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How Energy Recovery Is Scoring Big With Its Schlumberger Deal

Energy Recovery Inc. (NASDAQ: ERII) took off like a rocket in Tuesday’s session following a new license agreement with one major oilfield company. Schlumberger Ltd. (NYSE: SLB) announced that it has signed a 15-year license agreement with Energy Recovery for exclusive rights to its VorTeq hydraulic pumping system.

The VorTeq hydraulic pumping system is the first hydraulic fracturing manifold (missiles) built to isolate hydraulic fracturing pumps from abrasive proppants that cause pump failure. Ultimately, it replaces the missiles traditionally used in hydraulic fracturing. In current operations, the missile routes water, proppants and chemicals downhole at treating pressures up to 15,000 psi.

Under the terms of the agreement, Schlumberger will pay a $75 million exclusivity fee immediately. Schlumberger also will pay two separate...