Energy Recovery Inc. shares gained 10.22% in after-hours session to trade at $19.84.
The ERII stock closed Tuesday’s regular session at $18.00, a loss of -3.33%. Volume on the Energy Recovery stock was 0.42 million shares, which was slightly below the average daily volume of 0.44 million shares within the past 50 days.
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During the past week, ERII stock decreased by -1.37%, and over the past month it fell -2.01%. The ERII stock surged after-hours without any current news, so its recent developments could give a better idea about its potential.
What happened recently?
Energy Recovery operates in the industrial fluid-flow market globally creating innovative technologies that address the industry’s complex challenges. The ERII pressure exchanger platform enables it to significantly enhance the efficiency of industrial processes.
Energy Recovery recently announced contracts totaling $11.7 million for a variety of water desalination facilities in the United Arab Emirates (“UAE”) for its flagship PX Pressure Exchanger energy recovery devices.
- These orders are currently being shipped and are scheduled for fulfillment by the end of the second quarter of 2021.
- The PXs available for these facilities, according to ERII estimates, will help prevent more than 400,000 tons of carbon dioxide emissions a year, the equivalent of taking more than 90,000 passenger cars off the road.
- More than 680,000 cubic meters of water will be produced each day by the facilities.
- Water security strategy 2036 outlines a larger initiative to expand access to sustainable clean water in the UAE, including SWRO facilities.
Possibility of moving further:
More than 90% of all daily water requirements in the Middle East are met through desalination of seawater. This will increase opportunities for the Energy Recovery (ERII) to further grow and excel in the region.