWh of energy each year and produced more than 12 billion liters of clean water daily.[16]

References
  1. "2021 ERII 10-K". SEC.gov. Securities and Exchange Commission. Retrieved 23 March 2023.
  2. http://www.nasdaq.com/symbol/erii
  3. Kaye, Leon (8 March 2013). "The Business Case for Sustainable Technology". The Guardian.
  4. "Form 10-K". Securities and Exchange Commission. p. 21. Retrieved 4 Jan 2021.
  5. "San Leandro's Energy Recovery shines in IPO - San Francisco Business Times". San Francisco Business Times. Retrieved 2016-03-23.
  6. "Energy Recovery lands $125 mln deal with Schlumberger". Reuters. 2015-10-19. Retrieved 2016-03-23.
  7. "Energy Recovery Announces Exit From VorTeq(TM) Exclusive Licensing Agreement with Schlumberger". Yahoo (Press release). Accesswire. Retrieved 23 March 2023.
  8. Sola, Katie (25 June 2016). "The Best Performing Company In Every State, Ranked By Return". Forbes. Retrieved 8 August 2016.
  9. "Energy Recovery Names Robert Mao President and Chief Executive Officer". May 2020. Retrieved 2021-01-05.
  10. "Energy Recovery Offers Savings to Gas Industry | Alternative Energy Stocks". www.altenergystocks.com. Archived from the original on 2017-06-27. Retrieved 2016-03-23.
  11. "Creating an Economical Drinking Water Supply | The Solutions Source of the Water & Wastewater Industry". www.wwdmag.com. 13 October 2014. Retrieved 2016-03-23.
  12. "PX G1300". Energy Recovery, Inc. Retrieved 23 March 2023.
  13. "Ultra PX". Energy Recovery, Inc. Retrieved 23 March 2023.
  14. "Riding the desalination Wave of Energy Recovery". www.waterworld.com. September 2013. Retrieved 2016-03-23.
  15. "2021 ESG Highlights" (PDF). Energy Recovery, Inc. p. 18. Retrieved 23 March 2023.
  16. "What is osmotic power? | AltEnergyMag". www.altenergymag.com. Retrieved 2016-03-23.
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