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{{Short description|U.S. based manufacturer of energy recovery devices}} |
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{{Advert|date=July 2008}} |
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{{Multiple issues| |
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{{Infobox Company |
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{{Paid contributions|date=December 2023}} |
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| name = Energy Recovery Inc |
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{{Undisclosed paid|date=December 2023}} |
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| logo = |
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| type = Public (NASDAQ:ERII) |
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| genre = |
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| foundation = 1992 |
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| founder = |
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| location_city = San Leandro, California |
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| location_country = [[United States|U.S.]] |
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| location = San Leandro, CA |
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| locations = 5 (San Leandro, CA; Sunrise, FL; Madrid, Spain; Dubai, UAE; Shanghai, China) as of 2008-07-01 |
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| area_served = Worldwide |
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| key_people = '''Hans Peter Michelet''', Executive Chairman of the Board<br><br> |
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[[GG Pique]], President, Chief Executive Officer and Director<br><br> |
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'''Thomas D. Willardson''', Chief Financial Officer<br><br> |
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'''Richard Stover Ph.D.''', Vice President - Sales, Chief Technical Officer<br><br> |
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'''Terry Sandlin''', Vice President - Manufacturing<br><br> |
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'''MariaElena Ross''', Vice President - Administration and Human Resources<br><br> |
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'''Marilyn A. Lobel''', Chief Accounting Officer, Corporate Controller<br><br> |
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'''Dominique Trempont''', Director<br><br> |
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'''Arve Hanstveit''', Director<br><br> |
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'''Paul Cook''', Director |
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| industry = Water Resources |
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| products = PX Pressure Exchanger® Energy Recovery Device: Model: PX-30, PX-45/70/90, PX-140S, PX-220, PX-260, PX Booster Pumps |
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| services = Aftermarket service and support |
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| market cap = |
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| revenue = $35.4 million in FY 2007 |
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| operating_income = $9.3 million in FY 2007 |
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| net_income = $5.8 million in FY 2007 |
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| assets = $27.3 million at December 31, 2007 |
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| equity = $20.1 million at December 31, 2007 (Note: ERI recently completed an IPO where it raised approximately $77 million in proceeds net of underwriting fees. The Company is listed on the NASDAQ as ERII. |
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| owner = Various institutions and individuals |
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| num_employees = 78 of 09 JAugust 2008 |
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| parent = |
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| divisions = |
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| subsid = |
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| homepage = http://www.energyrecovery.com |
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| footnotes = |
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| intl = |
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}} |
}} |
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{{Infobox company |
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Energy Recovery Inc. (ERI®) is a California multinational corporation which designs and manufactures energy recovery products and technology for seawater reverse osmosis (SWRO) desalination. The company’s best known product includes a line of PX Pressure Exchanger® energy recovery devices. |
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| name = Energy Recovery Inc. |
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| logo = |
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Hans Peter Michelet [[HP Michelet]] who has been in the Board of Energy Recovery since 1995 is currently the Chairman. G G Pique [[GG Pique]] has been the President and CEO since 2002. |
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| logo_caption = |
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== History == |
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| image = |
