TMG:CC - Thermal Energy Delivering $2.8 million Turn-key Flu-Ace Heat Recovery and GEM(TM) Steam Trap Project for Premium Beer Producer
(TheNewswire)
OTTAWA, ONTARIO – TheNewswire - September, 302022 – 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 a premium beer producer to de liver a $2.8 millionturn-key energy efficiency and carbon emission reduction solution. Allfigures are shown in CAD.
With this order, the Company hassecured energy efficiency projects with more than half of theworld’s top ten brewers.
Thermal Energy has worked closely with this customer todevelop a solution that meets the organization’s plans to becomecarbon neutral within its breweries by 2030, and across its entiresupply chain by 2050. This site has a capacity of more than 3 millionhectolitres per year and is one of several breweries across Europethis global group operates.
One of Thermal Energy’s strategic objectives is tofocus resources developing relationships with clients whose energy andcarbon reduction goals are clearly defined resulting in betterengagement and quicker decision making. This project is an example ofthis; after signing a Project Development Agreement with ThermalEnergy earlier this year, this unique proprietary solution was agreedon in record time.
This Turn-key project includes two established productsfrom Thermal Energy’s unique portfolio of products; the Flu-Ace® heat recovery system,designed to recover waste energy from the boiler exhausts and use thecaptured energy to reduce overall steam and fuel consumption onsite,and the GEM TM trap, a premium venturi orifice steam trapdesigned to minimize ongoing steam trap maintenance and maximiseenergy savings in the steam system.
The food and beverage sector has long benefitted fromThermal Energy’s technologies and even more so from the Company’swealth of experience with food and beverage manufacturing processes.The unique FLU-ACE ® technology allows for greater heat recovery than any other design,which in a low-grade heat intensive sector such as food and beveragewill maximize project carbon reduction and cost savings.
Covering all engineering, manufacturing, installationand training, this $2.8 million project is expected to reduce thesite’s annual gas load by at least 27% offsetting more than 1,300tonnes of CO2 per year, the equivalent of permanently removing morethan 400 cars from the road.
According to Bloomberg, in Europe ‘the price ofnatural gas has doubled since April and is about seven times what itwas a year ago’. The Telegraph also reports how ‘gas is in shortsupply, globally, with prices climbing to record levels’, meaningthe impact on European food and beverage manufacturers could becritical.
“Food and beverage is a leadingmanufacturing industry in Europe and remains a strong market forThermal Energy. The European energy crisis has led those in theindustry to progress more aggressively with energy efficiency plans ina bid to better weather the volatile energy costs. Thermal Energy’ssolutions now have even more potential to yield remarkable energy,environmental and cost savings for customers, annually and well intothe future” said William Crossland, Thermal Energy CEO.
The project is expected to be completed and revenueearned within 12 months.
Readers are encouraged to subscribe to TEI News to receive strategic news and updates directly to theirinbox.
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 several 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 ofproducts 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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