Yes, AERATES is a Scrabble word!

Letter values in Scrabble US: A 1, E 1, R 1, A 1, T 1, E 1, S 1.

Is it a valid word?

AERATES is a valid word in the official Scrabble dictionary (US), the UK Scrabble Dictionary and Words with Friends (ENABLE).

expose to fresh air
aerate (sewage) so as to favor the growth of organisms that decompose organic matter
impregnate, combine, or supply with oxygen

Also: air out.

Not playable in Scrabble US: OXYGENISE.