In total Thermal Energy has delivered over $5.1M in energy efficiency and carbon emission reduction solutions for this customer.
Thermal Energy Announces Multisite GEM Project with Global Brewer
Thermal Energy has received a $500,000 multisite GEMTM project from a global brewer.
OTTAWA, ONTARIO – December 14, 2022 – 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 $500,000 multisite GEMTM project order from a global brewer. All figures are shown in CAD.
As one of the largest beer manufacturers in the world, this global brewer produces billions of bottles of beer a year, resulting in carbon emissions equivalent to driving more than 5 billion km which is more than 125,000 times around the earth. The company has a sustainability goal to reduce CO2 emissions by 25% across its value chain.
Following the successful implementation of GEMTM steam traps at two of the customer’s North American sites, the customer proceeded with a $500,000 rollout of GEMTM to cover a portion of failed mechanical traps at 15 further sites across Europe and North America.
Thermal Energy’s solutions provide a plethora of benefits of which the food and beverage industry is one of the greatest benefactors. Our experience with the industry together with the Thermal Energy Carbon Consortium, helps to better understand the challenges, barriers, and requirements around technology adoption for large food and beverage manufacturers who shape their businesses around energy and carbon reduction targets.
With this order, Thermal Energy will have delivered over $1.6 million in energy efficiency solutions to this customer including both FLU-ACE® and GEMTM, and spanning six countries.
“This is the second multi-site rollout of GEMTM in a matter of weeks, both within the food and beverage industry. The customer’s willingness to invest heavily in our solutions is clear recognition that our technology offers exceptional impact on their operations, and our team adds significant value with their knowledge and experience delivering multisite projects,” said William Crossland, Thermal Energy CEO.
The project is expected to be completed and revenue earned within nine months.
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Notes to editors
About Thermal Energy International Inc.
Thermal Energy International Inc., ranked as one of Canada’s Top Growing Companies in 2021, 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 energy and carbon emission reduction 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 on 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, our investor website at investors-thermalenergy.com or follow us on Twitter @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 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 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. Fulfilment of orders, installation of products and activation of products could all be delayed for a number of 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.SEDAR.com.
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