Energy Recovery Shares Down 15% as It Exits License Agreement With Schlumberger
29 Juni 2020 - 11:58PM
Dow Jones News
By Josh Beckerman
Energy Recovery Inc. shares fell 15% to $7.59 after hours as the
company said it is exiting a licensing agreement with Schlumberger
Ltd.
Schlumberger will no longer have an exclusive licensing deal for
Energy Recovery's VorTeq hydraulic pumping system, and Energy
Recovery will now be fully responsible for commercialization.
"At this time, the two parties have different strategic
perspectives as to the path to VorTeq commercialization," Energy
Recovery said. "We believe this to be a positive outcome for all
parties and are grateful to Schlumberger for their partnership
through the years," the company said.
Write to Josh Beckerman at josh.beckerman@wsj.com
(END) Dow Jones Newswires
June 29, 2020 17:43 ET (21:43 GMT)
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