Thermal Energy Announces $1.9 million Turn-key Heat Recovery Project for a Global Materials Company

Project designed to help customer achieve ambitious carbon emission reduction targets with a compelling payback of under two years

OTTAWA, ONTARIO – May 6, 2024 – 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 announced a $1.9 million carbon reduction and energy efficiency solution for a global materials company. All figures are shown in CAD.


As a market leader, this customer accepts its role in forging the industry's path to a low-carbon economy, and has engaged with the Science Based Targets initiative (SBTi) to validate their ambitious scope 1 and scope 2 greenhouse gas emissions targets. This $1.9 million Turn-key project is expected to save the customer over $980,000 annually on its energy bill, reduce co2 emissions by 977 tonnes per year and improve pollution prevention and control.

"This is an interesting relationship for two reasons. Firstly, the customer became aware of our technology following an acquisition and chose to replicate it collaboratively with our expert engineers. Secondly, the customer is engaged with STBi net zero standardization, meaning total transparency and accountability, so it speaks volumes that this customer trusts our technology to help reach its ambitious emissions reduction targets," said William Crossland, Thermal Energy CEO.

This order marks the third heat recovery and carbon emission reduction solution Thermal Energy has delivered for this customer across three of its European sites. The earlier two projects preceded this customer's acquisition of the sites and were smaller custom equipment orders. Upon discovering the effectiveness of Thermal Energy's technology at these two sites the customer has expanded its relationship with Thermal Energy to include full turn-key projects across further sites.

It wasn't only the innovative technology that impressed this customer, but also Thermal Energy's comprehensive engineering capabilities and in-depth understanding of drying applications and the customer's processes. A collaborative approach between Thermal Energy and the customer resulted in a progressive application of the FLU-ACE® heat recovery system to recover heat from the spray dryer stack, rather than the typical dryer exhaust, that could be repeatable across several industries.

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

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

For investor enquiries:
William Crossland
President and CEO
Thermal Energy International Inc.

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 or company website at and follow us on Twitter at

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 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 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 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

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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.

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