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| image_caption = |
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The company was established in 1992 with the goal of making seawater [[desalination]] affordable by reducing energy costs. |
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| type = [[Public company|Public]] |
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| traded_as = {{NASDAQ|ERII}}<br />[[Russell 2000 Index|Russell 2000 Component]] |
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The technology foundation of the company is a series of patents awarded to Mr. Leif Hauge. These patents sorrounded a unique creamic pump called a Pressure Exchanger (PX®). |
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| founder = Leif Hauge |
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| defunct = |
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Based on a rotary positive displacement pump principle, the company's PX® devices recover energy from the high-pressure waste stream of SWRO desalination systems. This technology can reduce the cost of water production to less than half the cost without energy recovery. |
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| area_served = Worldwide |
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| key_people = David Moon ([[Chief executive officer|CEO]]) |
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This reduction in desalination costs is driving a boom in global desalination projects--with over 140 major projects being tracked worldwide by Global Water Intelligence. |
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| industry = Water, CO<sub>2</sub> Refrigeration |
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| products = PX Pressure Exchanger |
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Today ERI works with over 80 OEMs (Original Equipment Manufacturers) or engineering (EPC) companies worldwide. their headquarters is situated in the San Francisco Bay Area; San Leandro, California USA with offices in different parts of the world including: Shanghai, China; Madrid, Spain; United Arab Emirates and Sunrise, Florida. |
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| production = |
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| services = |
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== PX Pressure Exchanger == |
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| revenue = $128,349,000{{increase}} (2023)<ref name="2023 10-K">{{cite web |title=Energy Recovery Reports Record Full Year and Fourth Quarter Revenue for 2023 |url=https://ir.energyrecovery.com/news-events/press-releases/detail/343/energy-recovery-reports-record-full-year-and-fourth-quarter |website=ir.energyrecovery.com |publisher=Energy Recovery |access-date=31 December 2023}}</ref> |
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The ERI Pressure Exchanger, PX is a unique and strange device. Consider that the engine in the thrifty Honda Prius Car is only 37% efficient. The PX has been perfected to operate at 98% efficiency. Few machines invented by man even get close to this high efficiency level as the ERI PX is only two points away from being a perpetual motion machine. |
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| operating_income = |
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| net_income = |
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The ERI PX, [[Pressure Exchanger]], is a rotary-type energy recovery device (ERD) with only one moving part. The PX is a new class of energy transfer device—a freewheeling, rotary positive displacement pump which is CNC-machined using engineered ceramic technology. The material of construction is corundum, which is a form of synthetic sapphire three times tougher than steel. |
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| assets = $252,974,000{{increase}} (2023)<ref name="2023 10-K" /> |
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| equity = $219,808,000{{increase}} (2023)<ref name="2023 10-K" /> |
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When applied to a seawater [[reverse osmosis]] (SWRO) system, The PX recycles pressure energy from the briny desalination plant waste stream and recycles it back to the low-pressure incoming seawater at up to 98% efficiency. As mentioned above, at the core of the device is a unique ceramic rotor. This material is ideal for tough seawater applications because, being it is much tougher than steel but does not corrode in a hot, salty environment. These attributes of the PX design allow opration with no scheduled maintanance and ERI PX-equipped plants can achieve very high reliability. PX technology dramatically reduces costs associated with the energy intensive SWRO desalination process by up to 60% as compared to desalination plants devoid of any energy recovery devices. |
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| owner = |
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| num_employees = 269 (2023)<ref name="ER Company Info">{{cite web |title=Company Information |url=https://ir.energyrecovery.com/company-information |website=ir.energyrecovery.com |publisher=Energy Recovery |access-date=21 February 2024}}</ref> |
