Davis Polk & Wardwell advised Citigroup Global Markets Inc. and Credit Suisse Securities (USA) LLC as joint bookrunners and representatives of the underwriters on a $119 million initial public offering of 14,000,000 shares of Energy Recovery, Inc. (ERI). Of the 14,000,000 shares, ERI sold 8,078,566 shares and selling stockholders sold 5,921,434 shares. ERI common stock is traded on the Nasdaq Global Market under the symbol “ERII.”

ERI is a leading developer and manufacturer of energy recovery devices, which reduce the electrical power requirements in the sea water reverse osmosis (SWRO) desalination process. ERI’s Pressure Exchanger (PX) recaptures and recycles water pressure normally lost in SWRO, and uses that recaptured pressure to further power the desalination process, without the need for additional high-powered pumps.

The Davis Polk team included partner Alan F. Denenberg and associates Robert J. Maynes, Jeffrey M. Smith and Kenneth Hwang of the Menlo Park office. Counsel Marcie A. Goldstein of the New York office advised on FINRA matters. Michael Nguyen and Jessica L. Talbot of the Menlo Park office were the legal assistants for the transaction.