SAN LEANDRO, Calif.,
Dec. 18, 2017 /PRNewswire/ -- Energy
Recovery, Inc. (NASDAQ:ERII), the leader in pressure energy
technology for industrial fluid flows, will host a teleconference
at 6:00 a.m. (Pacific Time) on
Monday, December 18th, 2017 to provide an update
on VorTeq testing and answer questions.
Energy Recovery's President and CEO Joel
Gay stated, "Energy Recovery endeavored to initiate and
complete the milestone 1 testing related to our VorTeq technology
prior to the year end. As was communicated previously, we had
identified necessary modifications following our successful private
testing in October and were able to optimize missile functionality
prior to deploying to the testing facility to commence milestone
testing. During said testing, we proved out the missile
modifications and were able to immediately meet, and ultimately
exceed, the contract KPIs as it relates to flow rate and
pressure. This critical achievement further reaffirms the
product's viability and our confidence in the technology.
During a routine physical examination of the cartridges and
system, we identified a potential material grade selection concern
and / or an issue with the material batch, specifically on the
cartridge end-covers. To ensure successful completion of the
milestone testing process, we made the decision to temporarily
suspend testing and work directly with our suppliers to expedite
optimized components. However, with the combination of
manufacturing time and the upcoming holidays, it is unlikely that
we conclude milestone testing prior to year-end.
The exact timing of receipt and qualification of new components
is uncertain, but we do expect to resume the milestone process
early in the New Year and will provide updates accordingly.
While disappointed we were unable to complete milestone testing
this year due to the material re-order, the process to date has
only solidified that the VorTeq works and furthermore performs to
the contractual KPIs for flow and pressure. We remain
confident in the success of this revolutionary technology and
focused on the ultimate goal and prize for our investors:
commercialization."
Conference Call to Discuss VorTeq Testing
LIVE CONFERENCE CALL:
Monday, December 18, 2017,
6:00 AM PDT / 9:00 AM EDT
Listen-only, US / Canada Toll-free: 877-709-8150
Listen-only, Local / International Toll: (+1) 201-689-8354
Investors may also access the live call or the replay over the
internet at ir.energyrecovery.com. The replay will be available
approximately three hours after the live call concludes.
About Energy Recovery
Energy Recovery, Inc. (ERII) is an energy solutions provider to
industrial fluid flow markets worldwide. Energy Recovery solutions
recycle and convert wasted pressure energy into a usable asset and
preserve 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
$1.8 billion (USD) annually.
Headquartered in the Bay Area, Energy Recovery has offices in
Houston, Ireland, Shanghai, and Dubai. For more information about the Company,
please visit www.energyrecovery.com.
Forward-Looking Statements
Certain matters discussed in this press release are
"forward-looking statements" within the meaning of Section 27A of
the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended, including our
expectation that we will resume milestone testing early in the new
year and the ultimate success of the VorTeq system. These
forward-looking statements are based on information currently
available to us and on management's beliefs, assumptions,
estimates, or projections and are not guarantees of future events
or results. Because such forward-looking statements involve risks
and uncertainties, our actual results may differ materially from
the predictions in these forward-looking statements. All
forward-looking statements are made as of today, and we assume no
obligation to update such statements, whether as a result of new
information, future events, or otherwise.
Contact
Brian Uhlmer
buhlmer@energyrecovery.com
(713) 858-2284
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SOURCE Energy Recovery, Inc.