With this order, Thermal Energy will have delivered approximately $1.3 million in energy efficiency and carbon emission reduction solutions for this industry leader across multiple sites in Africa and South Asia.
The relationship with this customer began just before the pandemic in late 2019 with GEM™ steam trap projects at two of their sites. As world travel reopened fully in 2022, a major equipment order was announced for this customer that was not only the first Sofame system designed, engineered, and sold independently by Thermal Energy since the acquisition of Sofame in July 2021, but expanded Thermal Energy’s offerings to include heat recovery from both air and water. This was later succeeded by a further order of GEM™ steam traps.
This recent order valued at over $330,000 covers the engineering, manufacturing, installation and training of a second RBT® wastewater heat recovery system at a new build facility. The RBT® system captures heat from wastewater and uses it to heat incoming water which is expected to produce savings of approximately $349,000 per year, less than a one-year payback.
Fashion-conscious consumers favour sustainable and socially conscious brands, forcing fashion retailers and textile manufacturers to focus their efforts on sustainability in order to retain competitive advantages in the fashion retail space. That was certainly true for this customer, who has placed sustainability at the forefront of its operations, so it was imperative they find the right supplier.
“Our ongoing relationship with this customer has only been possible through our extensive suite of technologies. We have been able to support this customer at existing sites, with new equipment and now the integration of our technology during the build of their brand-new facility, rather than as a retrofit as would usually be the case. This is why we’re trusted by world-leading organizations to provide the right solutions with the best return on investment for all types of manufacturing processes. Consistently being able to deliver reliable energy savings and carbon reduction solutions for our customers is why they return to us time and time again” 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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