Thermal Energy Receives First Order for its New Hybrid Flu-Ace

OTTAWA, ONTARIO – January 17, 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 received a purchase order valued at approximately $1 million for a Hybrid Flu-Ace from a privately owned meat processing plant in Europe. The turn-key project is expected to be completed and revenue earned within the next 12 months. All figures are shown in CAD.

“The Hybrid Flu-Ace is an ultra-high efficiency unit that is expected to reduce onsite fuel use for hot water by approximately 80%, and fuel use for steam production by a further 20%, delivering significant savings while reducing the customer’s carbon emissions,” said William Crossland, Thermal Energy CEO. “This is our first order for a Hybrid Flu-Ace, which is essentially a FLU-ACE style heat recovery unit with a built-in Perco-Ace direct contact water heater. It uses waste heat, when available, to heat water. When there isn’t enough waste heat, the natural gas fired burner kicks in to instantaneously deliver hot water with up to 99% combustion efficiency. Both the Perco-Ace and Hybrid technologies were part of the Sofame Technologies intellectual property acquired in July 2021.”

Benefits of the Perco-Ace and Hybrid Flu-Ace:

• High efficiency:
  • 90% to 99% fuel to hot water efficiency
  • Hybrid unit allows the use of both waste heat and natural gas
  • Low carbon emissions and reduced emissions of atmospheric pollutants
• Return on investment:
  • Lower cost than conventional steam boilers, hot water heaters, and hydronic boilers
  • Rapid unit start-up (instantaneous hot water production)
• Minimal maintenance:
  • Stainless steel, corrosion resistant construction
  • No supervision required (not a pressure vessel)

The project is expected to provide fuel savings of approximately $240 thousand while reducing CO₂ emissions by 292 tonnes per year, resulting in additional financial savings of about $36 thousand per year. The heat recovery component of the project could result in a 50% to 90% reduction in particulate matter emissions (contributors to asthma and other respiratory diseases) and acid gasses (SO₂).

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ENDS

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