Energy Recovery, Inc. Initial Public Offering June 2008

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1 Energy Recovery, Inc. Initial Public Offering June 2008

2 ERI Snapshot Founded in 1992 and commercialized in 1997 #1 market position in SWRO desalination Over 4,000 PX devices shipped to date Visible large project pipeline of over $500 million (vs. $12 million five years ago) 3 year revenue CAGR over 100% with significant profitability 2

3 Fresh Water is an Increasingly Scarce Commodity Climate change is causing widespread drought Reservoir in Queensland, Australia April 2007 Lake Mead (Nevada) Reservoir April 2007 Reservoir in Southern Spain January 2007 The International Water Management Institute (IWMI) projects that by 2025, 33% of the world s population will live in countries with water scarcity 3

4 While Fresh Water Demand is Accelerating Rapidly growing population worldwide Growing agricultural demand (crops, livestock and biofuels) Increasing industrial demand 1000 Water Consumption Outgrowing World Population Index: 1905 = Population Water Withdrawals Source: GWI, International Desalination Association. 4

5 Sea Water Reverse Osmosis is the Solution SWRO is a sustainable and secure supply of fresh water Grown at 55% per year since 2002 New desalination capacity pipeline of more than 22 million m 3 /day by 2010 Lower SWRO power consumption Leads to Increased Desal Capacity years: Down 50% 100 KWh/m years: Down 61% m 3 /day (millions) (1) Utilization of PX Technology (1) The Affordable Desalination Collaboration (ADC). Source: Management estimates. Source: GWI, International Desalination Association. ERI s PX device is the driving technology making this happen 5

6 ERI s Enabling Technology The PX Unit ERI s technology is 98% energy efficient Membrane High Pressure Seawater High Pressure Pump Booster Pump High Pressure Seawater Low Pressure Fresh Water Exits the Plant High Pressure Reject Stream Low Pressure Seawater Enters the Plant Low Pressure Reject Stream...Reducing energy consumption by 60% 6

7 With Unique Technology and an Elegant Design y Elegant rotary design one moving part y Advanced ceramics Vessel Bearing Plate ¾Tremendous durability Vessel Seal Plate Ceramic Endcap ¾No corrosion Ceramic Rotor Ceramic Sleeve Seal Area y Energy efficient y No scheduled maintenance y Low life cycle costs 7 Ceramic Endcap Locking Ring Industry Standard 8 Pressure Vessel Codeline

8 Targeted Product Offering Product Description Model Applications 65-Series PX y ERI s flagship product y For plants with capabilities of greater than 120 gpm PX-180, PX-220, PX-260 Large municipal installations, emergency mobile units 4S-Series PX y Introduced as a replacement for the 4-inch-Series devices y Increases capacity and durability PX-30S, PX-45S, PX- 70S, PX90S, PX-140S Hotels, coastal resorts, ships, pilot plants HP-1250, HP-2400, HP-8500 Any SWRO desalination process (bundled with PX unit) Booster Pumps y For plants with capabilities of 25 to 300 gpm 8

9 Rapid Growth Across Plant Size Range Revenue Mix Increasing Announced Projects $ $ in millions $30 $20 $10 Number of Projects $ OEM AG Aftermarket OEM Customers < 50,000 m 3 /day Americas, Asia, Europe, Middle East Sales Cycle: 1 3 months Today Total Value ~$12 million ~$495 million AG Customers > 50,000 m 3 /day Asia, Australia, Europe, Middle East, N. Africa Sales Cycle: 6 18 months 9

10 PX is Far Superior to Competition DWEER Double chamber complicated Seven moving parts vs. one Metallic prone to corrosion Huge footprint 4x that of PX device PX vs. DWEER Footprint Primary competition Pelton Wheels / Hydraulic Turbochargers Maximum 80% efficiency 10

11 #1 Market Share in Early Stage of Explosive Growth ERI won 63% of the global new large plant SWRO capacity in 2007 ERI is Rapidly Becoming the Technology of Choice With Major Desalination Players Installed per Annum (>15,000) 2,500 1,000 m3/day 2,000 Heavy Industries & Construction 1, % 1, % PX 2004 Turbine Source: GWI and management estimates DWEER 2007

12 High Barriers to Entry y Durable, modular design with only one moving part y Accepted industry standard, specified into majority of new plant designs y 5 U.S. patents and 9 international patents with 2 additional U.S. patents pending Endcap Rotor/Sleeve Endcap y Revolutionary manufacturing process with tolerance to the micron y Unique industry / application know how 12

13 R&D Focused on New Applications and Markets Brackish PX ½ the cost of sea water PX unit Targeting brackish market PX-1200 Titan 5x more capacity than PX-220 New patentable hydraulic features Targeting mega-plants and osmotic power Comp PX Recurring service revenue Targeting lower power cost markets and solar power 13

14 PX has an Established Global Footprint PX Installations Sales Offices 14

15 Strong, Experienced and Entrepreneurial Management Team H.P. Michelet (Executive Chairman) 15+ years of relevant experience IRIS Forsknings Invest AS Member of Board of Directors G.G. Pique (President & CEO) 30+ years of relevant experience Former Senior VP for U.S. Filter Tom Willardson (CFO) 30+ years of relevant experience Former CFO of Cost Plus, WebSideStory Hattie Wang (VP & GM of OEM Division) 12 years of relevant experience Former Marketing Manager for Dalian Pumps Borja Blanco (VP & GM of AG Division) 15 years of relevant experience Former Regional Manager for Veolia Terry Sandlin (VP of Manufacturing) 30 years of relevant experience Former Plant Manager for Whitney Research Dr. Richard Stover (VP & CTO) 20 years of relevant experience Experience with 3M and IBM 15

16 Financial Highlights Strong organic revenue growth profile Attractive and expanding margins Low overhead costs highly variable High ROIC Large and growing pipeline of visible projects Capital structure offers sufficient flexibility to pursue growth strategy Minimal debt requirements IPO proceeds to accelerate growth initiatives 16

17 Rapid Revenue Growth $40.0 $35.0 $35.4 ($ in millions) $30.0 $25.0 $20.0 $15.0 $10.0 $ % CAGR $20.1 $5.0 $0.0 $

18 Strong Profitability Growth Through Operating Leverage Gross Profit & Margin ($ in millions) $25.0 $20.6 $20.0 $15.0 $11.9 $10.0 $6.0 $5.0 $2.0 $ Margin 50% 56% 60% 58% EBITDA & Margin (1) ($ in millions) $15.0 $10.7 $10.0 $4.9 $5.0 $2.3 $0.0 ($5.0) ($2.0) Margin 21% 25% 30% (1) Excludes FAS 123(R) stock-based compensation. 18

19 Pro Forma Balance Sheet Supports Growth Opportunities ($ in 000s) ACTUAL PRO FORMA 03/31/08 ADJ. (1) 03/31/08 Cash & cash equivalents (2) $1,901 $57,300 $59,201 Revolver (3) Long-term debt Capital lease obligations Total debt $777 $777 Stockholders' equity 21,758 56,742 78,500 Total capitalization $22,535 $56,742 $79,277 (1) Assumes offering price at mid-point of filing range. (2) Net proceeds of offering plus additional IPO fees expensed during Q (3) $9 million total facility size. 19

20 ERI Investment Opportunity Unique pure-play on global warming and water scarcity Proprietary energy recovery device making desalination affordable Growing and diverse global customer base High technology barriers driving leading market share Rapid growth, high margin, low capital-intensity business model Strong and experienced management team drawn from water industry 20

21 21

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