So far this year, it's been horrible for the IPO market. In fact, in Q2 there were no venture-backed offerings.

But, going into July, there is some hope. For example, Energy Recovery (NYSE: ERII) was able to pull of its IPO, pricing the deal at $8.50. On its first day of trading, the stock ended at $9.83.

Founded in the early 1990s, Energy Recovery develops systems that capture and recycle energy from desalination. The company says that its main product – PX Pressure Exchanger (PX) – conserves up to 98% of the energy.

And, in terms of market coverage, PX systems are installed in over 300 desalination plants. As a result, Energy Recovery's growth rate has been particularly strong. Revenues have gone from $4 million in 2003 to $35.4 million in 2007.

The underwriters on the IPO included Citi (NYSE: C) and Credit Suisse (NYSE: CS). What's more, you can locate the prospectus at the SEC website.

Tom Taulli is the author of various books, including The Complete M&A Handbook and The Edgar Online Guide to Decoding Financial Statements. He also operates MergerBook.com.

With the growth in the world population, the demand for fresh drinking water continues to increase. In fact, according to the United Nations Population Fund, the global consumption of water is expected to double every 20 years. Unfortunately, by 2025, the expectation is that 33% of the populations in the developing world will suffer from severe water shortages.

But some companies are trying to find solutions, such as Energy Recovery, which has filed to go public.

Energy Recovery builds recovery devices for desalination, using sea water reverse osmosis. The technology recaptures and recycles up to 98% of the energy used in the process.

So far, Energy Recovery's systems have been installed in over 300 desalination plans. And, the company has been growing at a rapid clip, with revenues going from $4 million in 2003 to $35.4 million in 2007. In light of the secular trends, it's a good bet the growth will continue to ramp.

The lead underwriters on the IPO include Citi (NYSE: C) and Credit Suisse (NYSE: CS). You can also find the prospectus at the SEC website.

Tom Taulli is the author of various books, including The Complete M&A Handbook and The Edgar Online Guide to Decoding Financial Statements. He also operates DealProfiles.com.