CORRECTING and REPLACING Energy Recovery Commissions First IsoGenTM Turbogenerator System for Saudi Aramco
02 April 2015 - 9:03AM
Business Wire
Third paragraph, third sentence of release should read: Energy
Recovery estimates that the plant will recover 3,400 MWh of energy
per year (instead of: Energy Recovery estimates that the plant
should recover up to 450 kW of energy annually).
The corrected release reads:
ENERGY RECOVERY COMMISSIONS FIRST
ISOGENTM TURBOGENERATOR SYSTEM FOR SAUDI
ARAMCO
Energy Recovery Inc. (NASDAQ:ERII), the leader in pressure
energy technology for industrial fluid flows, today announced the
commissioning of its first IsoGenTM system for a gas processing
plant owned by the Saudi Arabian Oil Company (Saudi Aramco). This
marks Energy Recovery’s largest project to date in the oil and gas
industry.
The IsoGen system is a turbogenerator system that recycles
otherwise wasted pressure energy and converts it into electrical
power. The system allows gas processing plants to reduce their
reliance on the power grid by powering their plant with recovered
pressure energy powered and recycled through their current
operations.
The gas plant will use IsoGen to optimize production and energy
consumption. Instead of completely relying on electrical power
coming from the utility grid, the plant will now be able to power
its operations in part through energy generated and recycled
through the IsoGen device. Energy Recovery estimates that the plant
will recover 3,400 MWh of energy per year.
Energy Recovery’s Chief Financial Officer Mr. Joel Gay, said,
“Saudi Aramco has a well-earned reputation for being a
forward-thinking company, especially when it comes to emerging
technologies. We are thrilled to be working with such a giant in
the industry, but not surprised that Saudi Aramco has been the
first to recognize the value our technology represents. We have
found that gas processors and oil pipeline companies are natural
customer segments for our IsoGen™ technology, which fulfills a need
to control how much power is drawn from the grid to ensure optimal
operations. As with this particular gas plant, we feel that
multiple operators endeavor to produce to capacity with less
concern about energy consumption or the volatility of market
pricing. Our IsoGen system meets these needs by giving operators
the opportunity to tap into the often overlooked resource of
pressure energy. This installation represents not only a
significant point of market penetration, but an important milestone
in the evolution of Energy Recovery in our ability to successfully
design and deliver viable solutions through a technically complex
and elongated sales cycle.”
About Energy Recovery’s Line of Iso Devices
The IsoGen system has also been designed to be a solution for
oil pipelines, where downhill flows create excess pressure that can
easily be converted into useful electricity. IsoGen is part of
Energy Recovery’s larger line of Iso devices, which includes the
IsoBoost™, a hydraulic system that also taps into the often
overlooked resource of pressure energy. Instead of using that
energy to generate electrical power, the IsoBoost helps ensure
smooth operations in gas processing plants, offering a hydraulic
system that is more economical, safer, and with three times the
life of a traditional pump.
About Energy Recovery
Energy Recovery (NASDAQ:ERII) develops award-winning
solutions to improve productivity, profitability, and energy
efficiency within the oil & gas, chemical, and water
industries. Our products simplify complex systems and protect
vulnerable equipment. By recycling fluid pressure that would
otherwise be lost in critical processes, we save clients more
than $1.4 billion (USD) annually. Headquartered in the
San Francisco Bay Area, Energy Recovery has offices
in Shanghai and Dubai.
Forward-Looking Statements
This press release contains forward-looking statements that
reflect management's current expectations, assumptions and
estimates of future performance and economic conditions. Such
statements are made in reliance upon the safe harbor provisions of
Section 27A of the Securities Act of 1933 and Section 21E of the
Securities Exchange Act of 1934. The company cautions investors
that any forward-looking statements are subject to risks and
uncertainties that may cause actual results and future trends to
differ materially from those matters expressed in or implied by
such forward-looking statements. Statements about future operations
of the IsoGen and IsoBoost including the operational and economic
benefits are forward-looking and involve risks and uncertainties.
Energy Recovery disclaims any intention or obligation to update or
revise any forward-looking statements, whether as a result of new
information, future events, or otherwise.
Media:Energy RecoveryAlex Dolan, +1
510-746-2574adolan@energyrecovery.comorInvestor:The
Equity Group Inc.Adam Prior, +1
212-836-9606aprior@equityny.com
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