TMG:CC - Thermal Energy Announces Multisite GEM(TM) Project with Global Brewer
(TheNewswire)
OTTAWA, ONTARIO – TheNewswire - December 14, 2022 – Thermal EnergyInternational Inc. (“ ThermalEnergy ” or the “Company”)(TSXV: TMG ) , ( OTC: TMGEF ), a provider ofinnovative energy efficiency and carbon emission reduction solutionsto major corporations around the world, has received a $500,000multisite GEM TM project orderfrom a globalbrewer. All figures are shown in CAD .
As one of the largest beer manufacturers in the world, this globalbrewer produces billions of bottles of beer a year, resulting incarbon emissions equivalent to driving more than5 billion km which is more than 125,000 times around the earth. Thecompany has a sustainability goal to reduce CO2emissions by 25% across its value chain.
Following the successful implementation of GEM TM steam traps at two of the customer’s North American sites,the customer proceeded with a $500,000 rollout of GEM TM to cover aportion of failed mechanical traps at 15 further sites across Europe and North America.
Thermal Energy’s solutions provide a plethora ofbenefits of which the food and beverage industry is one of thegreatest benefactors. Our experience with the industry together withthe Thermal Energy CarbonConsortium, helps to betterunderstand the challenges, barriers and requirements around technologyadoption for large food and beverage manufacturers who shapetheir businesses around energy and carbon reduction targets.
With this order, Thermal Energywill have delivered over $1.6million in energy efficiency solutions to thiscustomer including both FLU-ACE® and GEM TM and spanningsix countries.
“This is the second multi-site rollout of GEM TM in a matter of weeks, both within the food andbeverage industry. The customer’s willingness to invest heavily inour solutions is clear recognition that our technology offersexceptional impact on their operations, and our team adds significantvalue with their knowledge and experience delivering multisiteprojects,” said William Crossland, Thermal Energy CEO.
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 theindustrial and institutional sectors. We save our customers money andimprove their bottom line by reducing their fuel use and cutting theircarbon emissions. Our customers include many Fortune 500 and otherleading multinational companies across a wide range of industrysectors.
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 , ourinvestor website at investors-thermalenergy.com, or follow us onTwitter
Cautionary Statements
This press release contains forward-looking statementsrelating to, and amongst other things, based on management’sexpectations, estimates, and projections, the anticipatedeffectiveness of the Company’s products and services, the timing ofrevenues to be received by the Company, the anticipated effects ofCOVID-19 on the business, backlog, and revenue, and the expectationthat orders in backlog 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 areoutside of the Company’s control, could cause events and results todiffer materially from those stated. Fulfillment of orders,installation of products, and activation of products could all bedelayed for several reasons, some of which are outside of theCompany’s control, which would result in anticipated revenues fromsuch projects being delayed or in the most serious cases eliminated.Actions taken by the Company’s customers and factors inherent in thecustomer’s facilities but not anticipated by the Company can have anegative impact on the expected effectiveness and lifespan of theCompany’s products and on the expected environmental effects andcost savings expected from the Company’s products. Any customer’swillingness to purchase additional products from the Company andwhether orders in the Company’s backlog as described above will turninto revenue is dependent on many factors, some of which are outsideof the Company’s control, including but not limited to thecustomer’s perceived needs and the continuing financial viability ofthe customer. The Company disclaims anyobligation to publicly update or revise any such statements except asrequired by law. Readers are referred to the risk factors associatedwith the Company’s business as described in the Company’s mostrecent Management’s Discussion and 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.
Copyright (c) 2022 TheNewswire - All rights reserved.