Energy Recovery

What Energy Recovery does

Energy Recovery, Inc. (NASDAQ: ERII) is a San Leandro, California-based industrial technology company founded in 1992 that designs and manufactures energy recovery devices for the desalination and water treatment industries. Its core product line is built on the proprietary PX Pressure Exchanger, an isobaric energy recovery technology that uses a ceramic rotor to transfer pressure energy between high-pressure brine and incoming seawater, reducing energy consumption in reverse osmosis (RO) systems by up to 60% with up to 99% peak efficiency and a 30-year design life. The portfolio includes the high-capacity PX Q650 (launched March 2026 for mega-scale plants), PX Q400, PX Q180 and PX Q140 across low-, high-, and ultra-high-pressure variants, complemented by HPXP centrifugal booster pumps, CPXP axial piston pumps, PX PowerTrain integrated systems, the PX G1300 for CO2 refrigeration (being wound down), and the Power Model Pro cloud design software.

The company sells primarily through direct enterprise sales and OEM/system-integrator channels to large desalination plant operators, municipal water utilities, and industrial water-treatment facilities globally, with disclosed major contracts ranging from $7M to $32.8M per project. Its largest geographic concentration of new business is the Middle East and North Africa (Saudi Arabia $32.8M, GCC $31M, Morocco $27.5M, Spain $7M) where water-scarcity-driven desalination megaprojects form the near-term demand base. Q4 2025 hardware gross margin was 67.2% on FY2025 revenue of $135.0 million, with $83.3 million in cash and investments supporting $130 million of share repurchase authorizations since November 2024.

As of May 2026, Energy Recovery is in a leadership transition: CEO David Moon and CFO Mike Mancini both departed within weeks of each other, with board member and former CFO Alex Buehler serving as Interim CEO while an executive search proceeds. The company has separately wind down its CO2 retail grocery business, filed a patent infringement suit against Flowserve Corp. regarding its Flex device, and announced a relocation of manufacturing outside the U.S. by early 2027, even as it continues to expand the PX product family and add new VPs for wastewater vertical growth.

Name

Energy Recovery

Legal name

Energy Recovery, Inc.

Website

https://energyrecovery.com

Company type

Public

Founded year

1992

Operating status

Operating

Headcount range

101–250 employees

Short description

Energy Recovery (NASDAQ: ERII) designs and manufactures isobaric energy recovery devices, principally the PX Pressure Exchanger, that reduce reverse osmosis energy consumption by up to 60% for global desalination, wastewater, and industrial water treatment operators.

Ownership category

akta.pro rank

Headquarters

HQ city

San Leandro

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Operations, Supply Chain, Personnel, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Equipment Sales (Pressure Exchangers, Pumps, Turbochargers): Sale of energy recovery devices (PX Pressure Exchangers, turbochargers, pumps) and associated equipment for seawater reverse osmosis desalination, wastewater treatment, and industrial applications. Revenue is project-based with large multi-million dollar contracts for megaprojects and ongoing OEM channel sales. Q4 2025 gross margin was 67.2%.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels5 records

Core offering

Energy Recovery designs and manufactures isobaric energy recovery devices, principally the PX Pressure Exchanger, that capture pressure energy from outgoing brine streams and transfer it to incoming seawater in reverse osmosis desalination, wastewater treatment, CO2 refrigeration, and industrial process applications. The company sells complete hardware systems (PX exchangers, turbochargers, and pumps) plus complementary design software directly to desalination plant operators, water utilities, OEMs, and systems integrators worldwide.

Product overview

Energy Recovery offers a portfolio of energy-efficient hardware products centered on its PX Pressure Exchanger technology. The core product line includes the PX Q Series pressure exchangers (Q650, Q400, Q180, Q140) ranging from ultra-high capacity for mega-scale desalination plants to compact units for wastewater and marine applications, available in Low-Pressure, High-Pressure, and Ultra High-Pressure variants. Supporting hardware includes HPXP centrifugal booster pumps, CPXP axial piston pumps, and ATMP pumps designed to operate with the PX exchangers. The company also offers the PX PowerTrain pre-engineered integrated solution and the PX G1300 for CO2 refrigeration. All products are complemented by Power Model Pro cloud-based design software for system optimization. The company operates in two primary industries: desalination (seawater and brackish water reverse osmosis) and wastewater treatment (including ZLD/MLD systems).

