Granted 1,875,000 options to purchase common shares of the Company to officers of the Company as part of an overall remuneration and incentive...
$1.4 million Project with Leading Cereal Manufacturer
TEI has been commissioned by a leading cereal manufacturer to implement a $1.4 million Turn-key heat recovery and carbon emission reduction project.
OTTAWA, ONTARIO – October 31, 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 been commissioned by a leading cereal manufacturer to implement a $1.4 million Turn-key heat recovery and carbon emission reduction project. All figures are shown in CAD.
Prior to this project, Thermal Energy had previously implemented GEMTM steam traps at this site and five other sites in North America for this customer. With this order, Thermal Energy will have delivered over $2.2 million in energy efficiency solutions to this customer.
Covering all aspects of project design and engineering as well as manufacturing, installation, commissioning and training, this $1.4 million Turn-key project is expected to deliver annual boiler natural gas savings and carbon emission reductions of almost 20%.
In addition, like many countries around the world, this site’s host country has adopted carbon pricing as a key element in its climate plan, as it’s believed the financial incentive of carbon pricing will help achieve its Paris Agreement commitments to reduce GHG emissions to 30% below 2005 levels by 2030. As a result, for this project the value of the carbon reductions alone is expected to increase to more than $200,000 annually by 2030.
“This is a clear example of companies increasing their focus on meeting ambitious carbon reduction targets. This customer is getting ahead of the curve by making a proactive response to the inevitable carbon price increases, and by taking advantage of our readily available and proven technology, can be assured that their operations are more protected” said William Crossland, CEO of Thermal Energy.
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 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 several 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. Fulfillment 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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