TMG:CC - Thermal Energy Receives Approx $2.5 Million Order for Multi-Site Carbon Reduction and Energy Efficiency Solution
(TheNewswire)
OTTAWA, ONTARIO – TheNewswire - November 22, 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 received orders totalling approximately $2.5million from a leading snack manufacturer to implement a water recovery, thermal energy efficiency improvement andcarbon emission reduction project acrossmultiple sites . All figures are shown inCAD.
This order covers the engineering, supply andinstallation of GEM TM steam traps at16 sites representing Thermal Energy’s largest GEM TM project todate. Sold as Custom Equipment, GEM TM steam trapsare often installed by the customer's on-site maintenance team priorto commissioning by Thermal Energy, however for this customer ThermalEnergy will oversee the full scope of installation work .
The retrofit of GEM TM Traps is acost-effective energy efficiency measure that will reduce water andenergy consumption, as well as maintenance costs and greenhouse gasemissions. This project will deliver combined annual utility and watersavings of over $650,000 annual CO2e reduction of 5,255 tonnes andsave more than 10 million gallons of water per year.
Prior to this project, Thermal Energy had implemented GEM TM steam traps at some of the customer’sother facilities and completed a $1.5 million heat recovery project atone site in 2019 that represented the application of newtechnology to a new heat source with this customer aspart of a company-wide commitment to significantly reduce greenhousegas emissions.
“This is a prime example of not only a significant roll-out of ourtechnologies across multiple sites, but the immense trust ourmultinational customers place in us. It is a testament to ourcollaborative approach to delivering innovative energy and carbonemission reduction projects and, as with all our global multisitecustomers, there is excellent opportunity for replicating projectsuccess across many more sites and divisions using our uniqueportfolio of technologies deployed in the most effective way for eachsite and organization.” said William Crossland, CEOof Thermal Energy.
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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