Differentiator

Problem solved

Functional benefit

Brands

• PX: The company's core pressure exchanger technology brand, including PX Pressure Exchanger products for desalination and wastewater applications.
• PX Q650
• PX Q400
• PX PowerTrain
• PX G1300
• CPXP
• HPXP
• Power Model Pro

Products and services

• PX Q650 Pressure Exchanger Highest capacity pressure exchanger for large-scale seawater reverse osmosis desalination, delivering up to 99% peak efficiency with a 63% increase in peak flow capacity versus predecessor models.
• PX Q400 Pressure Exchanger

Quantifiable outcome

• Up to 60% energy reduction in seawater reverse osmosis desalination facilities
• +6 more outcomes

Named customers10 records

Segments5 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature6 records

Partnerships

17 partnerships are on record, tiered core, major, strategic and minor.

• ProServe EgyptcoreChannel Partner/ Reseller/ Distributor20-year partnership centered on PX Pressure Exchanger technology distribution across Egypt and Middle East region. CEO Moustafa Essam Daoud recounts how the technology's efficiency significantly reduced operating costs during early projects, strengthening Energy Recovery's regional reputation.
• ACWA PowermajorStrategic or Co-development PartnerMajor Saudi Arabian desalination developer and operator. Energy Recovery supplies PX devices for ACWA Power projects in Saudi Arabia including the $32.8 million contract announced November 2025 for Saudi projects delivering 1.5 million m³/day.
• Nama Water Services and ONEIC (Oman National Engineering & Investment Co.)majorImplementation/ SI/ Consulting PartnerJointly commissioned containerized SWRO plant in Dibba, Musandam using PX Q400 delivering 1,200 m³/day with 55% energy savings. Critical partnership for Oman market.
• WateruniestrategicImplementation/ SI/ Consulting PartnerDeveloped one of Europe's first direct potable reuse systems at Water Production Center Hofstade in Aalst, Belgium using PX L140. Part of Flemish Government's Blue Deal initiative.
• NuorostrategicStrategic or Co-development PartnerTechnology partner with Waterunie for Europe's first direct potable reuse system in Belgium, demonstrating technology applicability beyond traditional desalination.
• TAQA WatercoreImplementation/ SI/ Consulting PartnerDeployed PX Q400 at TAQA Water's desalination plant in Hurghada, Egypt. TAQA highlights that power consumption represents ~45% of operating costs in seawater desalination.
• Sequana PartnerscoreChannel Partner/ Reseller/ DistributorChief Engineer Gary Crisp was one of the first to embrace pressure exchanger technology 20+ years ago and continues to be impressed by innovation and durability.
• VA Tech WabagcoreImplementation/ SI/ Consulting PartnerGlobal desalination company CTO Syed Amir Basha shares experience on how PX technology has minimized downtime across their projects.
• Caramondani Desalination Plants LtdcoreImplementation/ SI/ Consulting PartnerDhekelia Desalination Plant in Cyprus operating since 2007 at 60,000 m³/day capacity demonstrating long-term reliability with minimal maintenance requirements.
• Fisia ItalimpiantistrategicImplementation/ SI/ Consulting PartnerSenior Process Engineer Alessio Voena confidently recommends Energy Recovery and PX technology for seawater desalination projects.
• IWAC (Innovative Water Applications Co.)coreChannel Partner/ Reseller/ DistributorReleased testimonial video featuring engineers endorsing PX Pressure Exchanger technology for seawater reverse osmosis desalination plants.
• Al Mawarid Pumps AssemblymajorImplementation/ SI/ Consulting PartnerDesigned and installed 450 m³/day SWRO retrofit for Saphira livestock carrier using PX Q180 and HP1254 pump combo, doubling vessel freshwater capacity. Managing Director Ebrahim Al Tenaiji highlights technology enabling capacity increase without power/space additions.
• ElektrometalmajorImplementation/ SI/ Consulting PartnerSystem integrator for 7 MW underground bulk air cooling system in Katowice, Poland using PX Pressure Exchanger achieving 9 GWh/year electricity savings and $1.3M/year cost savings.
• Polska Grupa GórniczamajorImplementation/ SI/ Consulting PartnerPolish mining company operating mine in Katowice where PX pressure exchanger installed for underground cooling application.
• Jialida Textile CETPstrategicImplementation/ SI/ Consulting PartnerOwner of China's largest textile effluent ZLD project retrofitted with PX Q140 achieving 50% energy reduction. Plant Operations Manager Kong cites 100% uptime and excellent technical support.
• Integrated Water ServicesminorOthersAlex Buehler, Energy Recovery's Interim CEO, previously served as CEO of Integrated Water Services, bringing extensive water industry experience.
• LiqTech SystemsminorOthersAlex Buehler currently serves as Chairman of LiqTech Systems, bringing additional water industry perspective to Energy Recovery board.

Scale indicators13 records

Recent moves8 records

Expansion highlights6 records

Market position

Weaknesses5 records

Competitive moat5 records

Customer concentration

• LinkedInlinkedin.com/company/152727
• Xx.com/ERIEnergy

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles9 records

Funding overview

Funding rounds2 records

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Energy Recovery