In October 2015, Energy Recovery announced a 15-year licensing deal with Schlumberger for its VorTeq hydraulic pumping system, which took the company's proven PX Pressure Exchanger ® technology and applied it to upstream oil & gas. The IsoBoost system has taken the company's proven turbocharger-based energy recovery system, of which there have been 3,000 installed across the globe to enable the desalination of seawater, and applied it to midstream gas processing. This award is consistent with a key component of Energy Recovery's product strategy - creating markets where pressure energy is being wasted.About Energy RecoveryEnergy Recovery (NASDAQ:ERII) recycles and converts wasted pressure energy into a usable asset and preserves pumps that are subject to hostile processing environments. With award winning technology, Energy Recovery simplifies complex industrial systems while improving productivity, profitability, and efficiency within the oil & gas, chemical processing, and water industries. Energy Recovery products save clients more than $1.7 billion (USD) annually. Headquartered in the Bay Area, Energy Recovery has offices in Ireland, Shanghai, and Dubai. For more information about the Company, please visit our website at www.energyrecovery.com. Forward-Looking StatementsThis press release contains forward-looking statements that reflect management's current expectations, assumptions and estimates of future performance and economic conditions, including without limitation expectations regarding the amount and timing of the revenues associated with the referenced award and the shipment of the IsoBoost technology, reductions in power consumption and carbon dioxide emissions from the IsoBoost technology, and Energy Recovery's ability to deliver products containing its technologies, including the IsoBoost and VorTeq technologies. Such statements are made in reliance upon the safe harbor provisions of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. The company cautions investors that any forward-looking statements are subject to risks and uncertainties that may cause actual results and future trends to differ materially from those matters expressed in or implied by such forward-looking statements. Examples of these risks and uncertainties include the risks and uncertainties identified under "Risk Factors" in our Form 10-K for the year ended December 31, 2015 and in our other securities filings. These forward-looking statements represent Energy Recovery's judgment as of the date of this release. Energy Recovery disclaim any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.
Contact:FTI ConsultingMarc D. Cunninghamir@energyrecovery.com (713) 353-5407