Energy Recovery, Inc. (ERII) announced a 15-year deal with Schlumberger Technology Corp., a supplier of geoscience, engineering, drilling, and data management software products and computing services for the exploration and production industry. Based on this news, the company stock jumped 72 percent to $4.24 in the after-hours trading.
Energy Recovery noted that this agreement provides exclusive rights to its VorTeq hydraulic pumping system, the first hydraulic fracturing manifold built to isolate hydraulic fracturing pumps from abrasive proppants that cause pump failure.
Under the terms of the agreement, Schlumberger will pay a $75 million exclusivity fee immediately and will also pay two separate $25 million milestone payments subject to satisfying certain key performance indicators expected to occur in 2016. The agreement also includes continuing annual royalties.
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