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As it is often the case for new technology, few people outside of the desalination industry understand how the ERI PX really works. However, it is increasingly accepted that when embedded into a modern SWRO desalination plant the PX allows the designer and the operator to tweak the desalination plant as seasonal and membrane conditions change so that the plant can be operated at optimum efficiency at all times. Thus the PX device becomes the CPU of the desalination plant. |
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| parent = |
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| divisions = |
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To date, Energy Recovery has shipped over 6,000 PX devices to hundreds of desalination plants worldwide, including those in China, Europe, India, Australia, Africa, the Middle East, [[North America]] and the Caribbean. The PX device is being installed in over 60% of the major desalination installations contracted globally in 2007. |
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| homepage = {{URL|energyrecovery.com}} |
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| foundation = {{start date and age|1992}} |
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== Financial and Initial Public Offering == |
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| location_city = [[San Leandro, California]] |
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| location_country = |
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On July 2 2008, Energy Recovery Inc. completed an IPO process led by CitiBank and Credit Suisse which resluted in lisitng of the company shares in NASDAQ under the ticker symbol "ERII". The company sold some 14M shares - 8.1 million of which was offered by the firm itself, with the remaining 5.9 million to be sold by a stockholder group — IPO price was $8.50/share. With the underwriter "overallotment" exercised a few days later, the company raised some $77 million in fresh capital. This IPO process was conducted "in the middle of the worst June stock market in 75 years". |
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| locations = 3 |
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}} |
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== Awards and Achievements == |
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'''Energy Recovery Inc.'''<ref>{{cite web|url=http://www.nasdaq.com/symbol/erii|title=Energy Recovery, Inc. Common Stock|website=[[Nasdaq]]|access-date=December 22, 2023}}</ref> is an American manufacturer of [[energy recovery]] devices for water and CO<sub>2</sub> refrigeration industries.<ref>{{cite web|url=https://www.sec.gov/ix?doc=/Archives/edgar/data/1421517/000142151720000011/a10-k2019q4.htm|title=Form 10-K|publisher=Securities and Exchange Commission|access-date=4 Jan 2021|page=21}}</ref><ref name=Leon>{{cite news |
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|first=Leon |
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'''2006 - Energy Recovery Inc. was named Ex-IM Bank'S Environmental Exporter of the Year.''' Ex-Im Bank was proud to support groundbreaking small businesses which contribute to environmentally beneficial development in emerging markets while supporting high-quality U.S. jobs as said by their Bank Chairman and President at that time, James H. Lambright. And we quote him saying: |
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|last=Kaye |
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|title=The Business Case for Sustainable Technology |
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|newspaper=The Guardian |
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|date=8 March 2013 |
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|url=https://www.theguardian.com/sustainable-business/business-case-sustainable-technology |
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}}</ref> |
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==History== |
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''"As a model of such innovation, Energy Recovery Inc. well deserves this year's Small Business Environmental Exporter of the Year award."'' |
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Energy Recovery was founded in 1992 by Leif and Marissa Hauge and incorporated in Virginia. The company was reincorporated in Delaware in 2001.<ref name="Business Journal">{{Cite web|url=http://www.bizjournals.com/sanfrancisco/stories/2008/06/30/daily30.html|title=San Leandro's Energy Recovery shines in IPO - San Francisco Business Times|website=San Francisco Business Times|access-date=2016-03-23}}</ref> Energy Recovery began selling its PX pressure exchanger products for seawater reverse osmosis (SWRO) desalination applications in 1997 and went public in 2008. It has since expanded its product offerings to include a variety of pressure exchangers operating at multiple pressure ranges for desalination, wastewater treatment, and {{CO2}} refrigeration.<ref name="Business Journal" /> |
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The company is currently led by David Moon, President and Chief Executive Officer.<ref>{{Cite news |date=Jan 2024 |title=Energy Recovery Appoints David Moon as President and CEO |language=en-US |url=https://energyrecovery.com/news/energy-recovery-appoints-david-moon-as-president-and-ceo/ |access-date=2021-01-05}}</ref> |
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'''2007 - ThinkGlobal/Commercial News USA Exporter of the Year award from ThinkGlobal Inc.''', publisher of Commercial News USA, the official export promotion magazine of the U.S. Commerce Department. |
