Granted pursuant to the terms of the Company's stock option plan, have a 5-year term and are exercisable at $0.08 per share.
Standout Energy and Emissions Savings for Meat Processing Plant
Thermal Energy commissioned by a leading European meat processing company, to install an innovative heat recovery system.
Oct 16, 2019
OTTAWA, ONTARIO – October 16 2019 – Thermal Energy International Inc. (“Thermal Energy” or the “Company”) (TSX-V: TMG), a global provider of energy efficiency and emissions reduction solutions, has been commissioned by a leading European meat processing company, to install an innovative heat recovery system.
The FLU-ACE® heat recovery project, valued at over $738,000, is designed to improve site efficiency and sustainability. The project is expected to provide a utility saving of over $614,000 per year, delivering a strong return on investment and a simple payback of just over one year.
Upon commissioning, the system will recover heat currently lost to the atmosphere and use it to displace steam used for heating wash-down and process water. The approach is estimated to decrease fuel usage by more than 15% and reduce carbon emissions by over 5,200 tonnes annually. This is a CO2 saving equivalent to removing over a thousand cars from the road or replacing nearly 200,000 incandescent light bulbs with LEDs.
The commission is the latest in a series of measures the pork processing company is taking to improve fuel use and reduce its carbon footprint and follows the installation of Thermal Energy’s high-efficiency, low maintenance GEM™ steam traps at its flagship site.
“Meat processing plants are high energy users with heat required for multiple stages of the production process as well as for hygiene purposes.” Said William Crossland, CEO of Thermal Energy.
“With an estimated 50% of all industrial energy lost as waste heat, this subsector of the food and beverage industry represents a key global growth market for the Company and holds significant potential across the full range of Thermal Energy’s solutions including FLU-ACE®, GEM™, HEATSPONGE and DRY-REX.”
The scope of this order covers all design, construction, installation, commissioning and training for the system. The project is expected to be completed and revenue earned within nine months
For media enquiries contact:
For investor enquiries:
About Thermal Energy International Inc.
Thermal Energy International Inc., ranked as one of Canada’s Top Growing Companies in 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 a large number of Fortune 500 and other leading multinational companies across a wide range of industry sectors.
Thermal Energy is also a fully accredited professional engineering firm and by providing a unique mix of proprietary products together with process, energy and, environmental engineering expertise, Thermal Energy is able to deliver unique turnkey 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, U.K., 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.
For more information, visit our website at www.thermalenergy.com and follow us on Twitter at 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 and the timing of revenues to be received by the Company. 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 product and activation of product 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 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.
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.