Thermal Energy Announces its Largest Engineering Contract to Date - a $500,000 Contract from Another Leading Pharmaceutical Company

OTTAWA, ONTARIO – February 11, 2025 – 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 received a contract from one of the world's largest multinational pharmaceutical companies to provide detailed engineering services for a potential heat recovery project at one of the pharmaceutical company's sites. After receiving orders for three major heat recovery projects from a different pharmaceutical company, this is the second major pharmaceutical company to engage Thermal Energy for heat recovery projects. This contract, valued at $500,000, is the largest engineering services project Thermal Energy has received in its history. All figures are shown in CAD.

"We are excited to have received such a significant engineering order from another world-leading pharmaceutical company," said William Crossland, CEO of Thermal Energy International. "The engineering to be done under this contract is much more extensive than the level we would provide under one of our project development agreements or PDAs. In fact, we signed a PDA with this company approximately a year ago and based on the outcome of the PDA the client has retained us to complete the full detailed engineering for the project. Typically, customers prefer the detailed engineering to be part of a total Turn-key fixed priced project agreement but in this case the customer's preference is to approve the project in stages. This is also a lower risk option for Thermal Energy because firm pricing will not be provided until the detailed engineering is completed."

"Like many of its peers, this customer has significant carbon emission reduction targets and is aligned with the United Nation's Race to Zero campaign, which is a global campaign rallying non-state actors - including companies - to take the necessary actions to halve global emissions by 2030."

"Our proven solutions align perfectly with multinational pharmaceutical companies with their extensive use of low-grade heat, strong and public commitments to reducing greenhouse gas emissions, and financial capacity to drive meaningful carbon reduction initiatives. Thermal Energy has helped several well-known pharmaceutical companies in North America and Europe reduce their energy costs and carbon dioxide emissions with GEM steam traps and HeatSponge boiler economizers. Yet, other than the three multi-million-dollar heat recovery projects we announced previously with a different multinational pharmaceutical company, this sector remains mostly untapped in terms of larger scale heat recovery opportunities."

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Marketing@thermalenergy.com

For investor enquiries:
William Crossland
President and CEO
Thermal Energy International Inc.
613-723-6776
Investors@thermalenergy.com

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 https://investors-thermalenergy.com or company website at www.thermalenergy.com and follow us on Twitter at https://twitter.com/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 expectation that orders in backlog will become revenue, the anticipated benefits of the Company's current efforts at training and business improvement efforts, opportunities for growth, the Company's belief that it can capitalize on opportunities, the size of markets and opportunities open to 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 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.sedarplus.ca.

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