SAN LEANDRO, CA / ACCESSWIRE / June 29, 2020 / Energy Recovery, Inc. (NASDAQ:ERII) today announced an agreement with Schlumberger to exit its 15-year licensing deal for Schlumberger's exclusive use of Energy Recovery's VorTeq hydraulic pumping system. Under the terms of the new agreement, no further payments will be made by either party. Energy Recovery will now be fully responsible for commercialization of the VorTeq technology globally.
"At this time, the two parties have different strategic perspectives as to the path to VorTeq commercialization," said Robert Mao, Energy Recovery Chairman of the Board of Directors and President and Chief Executive Officer. "We believe this to be a positive outcome for all parties and are grateful to Schlumberger for their partnership through the years."