Energy Recovery Inc has completed the acquisition of New Boston, Michigan-based Pump Engineering LLC.
Under the terms of the agreement, Energy Recovery paid the shareholders of Pump Engineering US$20 million in cash plus one million shares of Energy Recovery Common Stock.
Pump Engineering will now operate as a wholly owned subsidiary of Energy Recovery.
Pump Engineering specialises in centrifugal turbine energy-saving technology for seawater and brackish desalination applications, while Energy Recovery designs and develops energy recovery devices for desalination. Energy Recovery’s PX Pressure Exchanger (PX) device is a rotary positive displacement pump that recovers energy from the high pressure reject stream of seawater reverse osmosis systems at up to 98% efficiency.