TMG:CC - Thermal Energy International Announces Record Order Intake for the First Six Months of Fiscal 2023
(TheNewswire)
OTTAWA, ONTARIO – TheNewswire - January 10, 2023 –Thermal Energy International Inc. (“ Thermal Energy ” or the“Company”) (TSXV: TMG , OTC: TMGEF ), aprovider of innovative energy efficiency and carbon emission reductionsolutions to major corporations around the world, has announcedrecord order intake figures for the six months ending November 30 th , 2022. The Company uses the term ‘o rder intake’ to refer to the total value of purchase ordersreceived by the Company in a given period. All figuresare in Canadian dollars.
As of the close of the second quarter, order intake forthe year-to-date period stood at $18.1 million, exceeding order intake at the samepoint in each of the previous five fiscal years of the Company by atleast 90%. These results come from a wide variety of orders ofvarying size and value, and from a combination of both CustomEquipment and Turn-key Projects.
Custom Equipment orders continued to grow throughout the pandemic, but Thermal Energy are now seeing further growth ascustomers’ operations return to normal. Custom Equipment orderintake for the first half of fiscal 2023 is more than double what itwas last year at the same point, and exceeds full year CustomEquipment order intake levels in each of the five prior fiscal yearsof the Company.
Turn-key Project pipeline and resulting orders were heavily impactedby COVID lockdown measures, however fiscal 2023 has seen a turnaroundin this area of the business.
Turn-key projects require a significant amount ofengineering development before a project order is received, so areoften preceded by a paid Project Development Agreement (“PDA”) as a precursor to the fullTurn-key Project order. The number of PDA orders received in the first half of fiscal 2023 is double that ofthe same period last year. In addition to this, full Turn-key Project order intake for the first six months of fiscal 2023 exceeds order intake at the same point in each of theprevious five fiscal years of the Company by at least 39% and is already 3.5 times the order intake amount for the fulltwelve months of fiscal 2022 .
“Market conditions are such that all manufacturing industries arelooking to save energy in their operations as quickly as possible.Combine that with aggressive carbon reduction targets and increases inthe cost of carbon, and we find our customer’s enthusiasm for our suite of technologies and our skilled engineeringcontinues to grow, and as a result we are now seeing record levels oforder intake in all major product categories , ”said William Crossland, Thermal Energy CEO.
The most notable orders for fiscal 2023 so far are highlighted below.
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$1.4 million for a Global Nutrition Company
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$2.8 million for a Premium Beer Producer
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$1.4 million for a Leading CerealManufacturer
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Over $4 million for a Leading Snack Manufacturer
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$500,000 for a Global Brewer
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$680,000 for a Leading Textile Manufacturer , including our firsttwo RBT equipment projects outside of North America since theacquisition of Sofame Technologies
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Over $300,000 for a European Oil Refinery
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Over $110,000 for a European Pharmaceutical Manufacturing Plant
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Over $400,000 for a Global Pharmaceutical Company
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Over $480,000 for a large Gas Processing Plant in the Middle East
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 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 other leading multinational companiesacross a wide range of industry sectors.
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 order-intake, expectedinstallation and revenue recognition for projects, statements aboutthe 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. Orders received in a fiscal year maynot become revenue for the Company within such fiscal year. 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 products, 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.
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