Business
Major Hospital Engages Thermal Energy International for $825,000 Heat Recovery System
(via Thenewswire.ca) OTTAWA, ONTARIO / TheNewswire / January 29, 2015 / Thermal Ener...
About this update from Thermal Energy International Inc.
[{"type":"text","content":"\nMajor Hospital Engages Thermal Energy International for $825,000 Heat Recovery System(via Thenewswire.ca)\n\n \nOTTAWA, ONTARIO / TheNewswire / January 29, 2015 / Thermal Energy International Inc. (\"Thermal Energy\" or the \"Company\") (TSXV: TMG), a global provider of proprietary energy efficiency solutions to the industrial, commercial and institutional sectors, has received a purchase order from a major hospital for an initial 35% payment toward a heat recovery system with a total value of approximately $825 thousand. The condensing flue gas recovery system would be used to recover heat from three boilers on site at the hospital. The project is expected to be completed and the revenue for the full system earned over the next six months.\n\n \n \n\"This is our fourth heat recovery order in the last two months, each of which is from a new customer,\" said William Crossland, CEO of Thermal Energy. \"Hospitals continue to be a good source of business for both of our proprietary product lines. These orders are demonstrative of the benefits that hospitals and industrial operations around the world can realize from our proprietary heat recovery technology. As with the other three orders, we look forward to delivering the expected cost savings to this customer and hopefully pursuing additional opportunities with them.\" \n\n\n \nThe system is expected to reduce the hospital's annual operating costs by approximately $200 thousand, resulting in a payback period of about four years.\n\n\n \nWith this order, Thermal Energy's order backlog currently stands at approximately $4.4 million of which approximately $0.5 million is related to long-term contracts and is not expected to be reflected in revenue within the next 12 months. Thermal Energy includes in \"order backlog\" the value of projects in respect of which purchase orders have been received but have not yet been reflected as revenue in the Company's published financial statements. \n\n\n \nAbout Thermal Energy International Inc.\n\n\n\n \nThermal Energy International Inc. is an innovative cleantech company providing proprietary and proven energy efficiency solutions to the industrial, commercial and institutional markets worldwide. We save our customers money and improve their bottom line by reducing their fuel use and cutting their carbon emissions. Our customers include a large...