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 Inc. (NASDAQ: ERII)[2] is an American manufacturer of energy recovery devices for water and CO2 refrigeration industries.[3][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. 1 2 3 4 5 "2021 ERII 10-K". SEC.gov. Securities and Exchange Commission. Retrieved 23 March 2023.
  2. ↑ "Energy Recovery, Inc. Common Stock". Nasdaq. Retrieved December 22, 2023.
  3. ↑ "Form 10-K". Securities and Exchange Commission. p. 21. Retrieved 4 Jan 2021.
  4. ↑ Kaye, Leon (8 March 2013). "The Business Case for Sustainable Technology". The Guardian.
  5. 1 2 "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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