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==Products== |
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Energy Recovery Inc. provides seawater reverse osmosis desalination products which are saving 200MW of energy worldwide. The company reported a 165% increase in export sales from 2004. Exports now represent 59% of the company’s total sales. |
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===PX Pressure Exchanger=== |
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The PX Pressure Exchanger device is Energy Recovery's flagship product used in [[desalination]].<ref name=":2">{{Cite web|url=http://www.altenergystocks.com/archives/2014/12/energy_recovery_offers_savings_to_gas_industry.html|title=Energy Recovery Offers Savings to Gas Industry {{!}} Alternative Energy Stocks|website=www.altenergystocks.com|access-date=2016-03-23|archive-date=2017-06-27|archive-url=https://web.archive.org/web/20170627081930/http://www.altenergystocks.com/archives/2014/12/energy_recovery_offers_savings_to_gas_industry.html|url-status=dead}}</ref> The Pressure Exchanger's technology utilizes pressure energy to reduce electricity and maintenance costs.<ref name="2021 ERII 10-K">{{cite web |title=2021 ERII 10-K |url=https://www.sec.gov/ix?doc=/Archives/edgar/data/0001421517/000142151722000037/erii-20211231.htm |website=SEC.gov |publisher=Securities and Exchange Commission |access-date=23 March 2023}}</ref> 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.<ref name=":0">{{Cite web|url=http://www.wwdmag.com/desalination/creating-economical-drinking-water-supply|title=Creating an Economical Drinking Water Supply {{!}} The Solutions Source of the Water & Wastewater Industry|website=www.wwdmag.com|date=13 October 2014|access-date=2016-03-23}}</ref> Energy Recovery developed pressure exchanger products for specific applications, including its PX G1300™ for the {{CO2}} refrigeration industry,<ref>{{cite web |title=PX G1300 |url=https://energyrecovery.com/px-g1300/ |website=Energy Recovery, Inc. |access-date=23 March 2023}}</ref> and its Ultra PX™ for Ultra High-Pressure Reverse Osmosis (UHPRO) applications in wastewater treatment.<ref>{{cite web |title=Ultra PX |url=https://energyrecovery.com/industrial-wastewater/ultra-px/ |website=Energy Recovery, Inc. |access-date=23 March 2023}}</ref> |
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Energy Recovery holds a majority market share in the desalination industry.<ref>{{Cite web|url=http://www.waterworld.com/articles/wwi/print/volume-28/issue-4/upfront/leader-focus/riding-the-desalination-wave-of-energy-recovery.html|title=Riding the desalination Wave of Energy Recovery|website=www.waterworld.com|date=September 2013 |access-date=2016-03-23}}</ref> There are more than 30,000 Pressure Exchangers supplied in more than 100 countries worldwide.<ref>{{cite web |title=2021 ESG Highlights |url=https://energyrecovery.com/about-us/environmental-social-governance/ |website=Energy Recovery, Inc. |access-date=23 March 2023 |page=18 |format=PDF}}</ref> 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.<ref>{{Cite web|url=http://www.altenergymag.com/content.php?post_type=2169|title=What is osmotic power? {{!}} AltEnergyMag|website=www.altenergymag.com|access-date=2016-03-23}}</ref> |
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Gregory Sandler, publisher of Commercial News USA, said that Energy Recovery’s success is indicative of how American companies can benefit from exporting. |
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==References== |
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''“With 95% of the world’s market outside the U.S., there is significant growth opportunity for American manufactures and service providers.”'' |
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{{Reflist}} |
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== |
==External links== |
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* [http://www.energyrecovery.com Official Energy Recovery Inc. website] |
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[http://www.reuters.com/finance/stocks/officerProfile?symbol=ERII.O&officerId=1143067 Hans Peter Michelet - Exceutive Chairman of the Board of Directors] <br> |
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[http://www.exim.gov/pressrelease.cfm/3DAE11EC-E3F4-AC8A-C3FEBF97D3555A1B Energy Recovery Inc., of San Leandro, California, is named EX-IM Bank's Environemental Exporter of the Year]<br> |
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[http://biz.yahoo.com/ap/080618/energy_recovery_ipo.html?.v=1 Energy Recovery discloses expected IPO terms]<br> |
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[http://news.moneycentral.msn.com/provider/providerarticle.aspx?feed=AP&date=20080401&id=8418323 Energy Recovery registers for IPO]<br> |
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[http://moneycentral.hoovers.com/global/msn/factsheet.xhtml?COID=159642 Energy Recovery Inc., MSN Money]<br> |
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[http://www.inc.com/inc5000/2007/company-profile.html?id=200708810 Energy Recovery Inc., Inc5000]<br> |
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[http://www.youtube.com/watch?v=eQirn1iRKlA&feature=related World Business Review - Energy Recovery, Inc.]<br> |
