December 3, 2009 (FinancialWire) — Energy Recovery, Inc. (NASDAQ: ERII ), a firm engaged in the design and development of energy recovery devices for the desalination industry, said it has entered into a definitive agreement to acquire all of the equity interests of Pump Engineering, L.L.C.

New Boston, Michigan.-based Pump Engineering is a provider of centrifugal turbine energy-saving technology for seawater and brackish desalination applications.

Under the terms of the agreement, ERI will pay the shareholders of Pump Engineering approximately $20 million in cash plus one million shares of ERI common stock. The completion of the transaction, which is subject to satisfaction of customary conditions, is expected to take place in the fourth quarter of 2009.

California-based Energy Recovery designs and develops energy recovery devices that help make desalination affordable by reducing energy consumption.

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