July 2, 2008

San Leandro Company IPO Raises $119 Million

Energy Recovery Inc.'s building

San Leandro-based Energy Recovery, Inc. raised $119 million in its initial public offering on July 2, 2008. The price of $8.50 per share was near the top of the expected range of $7 to $9 per share. The stock trades on the NASDAQ exchange as the symbol ERII.

As San Leandro Bytes reported in April 2008, Energy Recovery develops and manufactures energy recovery devices used in water desalination, primarily sea water reverse osmosis. From 2006 to 2007, Energy Recovery's earnings more than doubled.

Energy Recovery is located at 1908 Doolittle Drive in San Leandro.

Posted by Mike Katz-Lacabe at July 2, 2008 8:06 AM | TrackBack
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