OTTAWA, ONTARIO – September 30 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 premium beer producer to deliver a $2.8 million turn-key energy efficiency and carbon emission reduction solution. All figures are shown in CAD.
With this order, the Company has secured energy efficiency projects with more than half of the world’s top ten brewers.
Thermal Energy has worked closely with this customer to develop a solution that meets the organization’s plans to become carbon neutral within its breweries by 2030, and across its entire supply chain by 2050. This site has a capacity of more than 3 million hectolitres per year and is one of several breweries across Europe this global group operates.
One of Thermal Energy’s strategic objectives is to focus resources on developing relationships with clients whose energy and carbon reduction goals are clearly defined resulting in better engagement and quicker decision making. This project is an example of this; after signing a Project Development Agreement with Thermal Energy earlier this year, this unique proprietary solution was agreed on in record time.
This Turn-key project includes two established products from Thermal Energy’s unique portfolio of products; the Flu-Ace® heat recovery system, designed to recover waste energy from the boiler exhausts and use the captured energy to reduce overall steam and fuel consumption on site, and the GEMTM trap, a premium venturi orifice steam trap designed to minimize ongoing steam trap maintenance and maximise energy savings in the steam system.
The food and beverage sector has long benefitted from Thermal Energy’s technologies and even more so from the Company’s wealth of experience with food and beverage manufacturing processes. The unique FLU-ACE® technology allows for greater heat recovery than any other design, which in a low-grade heat-intensive sector such as food and beverage will maximize project carbon reduction and cost savings.
Covering all engineering, manufacturing, installation and training, this $2.8 million project is expected to reduce the site’s annual gas load by at least 27% offsetting more than 1,300 tonnes of CO2 per year, the equivalent of permanently removing more than 400 cars from the road.
According to Bloomberg, in Europe ‘the price of natural gas has doubled since April and is about seven times what it was a year ago’. The Telegraph also reports how ‘gas is in short supply, globally, with prices climbing to record levels’, meaning the impact on European food and beverage manufacturers could be critical.
“Food and beverage is a leading manufacturing industry in Europe and remains a strong market for Thermal Energy. The European energy crisis has led those in the industry to progress more aggressively with energy efficiency plans in a bid to better weather the volatile energy costs. Thermal Energy’s solutions now have even more potential to yield remarkable energy, environmental and cost savings for customers, annually and well into the future” said William Crossland, Thermal Energy CEO.
The project is expected to be completed and revenue earned within 12 months.
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For media enquiries contact:
Thermal Energy International Inc.
Canada: 613-723-6776
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., 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
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 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.
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.