Thermal Energy Commissioned to Deliver Innovative Energy and Carbon Emission Reduction Solution to Leading European Meat Producer.
$3.7 Million Heat Recovery Order from One of Europe’s Largest Food and Drink Producers
Latest order confirms growing momentum into second half of fiscal 2024.
OTTAWA, ONTARIO – December 7, 2023 – Thermal Energy International Inc. (“Thermal Energy” or the “Company”) (TSX-V: TMG, OTCQB: TMGEF), a provider of innovative energy efficiency and carbon emission reduction solutions to major corporations around the world, has received a $3.7 million turn-key heat recovery order from a multinational branded and private label food and drink producer. All figures are shown in CAD.
“Our latest heat recovery technology is expected to help this customer reduce their fuel use and greenhouse gas emissions by up to 20%,” said William Crossland, Thermal Energy CEO. “After successfully completing a heat recovery project in 2021 at another site for this customer and based on the fuel savings and carbon emissions reductions achieved there, we have secured this next project. We also supported the customer through a successful application for government funding through the Industrial Energy Transformation Fund, or IETF.”
“Our strong momentum continues. With the receipt of this order, and just a few days into the second half of fiscal 2024, our year-to-date order intake is over $19 million, or about 70% of last year’s full-year record order intake.”
Environmental Benefits, Fuel Savings and Project Payback
This turnkey heat recovery project will recover waste energy from six steam boilers at the site of one of the customer’s canned foods production facilities. The project is expected to provide annual natural gas savings of approximately $1.3 million while reducing CO2 emissions by 3,078 tonnes per year, resulting in additional financial savings of about $313 thousand per year based on approximately $102 per tonne. The project is expected to provide a payback of approximately 2.3 years, or 1.6 years after receipt of IETF grant funding.
The project is expected to be completed and revenue earned within 12 months.
Readers are encouraged to subscribe to TEI News to receive strategic news and updates directly to their inbox.
For media enquiries contact:
Thermal Energy International Inc.
UK: +44 (0)117 917 2179
For investor enquiries:
President and CEO
Thermal Energy International Inc.
Notes to editors
About Thermal Energy International Inc.
Thermal Energy International Inc. provides energy efficiency and emissions reduction solutions to Fortune 500 and other large multinational companies. We save our customers money by reducing their fuel use and cutting their carbon emissions. Thermal Energy’s proprietary and proven solutions can recover up to 80% of energy lost in typical boiler plant and steam system operations while delivering a high return on investment with a short, compelling payback.
Thermal Energy is a fully accredited professional engineering firm with engineering offices in Ottawa, Canada, Pittsburgh, USA, as well as Bristol, UK, with sales offices in Canada, UK, USA, Germany, Poland, and Italy. By providing a unique mix of proprietary products together with process, energy, and environmental engineering expertise,
Thermal Energy can deliver unique, site-specific turnkey and custom engineered solutions with significant financial and environmental benefits for our customers.
Thermal Energy’s common shares are traded on the TSX Venture Exchange (TSX-V) under the symbol TMG and on the OTCQB under the symbol TMGEF. For more information, visit our investor website at https://investors-thermalenergy.com or company website at www.thermalenergy.com and follow us on Twitter at https://twitter.com/GoThermalEnergy.
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, the timing of revenues to be received by the Company, the anticipated effects of COVID-19 on the business, backlog, and revenue, and the expectation that orders in backlog will become revenue.
Information as to the amount of heat recovered, energy savings, and payback period associated with Thermal Energy International’s products are based on the Company’s own testing and average customer results to date. Statements relating to the order-intake, expected installation and revenue recognition for projects, statements about the anticipated effectiveness and lifespan of the Company’s products, statements about the expected environmental effects and cost savings associated with the Company’s products, and statements about the Company’s ability to cross-sell its products and sell to more sites are forward-looking statements. These statements are not guarantees of future performance and involve several risks, uncertainties, and assumptions. Orders received in a fiscal year may not become revenue for the Company within such fiscal year. Many factors, some of which are outside of the Company’s control, could cause events and results to differ materially from those stated. Fulfilment of orders, installation of products, and activation of products could all be delayed for several reasons, some of which are outside of the Company’s control, which would result in anticipated revenues from such projects being delayed or in the most serious cases eliminated. Actions taken by the Company’s customers and factors inherent in the customer’s facilities but not anticipated by the Company can have a negative impact on the expected effectiveness and lifespan of the Company’s products and on the expected environmental effects and cost savings expected from the Company’s products. Any customer’s willingness to purchase additional products from the Company and whether orders in the Company’s backlog as described above will turn into revenue is dependent on many factors, some of which are outside of the Company’s control, including but not limited to the customer’s perceived needs and the continuing financial viability of the customer. The Company disclaims any obligation to publicly update or revise any such statements except as required by law. Readers are referred to the risk factors associated with the Company’s business as described in the Company’s most recent Management’s Discussion and Analysis available at www.sedarplus.ca.
# # #
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.