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[http://venturebeat.com/2008/06/19/93984/ Energy Recovery Files IPO for Desalination]<br> |
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http://ggpique.blogspot.com/<br> |
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http://www.energyrecovery.com/company/GG_Pique.php<br> |
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http://www.idadesal.org/t-board_063.aspx<br> |
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http://www.economist.com/search/displaystory.cfm?story_id=11484059 |
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http://eastbay.bizjournals.com/eastbay/stories/2008/05/05/story2.html?b=1209960000^16300134 |
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http://www.sec.gov/Archives/edgar/data/1421517/000095013408010930/f38510a2sv1za.htm |
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[[Category: |
[[Category:Energy companies of the United States]] |
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[[Category: |
[[Category:Technology companies based in the San Francisco Bay Area]] |
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[[Category: |
[[Category:Companies based in San Leandro, California]] |
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[[Category:Energy companies established in 1992]] |
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[[Category:Non-renewable resource companies established in 1992]] |
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[[Category:1992 establishments in California]] |
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[[Category:Companies listed on the Nasdaq]] |
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Latest revision as of 14:34, 2 May 2024
 | This article has multiple issues. Please help improve it or discuss these issues on the talk page. (Learn how and when to remove these messages)
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| Company type | Public |
|---|---|
| Nasdaq: ERII Russell 2000 Component | |
| Industry | Water, CO2 Refrigeration |
| Founded | 1992 |
| Founder | Leif Hauge |
| Headquarters | |
Number of locations | 3 |
Area served | Worldwide |
Key people | David Moon (CEO) |
| Products | PX Pressure Exchanger |
| Revenue | $128,349,000 (2023)[1] |
| Total assets | $252,974,000 (2023)[1] |
| Total equity | $219,808,000 (2023)[1] |
Number of employees | 269 (2023)[2] |
| Website | energyrecovery |
Energy Recovery Inc.[3] is an American manufacturer of energy recovery devices for water and CO2 refrigeration industries.[4][5]
History
[edit]Energy Recovery was founded in 1992 by Leif and Marissa Hauge and incorporated in Virginia. The company was reincorporated in Delaware in 2001.[6] Energy Recovery began selling its PX pressure exchanger products for seawater reverse osmosis (SWRO) desalination applications in 1997 and went public in 2008. It has since expanded its product offerings to include a variety of pressure exchangers operating at multiple pressure ranges for desalination, wastewater treatment, and CO2 refrigeration.[6]
The company is currently led by David Moon, President and Chief Executive Officer.[7]
Products
[edit]PX Pressure Exchanger
[edit]The PX Pressure Exchanger device is Energy Recovery's flagship product used in desalination.[8] The Pressure Exchanger's technology utilizes pressure energy to reduce electricity and maintenance costs.[9] 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.[10] Energy Recovery developed pressure exchanger products for specific applications, including its PX G1300™ for the CO2 refrigeration industry,[11] and its Ultra PX™ for Ultra High-Pressure Reverse Osmosis (UHPRO) applications in wastewater treatment.[12]
Energy Recovery holds a majority market share in the desalination industry.[13] There are more than 30,000 Pressure Exchangers supplied in more than 100 countries worldwide.[14] 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.[15]
References
[edit]- ^ a b c "Energy Recovery Reports Record Full Year and Fourth Quarter Revenue for 2023". ir.energyrecovery.com. Energy Recovery. Retrieved 31 December 2023.
- ^ "Company Information". ir.energyrecovery.com. Energy Recovery. Retrieved 21 February 2024.
- ^ "Energy Recovery, Inc. Common Stock". Nasdaq. Retrieved December 22, 2023.
- ^ "Form 10-K". Securities and Exchange Commission. p. 21. Retrieved 4 Jan 2021.
- ^ Kaye, Leon (8 March 2013). "The Business Case for Sustainable Technology". The Guardian.
- ^ a b "San Leandro's Energy Recovery shines in IPO - San Francisco Business Times". San Francisco Business Times. Retrieved 2016-03-23.
- ^ "Energy Recovery Appoints David Moon as President and CEO". Jan 2024. Retrieved 2021-01-05.
- ^ "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.
- ^ "2021 ERII 10-K". SEC.gov. Securities and Exchange Commission. Retrieved 23 March 2023.
- ^ "Creating an Economical Drinking Water Supply | The Solutions Source of the Water & Wastewater Industry". www.wwdmag.com. 13 October 2014. Retrieved 2016-03-23.
- ^ "PX G1300". Energy Recovery, Inc. Retrieved 23 March 2023.
- ^ "Ultra PX". Energy Recovery, Inc. Retrieved 23 March 2023.
- ^ "Riding the desalination Wave of Energy Recovery". www.waterworld.com. September 2013. Retrieved 2016-03-23.
- ^ "2021 ESG Highlights" (PDF). Energy Recovery, Inc. p. 18. Retrieved 23 March 2023.
- ^ "What is osmotic power? | AltEnergyMag". www.altenergymag.com. Retrieved 2016-03-23.