OTTAWA, ONTARIO – August 24, 2026 – 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 repeat business in the form of three orders worth approximately $2.1 million from a global nutrition company. The orders include two turnkey projects in the United States and a Major Equipment Package (“MEP”) for a site in Indonesia, representing the Company’s first heat recovery order in that country. All figures are shown in CAD.
“We received three pieces of repeat business in quick succession,” said William Crossland, Thermal Energy CEO. “In addition to an MEP order, we won our tenth and eleventh turnkey heat recovery projects from this customer, making that five turnkey projects won with them in under a year. Including these latest orders, our total business with this customer since 2019 now exceeds $16.8 million, with at least partial penetration in 28 manufacturing sites across nine countries worldwide. We continue to identify additional opportunities to partner with them across their global manufacturing network.”
Significance of the Major Equipment Package
“The MEP order is an important proof point against the strategic plan we announced last year. With MEPs, we complete the engineering and supply the equipment, but the customer handles the installation. This can dramatically shorten the sales cycle while providing customers more flexibility. They can be especially helpful in regions where we don’t yet have installation experience or as many contacts.”
Energy Savings and Impact
“We help industrial operations permanently cut energy costs and emissions,” added Mr. Crossland. “Our long‑standing partnership with this customer is focused on real, economic decarbonization. These latest orders are a strong signal: our solutions deliver measurable value, and the opportunity ahead remains significant as we continue helping this customer meet their energy savings and environmental goals.”
The three orders announced today are expected to deliver significant energy savings by capturing heat that’s currently blowing out of the customer’s steam boiler exhausts. By recovering and redirecting this waste energy back into their process, Thermal Energy’s solutions are projected to add $410-472 thousand in annual natural gas savings while reducing their annual CO2e emissions by another 2,306-2,637 tonnes.
Revenue Timing
The revenues expected from these three orders is expected to be earned within the next 12 months, with the majority recognized in the Company’s fiscal year ending May 31, 2027. The Company expects the gross margin for the turnkey projects to be in line with historical amounts for its turnkey projects. Thermal Energy’s overall gross margins are available in its quarterly disclosure materials.
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ENDSFor 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 X at https://x.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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