Energy Recovery signs deal with Schlumberger

October 20, 2015 at 18:22 PM EDT

Energy Recovery Inc. (Nasdaq: ERII) signed a 15-year license to provide Schlumberger Ltd. (NYSE: SLB) with exclusive rights to Energy Recovery's VorTeq(TM) hydraulic pumping system. Shares of Energy Recovery nearly tripled by leaping $4.86 to close at $7.32. Schlumberger stock gained $1.41 to close at $75.55.