By Josh Beckerman
Energy Recovery Inc. shares fell 15% to $7.59 after hours as the company said it is exiting a licensing agreement with Schlumberger Ltd.
Schlumberger will no longer have an exclusive licensing deal for Energy Recovery's VorTeq hydraulic pumping system, and Energy Recovery will now be fully responsible for commercialization.
"At this time, the two parties have different strategic perspectives as to the path to VorTeq commercialization," Energy Recovery said. "We believe this to be a positive outcome for all parties and are grateful to Schlumberger for their partnership through the years," the company said.
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