Fifth Turn-key Project for Global Nutrition Company

Ottawa, Ontario--(Newsfile Corp. - May 9, 2023) - Thermal Energy International Inc. (TSXV: TMG) (OTCQB: TMGEF) ("Thermal Energy" or the "Company"), a provider of innovative energy efficiency and carbon emission reduction solutions to major corporations around the world, has been commissioned by a global nutrition company to deliver a fifth Turn-key energy efficiency and carbon emission reduction solution. All figures are shown in CAD.

This order valued at approximately $1.1 million succeeds the order announced in September 2022, making this the fifth Turn-key energy efficiency and carbon emission reduction solution Thermal Energy has delivered for this customer since 2019.

"We're extremely proud to be continuing our strong relationship with this customer, who has clear evidence that our solutions deliver, and therefore strives to replicate the success across more of its sites," said William Crossland, Thermal Energy CEO.

This Turn-key FLU-ACE® heat recovery project (a repeatable application at other of the customer's sites across Europe and North America) is designed to recover waste energy from the dryer burner exhaust. The solution is expected to deliver an estimated 17% reduction in fuel use and greenhouse gas emissions saving the customer $490,000 annually and providing a 50% - 90% reduction in the emission of particulate matter and acid gases such as SO₂.

As a result, the customer has confidence they will remain below their EU ETS allowance to not only avoid fines or the need to purchase further allowances, but to bank or sell unused allowances, both providing better positioning to ride the volatility of the carbon market an improving the project payback.

The project is expected to be completed and revenue earned within 9 months.

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ENDS

For media enquiries contact:
Thermal Energy International Inc.
Canada: 613-723-6776
UK: +44 (0)117 917 2179
Marketing@thermalenergy.com

For investor enquiries:
Thermal Energy International Inc.
613-723-6776
Investors@thermalenergy.com

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.

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, 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.SEDAR.com.

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