Business
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 comp...
About this update from Thermal Energy International Inc.
[{"type":"text","content":"Thermal Energy Announces $1.9 million Turn-key Heat Recovery Project for a Global Materials CompanyProject designed to help customer achieve ambitious carbon emission reduction targets with a compelling payback of under two yearsOttawa, Ontario--(Newsfile Corp. - May 6, 2024) - Thermal Energy International Inc. (TSXV: TMG) (OTCQB: TMGEF) (\"Thermal Energy\" or the \"Company\"), 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...