TMG:CC - Thermal Energy Announces $1.4 million Energy Efficiency and Carbon Emission Reduction Project with a Leading Cereal Manufacturer
(TheNewswire)
OTTAWA, ONTARIO – TheNewswire - October 31, 2022 – Th ermal Energy International Inc. (“ Thermal Energy ” or the“Company”) (TSXV: TMG ) , ( OTCQB: TMGEF ), aprovider of innovative energy efficiency and carbon emission reduction solutions to major corporations around theworld, has been commissioned by a leading cereal manufacturer toimplement a $1.4 million Turn-key heat recoveryand carbon emission reduction project. Allfigures are shown in CAD.
Prior to this project, Thermal Energy had previouslyimplemented GEM TM steam traps atthis site and five other sites in North America for this customer.With this order, Thermal Energy will havedelivered over $2.2 million in energy efficiency solutions to thiscustomer.
Covering all aspects of project design and engineeringas well as manufacturing, installation, commissioning and training,this $1.4 million Turn-key project is expected to deliver annualboiler natural gas savings and carbon emission reductions of almost20%.
In addition, like many countries around the world, thissite’s host country has adopted carbon pricing as a key element inits climate plan, as i t’s believed thefinancial incentive of carbon pricing will help achieve its ParisAgreement commitments to reduce GHG emissions to 30% below 2005 levelsby 2030. As a result, for this project the value of the carbonreductions alone is expected to increase to more than $200,000annually by 2030 .
“ This is a clear example ofcompanies increasing their focus on meeting ambitious carbon reductiontargets. This customer is getting ahead of thecurve by making a proactive response to the inevitable carbon priceincreases, and by taking advantage of our readily available and proventechnology, can be assured that their operations are more protected” said William Crossland, CEO of ThermalEnergy.
The project is expected to be completed and revenueearned within nine months.
ENDS
For media enquiries contact:
Thermal Energy International Inc.
Canada: 613-723-6776
Marketing@thermalenergy.com
For investor enquiries:
Thermal Energy International Inc.
613-723-6776
Investors@thermalenergy.com
Notes to editors
About Thermal Energy InternationalInc.
Thermal Energy International Inc., ranked as one ofCanada’s Top Growing Companies in 2021, 2020 and 2019, is anestablished global supplier of proprietary, proven energy efficiencyand emissions reduction solutions to the industrial and institutionalsectors. We save our customers money and improve their bottom line byreducing their fuel use and cutting their carbon emissions. Ourcustomers include many Fortune 500 and other leading multinationalcompanies across a wide range of industry sectors.
Thermal Energy is a fully accredited professionalengineering firm, and by providing a unique mix of proprietaryproducts together with process, energy, and environmental engineeringexpertise, we can deliver unique turn-key energy and carbon emissionreduction projects with significant financial and environmentalbenefits for our customers.
Thermal Energy's proprietary products include GEM™ -Steam Traps, FLU-ACE® - Direct contact condensing heat recovery,HEATSPONGE – Indirect contact condensing heat recovery systems, andDRY-REX™ - Low-temperature biomass drying systems.
Thermal Energy has engineering offices in Ottawa,Canada, Pittsburgh, USA, as well as Bristol, UK, with sales offices inCanada, UK, USA, Germany, Poland, Italy, and China. TEI’s commonshares are traded on the TSX Venture Exchange (TSX-V) under the symbolTMG and the OTCQB® Venture Market (“OTCQB”) in the United Statesoperated by the OTC Markets Group Inc., under the symbol TMGEF.
For more information, visit our website at www.thermalenergy.com , our investorwebsite at investors-thermalenergy.com orfollow us on Twitter
Cautionary Statements
This press release contains forward-looking statementsrelating to, and amongst other things, based on management’sexpectations, estimates and projections, the anticipated effectivenessof the Company’s products and services, the timing of revenues to bereceived by the Company, the anticipated effects of COVID-19 on thebusiness, backlog and revenue, and the expectation that orders inbacklog will become revenue.
Information as to the amount of heat recovered, energysavings and payback period associated with Thermal EnergyInternational’s products are based on the Company’s own testingand average customer results to date. Statements relating to theexpected installation and revenue recognition for projects, statementsabout the anticipated effectiveness and lifespan of the Company’sproducts, statements about the expected environmental effects and costsavings associated with the Company’s products and statements aboutthe Company’s ability to cross-sell its products and sell to moresites are forward-looking statements. These statements are notguarantees of future performance and involve several risks,uncertainties and assumptions. Many factors, some of which are outsideof the Company’s control, could cause events and results to differmaterially from those stated. Fulfilment of orders, installation ofproduct and activation of products could all be delayed for severalreasons, some of which are outside of the Company’s control, whichwould result in anticipated revenues from such projects being delayedor in the most serious cases eliminated. Actions taken by theCompany’s customers and factors inherent in the customer’sfacilities but not anticipated by the Company can have a negativeimpact on the expected effectiveness and lifespan of the Company’sproducts and on the expected environmental effects and cost savingsexpected from the Company’s products. Any customer’s willingnessto purchase additional products from the Company and whether orders inthe Company’s backlog as described above will turn into revenue isdependent on many factors, some of which are outside of theCompany’s control, including but not limited to the customer’sperceived needs and the continuing financial viability of thecustomer. The Company disclaims any obligation to publicly update orrevise any such statements except as required by law. Readers arereferred to the risk factors associated with the Company’s businessas described in the Company’s most recent Management’s Discussionand Analysis available at www.SEDAR.com .
Neither TSX Venture Exchange nor itsRegulation Services Provider (as that term is defined in the policiesof the TSX Venture Exchange) accept responsibility for the adequacy oraccuracy of this release.
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