Thermal Energy International Provides Spring Business Update

OTTAWA, ONTARIO – March 29, 2022 – Thermal Energy International Inc. (“ Thermal Energy or the “Company”) (TSXV: TMG ) (OTC:TMGEF), a cleantech company and global provider of innovative and proprietary industrial carbon emissions reduction solutions to some of the world’s largest companies, has shared a spring business update on it's company website.

• Continued positive market changes
• Custom equipment continues to thrive – order intake 43% greater than pre-Covid levels
• Record levels of paid turn-key Project Development Agreements (“PDAs”) - double the F2019 pre-covid levels
• Secured first PDA for an Energy as a Service (“EaaS”) project from one of our best and largest corporate customers
• Repeat order levels from our multinational customers remain high at 70-80%
• Membership of global coalition of large thermal energy users that represent approximately $1.3 trillion in market capital

This spring business update is available on the company’s website here.

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​ENDS

For media enquiries contact:
Thermal Energy International Inc.
Marketing@thermalenergy.com

For investor enquiries:
Investors@thermalenergy.com

About Thermal Energy International Inc.

Thermal Energy International Inc., ranked as one of Canada’s Top Growing Companies in 2020 and 2019, is an established global supplier of proprietary, proven energy efficiency and emissions reduction solutions to the industrial and institutional sectors. We save our customers money and improve their bottom line by reducing their fuel use and cutting their carbon emissions. Our customers include many Fortune 500 and other leading multinational companies across 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 with process, energy, and environmental engineering expertise, we can deliver unique turn-key projects with significant financial and environmental benefits 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, 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 on the TSX Venture Exchange (TSX-V) under the symbol TMG and the OTCQB® Venture Market (“OTCQB”) in the United States operated by the OTC Markets Group Inc., under the symbol TMGEF .

For more information, visit our website at www.thermalenergy.com and follow us on Twitter at .

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 the Company’s products and services and the timing of revenues to be received by the Company. For example, information as to the expected benefits to Thermal Energy International and its customers from the new facility are forward-looking statements. These statements are not guarantees of future performance and involve a number of risks, uncertainties and assumptions. Many factors, some of which are outside of the Company’s control, could cause events and results to differ materially from those stated. The Company disclaims any obligation to publicly update or revise any such statements except as required by law.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.