TMG:CC - Thermal Energy Commissioned to Deliver Innovative Energy and Carbon Emission Reduction Solution to Leading European Meat Producer
(TheNewswire)
OTTAWA, ONTARIO – TheNewswire - September 7,2022 – 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 aleading meat producer to deliver a new innovative turn-key energy efficiency and carbon emission reductions olution (figures shown in CAD).
Thermal Energy’s Heat Recovery Turn-key solution isexpected to deliver a 27% reduction in fuel an doffset approximately 550 tonnes of CO2 per year, the equivalent ofpermanently removing 115 cars from the road. Valued at approximately$800,000, this order covers all engineering, manufacturing,installation, and training for the system.
This leading meat producer operates 15manufacturing plants in Europe to serve a portfolio of 22 brands thatare active in over 43 countries globally. Committed to reducing GHG emissions and water impacts in its supply chain, theorganization turned to Thermal Energy after recognising the potentialat a trade show.
This project represents an innovative new applicationfor our technology and is our second of its kind from this meatprocessing sector-specific heat source, representing a highlyrepeatable solution within this company’sportfolio and within the broader sector.
“This project is an excellent example of our unique capabilities todeliver innovative solutions that lower our customer’s fuel use andcarbon emissions. With European natural gas prices now 10 t i mes higher than usual for this timeof the year, Thermal Energy’s solutions are required more than ever.This customer – like all our customers – now has extra assurancesthat they can weather what is described by Market Insider as ‘thecontinent's worsening energy crisis’ going from 'bad' to 'ugly'.” said William Crossland, Thermal Energy CEO.
“The food and beverage industry represents a large opportunity torealize significant cost savings and reduce CO2 emissions, and we’renoticing more and more organizations in this industry driving towardscarbon reduction goals. ”
The project is expected to be completed and revenue earned within 9months.
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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 of Canada’s TopGrowing Companies in 2021, 2020 and 2019, is an established globalsupplier of proprietary, proven energy efficiency and emissionsreduction solutions to the industrial and institutional sectors. Wesave our customers money and improve their bottom line by reducingtheir fuel use and cutting their carbon emissions. Our customersinclude many Fortune 500 and otherleading multinational companies across a wide range of industrysectors.
Thermal Energy is a fully accredited professional engineering firm,and by providing a unique mix of proprietary products together withprocess, energy, and environmental engineering expertise, we candeliver unique turn-key energy and carbon emission reduction projectswith significant financial and environmental benefits for ourcustomers.
Thermal Energy's proprietary products include GEM™ - Steam Traps,FLU-ACE® - Direct contact condensing heat recovery, HEATSPONGE –Indirect contact condensing heat recovery systems, and DRY-REX™ -Low-temperature biomass drying systems.
Thermal Energy has engineering offices in Ottawa, Canada, Pittsburgh,USA, as well as Bristol, UK, with sales offices in Canada, UK, USA,Germany, Poland, Italy, and China. TEI’s common shares are traded onthe TSX Venture Exchange (TSX-V) under the symbol TMG and the OTCQB®Venture Market (“OTCQB”) in the United States operated by the OTCMarkets Group Inc., under the symbol TMGEF.
For more information, visit our website at www.thermalenergy.com , our investor website atinvestors-thermalenergy.com or follow us on Twitter
Cautionary Statements
This press release contains forward-looking statements relating to,and amongst other things, based on management’s expectations,estimates and projections, the anticipated effectiveness of theCompany’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, energy savings andpayback period associated with Thermal Energy International’sproducts are based on the Company’s own testing and average customerresults to date. Statements relating to the expected installation andrevenue recognition for projects, statements about the anticipatedeffectiveness and lifespan of the Company’s products, statementsabout the expected environmental effects and cost savings associatedwith the Company’s products and statements about the Company’sability to cross-sell its products and sell to more sites areforward-looking statements. These statements are not guarantees offuture performance and involve a number of risks, uncertainties andassumptions. Many factors, some of which are outside of theCompany’s control, could cause events and results to differmaterially from those stated. Fulfilment of orders, installation ofproduct and activation of product could all be delayed for a number ofreasons, 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) accepts responsibility for the adequacyor accuracy of this release.
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