TMG:CC - Thermal Energy follows GEM Steam Trap Site Conversion with Major Equipment Order from Leading Textile Manufacturer
(TheNewswire)
Marking Milestone in AcquisitionIntegration Strategy
OTTAWA, ONTARIO – TheNewswire - September 13, 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 textile manufactur er to deliver itsproprietary RBT® wastewater heat recovery system to drive furtherenergy efficiency and carbon reductions for the customer. All figuresare shown in CAD.
As an industry leader for jersey wear apparel, thistextile manufacturer operates several production sites in Africa andSouth Asia, exporting 60 million garments a year to Europe and theU.S.
Motivated to reduce its overall energy consumptionacross its manufacturing sites, the customer initially sought interestin our GEM Steam Traps drawn to both the improved energy efficiencyand the ‘maintenance-free’ benefit of our venturi technology.Priding itself on its world-class facilities and state-of-the-artoperations, the customer commented on the superiority of the venturitechnology of our steam traps in comparison to the traditional ballfloat steam traps and mechanical steam traps currently being used.
Following a successful GEM Steam Trap conversion atthis site just before the global pandemic, Thermal Energy worked withthe customer to identify further improvements and by calling on therecently expanded suite of technologies provided through the Sofameacquisition in 2021, a RBT® wastewater heatrecovery system was selected and developed to extend the impact ofprevious work.
Thermal Energy’s Flu-Ace® and Heatsponge® technologies cap ture waste heat from air while the RBTcaptures heat from hot wastewater, representing a new source of heatand energy saving for our customers. This major equipment order marks the first Sofame system designed,engineered, and sold independently by Thermal Energy since theacquisition of Sofame in July 2021.
The integration of Sofame technology has been importantin continuing the relationship with this customer, allowing ThermalEnergy to provide a comprehensive suite of proprietary technologies todeliver energy and carbon emission savings .
“One of the key synergies and reasons for the Sofame acquisition wasthe opportunity to use our sales channel to improve the reach of thesefantastic products and sell them to a wider market as we have donehere.” said William Crossland, Thermal EnergyCEO.
This order totals almost $350,000 and includes $40,000for additional GEM Steam Traps specified on new equipment at the plantand has a payback of approximately 2 years. In total, Thermal Energyhas received orders for over $900,000 in energy efficiency and carbon emissionreduction solutions for this customer, across 7 sites.
“For this customer it was imperative they find theright provider in order to establish an ongoing relationship to fittheir ‘bigger picture’. Once again, our suite of technologies andengineering expertise proved to be the best solution” said WilliamCrossland, Thermal Energy CEO.
“We now have an exciting opportunity to not onlyreplicate success across the manufacturer's other production sites,but to delve deeper into other realms of energy efficiency and pushwhat can be achieved with our integrated technologies.”
The project is expected to be completed and revenueearned within 9 months.
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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 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, 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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