TMG:CC - Thermal Energy Commissioned for Fourth Consecutive Turn-key Project by Global Nutrition Company
(TheNewswire)
OTTAWA, ONTARIO – TheNewswire - September 29,2022 – Thermal Energy International Inc. (“ Thermal Energy ” or the “Company”) (TSXV: TMG ) , ( OTC: TMGEF ), a provider ofinnovative energy efficiency and carbon emission reduction solutionsto major corporations around the world, has been commissioned by aGlobal Nutrition Company to deliver its fourth consecutive turn-keyenergy efficiency and carbon emission reduction solution. All figures are shown in CAD.
Thermal Energy develops long-term and far-reaching relationships withits multinational clients. With this order, Thermal Energy will havedelivered 4 Turn-key FLU-ACE® heat recovery projects for this globalnutrition manufacturer and installed GEM™ steam traps in 19 of theirsites across Europe and North America. In total Thermal Energy hasdelivered over $5.1M in energy efficiency and carbon emissionreduction solutions for this customer.
In 2019, Thermal Energy installed a FLU-ACE® heat recoveryproject at one of the customer’sinfant milk processing plant , valued at approximately $1.4million. This project was designed to recover and reuse energycurrently lost through the boiler’s exhausts, to provide heat forthe pasteurizing, fermentation and drying processes on site.
In 2020, Thermal Energy installed a second FLU-ACE® heatrecovery system a t the same site, valued at approximately $840 thousand. Thisproject was designed to increase the efficiency of the site’s dryer.Recovering and repurposing energy currently lost through the dryerexhaust, the solution will provide heat for the makeup air to thedryer, as well as contribute to building heating.
In 2021, the Company announced a third turn-key heat recoverysolution valued at over $900,000, designed to recover andrepurpose energy currently lost from the boiler exhausts at a furthersite in Europe. Even though existing modern boiler economizers werealready in place, Thermal Energy’s technologies allowed for moreheat recovery than the existing systems to complement, not replacethem.
This new FLU-ACE ® heat recoverysystem is designed to re cover waste energy from thedryer burner exhaust. The scope of this order covers allengineering, manufacturing, installation, and training for the system,valued at over $1.4 million. This solution is expected to deliver a pproximately $630,000 of annual fuel savingsand offset in excess of 1530 Tonnes of CO2 per year - the equivalent of permanently removing more than 300 cars fromthe road.
“ Our ongoing relationship with this customer is aclear example of how adaptable our propriety products are for a rangeof applications, and how once embedded in an organization, we workclosely with them to replicate the success across their other site andintroduce more of our products as they benefit the customer” said William Crossland, Thermal Energy CEO.
“This is why Thermal Energy remains the chosen provider insupporting carbon emission reduction objectives for several global,market-leading corporations. Because we are an established business,with proven technology, and a quality cutting-edge engineering team wecontinually demonstrate our ability to meet our customer's unique setof challenges. The results and extensive customer success storiesspeak for themselves.”
The project is expected to be completed and revenue earned within 9months.
Readers are encouraged to subscribe to TEI News toreceive strategic news and updates directly to their inbox.
ENDS
For media enquiriescontact:
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 symbolTMGEF.
For more information, visit our website at www.thermalenergy.com , our investor website 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, statements about the anticipated effectivenessand lifespan of the Company’s products, statements about theexpected environmental effects and cost savings associated with theCompany’s products and statements about the Company’s ability tocross-sell its products and sell to more sites are forward-lookingstatements. These statements are not guarantees of future performanceand involve several risks, uncertainties and assumptions. Manyfactors, some of which are outside of the Company’s control, couldcause events and results to differ materially from those stated.Fulfilment of orders, installation of product and activation ofproducts could all be delayed for several reasons, some of which areoutside of the Company’s control, which would result in anticipatedrevenues from such projects being delayed or in the most serious caseseliminated. Actions taken by the Company’s customers and factorsinherent in the customer’s facilities but not anticipated by theCompany can have a negative impact on the expected effectiveness andlifespan of the Company’s products and on the expected environmentaleffects and cost savings expected from the Company’s products. Anycustomer’s willingness to purchase additional products from theCompany and whether orders in the Company’s backlog as describedabove will turn into revenue is dependent on many factors, some ofwhich are outside of the Company’s control, including but notlimited to the customer’s perceived needs and the continuingfinancial viability of the 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.