TMG:CC - Thermal Energy Starts Off the New Fiscal Year with Record GEM(TM) Order Intake

(TheNewswire)

More than $1.5 million received inthe last few weeks alone

OTTAWA, ONTARIO – TheNewswire - September20, 2022 – Thermal Energy International 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 over $1.5 million GEM TM steam traporders in the last few weeks. For the first three and half months ofthe fiscal year, GEM TM orders are more than double the amount received during the same periodlast year. All figures are shown in CAD.

In an extremely strong few weeks, record GEM TM orders have been received,predominantly from Europe, where volatile energy prices continue toprovide cause for concern for our multinational clients. Sold andshipped as Custom Equipment, Thermal Energy’s GEM™ Steam Traprange continued to thrive throughout COVID-19 despite the disruptioncaused by global supply chain challenges. Organizations have emergedfrom the pandemic with a greater appetite for projects that reducecarbon emissions, and the European energy crisis has elevated theimpact of smaller ‘quick-win’ projects that provide an immediateimpact on operational costs, particularly fuel costs.

“The benefits of GEM™ steam traps have been well proven over thelast 20 years in a range of industries and organizations. This stronghistory of delivering a best-in-class product, paired with our expertengineering teams, elicits trust in the proposed benefits, resultingin swift decision-making. And since GEM™ steam traps present a lowrisk but high impact solution, we're now experiencing projects beingexpedited and previously dismissed projects being reconsidered,”said William Crossland, Thermal Energy CEO.

The recent orders span several industries and sectors including foodand beverage manufacture and processing, textile and pharmaceutical. Afew larger orders of note are highlighted below.

• Follow up orders of approximately$400,000 from a Leading Textile Manufacturer for multiple sites acrossAfrica and South Asia

This value includes a proportion of the order valueannounced in a previous press release. In total, Thermal Energy hasdelivered over $900,000 inenergy efficiency and carbon emission reduction solutions for thiscustomer across 7 sites.

• Over $250,000 for aEuropean Cereal Manufacturing Site

Thermal Energy’s relationship with this cerealmanufacturer spans several years, supplying GEM TM steam traps at two sites. The latest order is expected to o ffset 709 tonnes of CO2 per yearacross both sites. This order also concludes a 100% conversion of thecustomer’s flagship site.

• Over $300,000 for a European OilRefinery

This order follows a succession of orders since 2018 after our venturitechnology was identified as their preferred steam trap.

• Over $110,000 for a EuropeanPharmaceutical Manufacturing Plant
  This order represents a new customer, with this site conversion expected to o ffset 110 tonnes ofCO2 per year.

• Over $480,000 for a large GasProcessing Plant in the Middle East

Thermal Energy has supplied several GEM TM steam traps to this site which is one of thelargest gas processing plants in the world. What once began as a trialhas now progressed to orders for large sectionsof the vast site, with the customer benefitinggreatly from the reduced maintenance associated with GEM TM Traps.

“Considering the European energy crisis, it is nocoincidence that most of these orders are for customers with sites inEurope, yet the industry breadth and the large numbers of repeatorders on display here highlight our focus on high quality repeatbusiness in organizations that value the benefits our technologiesdeliver. Furthermore, as global energy costs soar, large energy usersare even more drawn to consider shorter-termprojects that provide a quick and effective solution to operationalcosts. This is where Thermal Energy prevails, having the technologyreadily available with proven results,” said William Crossland,Thermal Energy CEO.

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 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 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.

Copyright (c) 2022 TheNewswire - All rights reserved.