Energy Recovery Inc.
| Public | |
| Traded as | NASDAQ: ERII |
| Industry | Oil & Gas, Chemicals, Water |
| Founded | 1992 |
| Founder | Leif Hague |
| Headquarters | San Leandro, California |
|
Number of locations
|
5 |
|
Area served
|
Worldwide |
|
Key people
|
Joel Gay, CEO Hans Peter Michelet, Executive Chairman |
| Products | IsoBoost, VorTeq, IsoGen, PX Pressure Exchanger |
| Revenue | $42.63 million (2012)[1] |
| Total assets | $60.86 million (2012)[1] |
| Total equity | $87.38 million (2012)[1] |
|
Number of employees
|
116 (2012)[1] |
| Subsidiaries | Energy Recovery Iberia S.L. ERI Energy Recovery Ireland Ltd. |
| Website | energyrecovery |
Energy Recovery Inc. (NASDAQ: ERII)[2] is a company that manufactures energy recovery devices for oil and gas, chemical and water industries globally.[3] The company’s technology harnesses untapped fluid energy, reducing overall operating costs and carbon emissions.[4] The company’s pressure energy technology is used in acid gas removal processes and the desalination industry.[5] Energy Recovery produces its equipment in a factory located at the company’s headquarters. [6]
Energy Recovery is based in San Leandro, California, with international offices in Madrid, Spain; Dubai, United Arab Emirates; and Shanghai, China.[7]
Contents
History
Energy Recovery was incorporated in Virginia in 1992 and then reincorporated in Delaware in 2001. The company’s headquarters are located in San Leandro, California.[8] Energy Recovery began selling products in 1997. [8] The company went public in 2008. [5]
Energy Recovery was founded by Leif Hague.[9] In August 2002, G.G. Pique became president and CEO of Energy Recovery.[3] Tom Rooney became Energy Recovery’s CEO in 2011.[10]
Products
IsoBoost
In both gas processing and ammonia (syngas) production, Energy Recovery’s IsoBoost system reduces the wear and tear on pumps, reducing maintenance costs and increasing plant runtime.[5]
The IsoBoost system is the highest efficiency energy recovery system on the market for amine processing.[11] The IsoBoost system employs a liquid phase turbocharger with maximum flexibility.[11] The device recovers energy in acid gas treatment processes at up to 80 percent efficiency, increasing productivity and profitability and reducing the carbon footprint created during the processes.[11]
IsoBoost’s technology is designed to harness energy from pressure drops in one liquid process flow to boost the pressure in an adjacent flow.[11] At the heart of the IsoBoost system is a hydraulic turbocharger, which is customized for each application to yield optimal operational flexibility at high efficiencies.[11] Payback for an IsoBoost is between one and three years.[11]
IsoBoost is designed for application in gas processing facilities, as well as plants that produce synthesis gas, or syngas, for ammonia production. The device is a complete plug-and-play solution and does not require ancillary equipment.[11] IsoBoost requires minimal installation time and operator training, and fits into any plant design due to its compact footprint.[11] With the IsoBoost in place, gas processors and ammonia (syngas) producers save money through the energy recovered, and by taking the burden off of pumps that would typically break down during normal plant operations, the system also dramatically reduces maintenance costs and risk of downtime.[12]
Energy Transfer partners’ Jackalope plant in Hebronville, Texas, installed IsoBoost in 2008, and the plant’s total maintenance costs have fallen by 67 percent.[5]
After the technology was installed at Sinopec facilities in China, the company reported that it was able to reduce its entire plant power bill by 25 percent.[5]
In December 2014, Energy Recovery announced the first sale of an IsoBoost to ConocoPhillips Canada.[13]
VorTeq
The VorTeq hydraulic pumping system was unveiled at Energy Recovery’s December 2014 analyst and investor event in New York City.[14] In 2014, Energy Recovery filed 43 patents to develop VorTeq’s technology for use in hydraulic fracturing.[5] VorTeq adapts Energy Recovery’s Pressure Exchanger technology to protect frac pumps from fluid damage, improving efficiencies in terms of time, money and production during fracturing jobs.[15] The device handles up to 110 barrels per minute with a treating pressure of up to 15,000 psi.[16] The device’s core is made of tungsten carbide, which is 1,000 times more resistant to abrasion than steel.[17]
A major pain point in hydraulic fracturing is pump failure caused by the sand or proppant-filled fluid.[5] Abrasive fluids cause delays while maintenance is performed.[15] Every year, approximately US$4.1 million is spent by frac crews performing maintenance on pumps, resulting in an average 40 percent redundancy in equipment on site.[5]
With VorTeq, the proppant-filled fluid passes through VorTeq so that high pressure pumps aren’t damaged.[5] This allows the pump fleet to pump only clean water.[5]
VorTeq’s technology can potentially save companies up to US$1 million per fleet in maintenance costs, and save the hydraulic fracturing industry approximately US$1.4 billion per year.[5]
Liberty Oilfield Services will be the first company to test VorTeq in 2015 and will conduct the first live well field trials.[5]
IsoGen
Energy Recovery’s IsoGen system, created to harvest energy from oil pipelines, generates electricity by taking the energy in the fluid and converting it into usable electrical power. [12]
The IsoGen turbine, with an electrical generator, captures the pressure energy released by pipelines when fluids flow downhill.[5] When oil or gas travels downhill in a pipeline, it builds pressure, and pipelines use choke valves to release that excess pressure. The energy that is released through this pressure letdown is usually wasted.[12] Through the IsoGen, this energy can be captured and used at the pumping station or transferred into the power grid.[5]
PX Pressure Exchanger
The PX Pressure Exchanger device is Energy Recovery’s first major product.[18] It is a rotary-type isobaric device that recovers most of the pressure needed to operate the high-pressure pumps and transfers it back to the seawater reverse osmosis (SWRO) feed stream for reuse.[19] The pressure exchanger works in membrane-based desalination processes by recovering energy from the membrane reject stream and feeding it back to the SWRO process.[18] The pressure exchanger's technology utilizes pressure energy that can reduce electricity and maintenance costs.[5] The device collides two fluid flows, transferring the energy from one fluid to the next. This energy transfer occurs in less than a fraction of a second, reducing the interaction between the two fluids.[5] This pressure exchange process generates a 98 percent efficient energy exchange.[5] This technology has helped to make the desalination process economically feasible.[5]
Energy Recovery holds 90 percent market share in the desalination industry.[4] The company’s clean technologies have cut more than 14 billion kWh of energy each year and produce more than 12 billion liters of clean water daily. [4] There are 15,000 PX Pressure Exchangers in operation worldwide as of January 2015.[5] The global desalination market has an annual recurring total addressable market (TAM) of US$50 million.[5]
References
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