Energy Recovery unveils $5.4 million contract for Middle East 'mega projects'
US supplier Energy Recovery has won $5.4 million of contracts to supply desalination "mega projects" in the Middle East.
Joel Gay, president and CEO, said: "As we forecasted our performance for 2016, we predicted the company would aggressively secure new contracts for mega projects in key regions such as the Middle East and North Africa. These deals confirm that we are delivering on our plans to increase our presence in these regions and bolster our market share among major projects.”
On 26 May, Energy Recovery unveiled contracts of $2 million to supply desalination plants in China, and on 25 May it announced $4.2 million of deals to provide technology for desalination projects in Asia Pacific.
The announcements buoyed the company’s share price. Energy Recovery’s share price fell on 24 May on reports that the company’s former chief sales officer had filed a lawsuit against it.
The Middle East deal covers desalination projects with a capacity of 300,000 m3/d. The contracts are for the supply of PX-Q3000 and PX-260 Pressure Exchanger devices, which Energy Recovery claims will reduce the power consumption of the projects by 31.4 MW, saving 275 GWh of energy per year, and avoiding 165,000 tonnes of C02 emissions per year. The goods will be shipped to the Middle East in the first quarter of 2017.