TMG:CC - Thermal Energy Receives Additional $1.5 Million in Orders for Multi-Site Carbon Reduction and Energy Efficiency Solution
(TheNewswire)
With the $2.5million announced last week the combined project is now valued at $4million
OTTAWA, ONTARIO – TheNewswire - November 29, 2022 – Thermal EnergyInternational Inc. (“ ThermalEnergy ” or the “Company”)(TSXV: TMG ) , ( OTC: TMGEF ), a provider ofinnovative energy efficiency and carbon emission reduction solutionsto major corporations around the world, has announced that, inaddition to the $2.5 million announced last week, it has received additional GEM TM orders totallingapproximately $1.5 million from a leading snack manufacturer. All figures are shown in CAD.
Just last week Thermal Energy announced $2.5million in orders, from this customer for the supply and installationof GEM TM steam traps at 16sites. The customer has now extended its multi-site GEM TM project to anadditional 9 sites bringing the total project up to a combined 25 sites and $4 million. Sold as CustomEquipment, GEM TM steam traps are often installed by thecustomer's on-site maintenance team prior to commissioning by ThermalEnergy, however for this customer Thermal Energy will oversee the fullscope of installation work.
The retrofit of GEM TM Traps is a cost-effective energy efficiency measure that willreduce water and energy consumption, as well as maintenance costs andgreenhouse gas emissions. This $4 million project willdeliver combined annual utility and watersavings of over $1.4 million, annual CO2ereduction of 8,066 tonnes and save more than 17million gallons of water per year.
“The expansion of this project to an additional 9sites is further evidence of the immense trust our multinationalcustomers place in us, and our technologies, to quickly and easilydeliver reliable results,” said William Crossland, CEO of ThermalEnergy.
“Our customers keep coming back to us because we arethe quickest, easiest, and lowest risk way for them to achieve theircarbon and energy reduction goals. We get projects done on time, onbudget and with guaranteed performance.”
The project is expected to be completed and revenueearned within nine months.
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 ofCanada’s Top Growing Companies in 2021, 2020 and 2019, is anestablished global supplier of proprietary, proven energy efficiencyand emissions reduction solutions to theindustrial and institutional sectors. We save our customers money andimprove their bottom line by reducing their fuel use and cutting theircarbon emissions. Our customers include many Fortune 500 and otherleading multinational companies across a wide range of industrysectors.
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 symbol TMGEF.
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, 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 limitedto the customer’s perceived needs and the continuing financialviability of the customer. The Company disclaims any obligation topublicly update or revise any such statements except as required bylaw. Readers are referred to the risk factors associated with theCompany’s business as described in the Company’s most recentManagement’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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