ERII Q1 REPORT – THE HIGHEST EVER QUARTERLY REVENUE PLUS ANNOUNCEMET OF GAME CHANGING PRODUCT ENTERING INTO USD55 BILLION MARKET
The Q1 was positive for ERII. The company delivered the highest revenue quarter in its history.
But the major event was the introduction of refrigeration / air-conditionaing product. More than 120 countries signed up to Kigali Amendment to the Montreal Protocol, in which companies committed to the elimination of greenhouse gasses. Those are used in air conditioning and refrigeration. The greenhouse gasses will be replaced by CO2. For CO2 to be effective, it has to run at much higher temperatures. ERII´s Pressure Exchanger technology could save 40% of energy costs. The USD55 billion market is vast and entering into this market is a game-changer for ERII. See the new page on ERII web site: https://energyrecovery.com/refrigeration/
ERII reported good progress on Vorteq – they have completed 25 frac stages, and Vorteq is now in operation with a client of LIberty Oil Services. The only issue is the durability of the PX cartridge, which would define the product’s profitability. ERII is now evaluating different commercial scenarios with Liberty. The final world of Vorteq commercialization will be provided during the June 10th shareholder meeting.
Do read the prepared notes for Q1: https://ir.energyrecovery.com/download/companies/energyrecover/AnnualMeetingPresentations/Earnings%20Script%202021%20Q1%20-%20FINAL.pdf