Energy Recovery Wins Saudi Desalination Contract to Supply Water for 1 Million People
ERII is trading near its 52-week low of $7.83 (11% above the low).
Summary
Energy Recovery secured a contract to supply its PX Pressure Exchanger devices for a major new seawater reverse osmosis desalination plant in Saudi Arabia, part of the Vision 2030 program. The plant will provide water to roughly one million people across Mecca, Al-Baha, and Asir regions. This is a significant commercial win in a core market where desalination is critical, and it follows a period of management turnover and financial headwinds from the CO2 business wind-down. The contract reinforces the company's position in large-scale water infrastructure projects, though no financial terms were disclosed. The deal aligns with Saudi Arabia's steady execution of water security goals, potentially leading to further regional opportunities.
At the time of this announcement, ERII was trading at $8.72 on NASDAQ in the Industrial Applications And Services sector, with a market capitalization of approximately $444.3M. The 52-week trading range was $7.83 to $18.32. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: BusinessWire.