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Thermal Energy International Announces Record Order Intake for Fiscal 2024 and Record Order Backlog to Start Fiscal 2025
Ottawa, Ontario--(Newsfile Corp. - July 16, 2024) - Thermal Energy International Inc. (TSXV: ...
About this update from Thermal Energy International Inc.
[{"type":"text","content":"\nThermal Energy International Announces Record Order Intake for Fiscal 2024 and Record Order Backlog to Start Fiscal 2025Ottawa, Ontario--(Newsfile Corp. - July 16, 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, today announced that it achieved record order intake1 for its fiscal year ended May 31, 2024. During the 12-month period, the Company received orders totalling $29.7 million, representing increases of 9% year-over-year and 151% over the past two years. Additionally, order backlog2 at the end of May was up approximately 40% compared to a year earlier and up more than 200% over the past two years.\"We are thrilled to announce that Thermal Energy has yet again achieved record annual order intake,\" said William Crossland, CEO of Thermal Energy. \"After an impressive 130% growth in orders last year, order intake this year is up a further 9% to $29.7 million compared to $27.3 million the year before. Notably, we had our highest ever annual order intake for turn-key heat recovery solutions, record order intake for our wholly owned subsidiary, Boilerroom Equipment, Inc., as well as the second-highest annual order intake for our GEM business. As a result, we are starting our new fiscal year with an unprecedented order backlog, up approximately 40% compared to a year earlier and up more than 200% over the past two years. These achievements underscore the strong demand for our energy efficiency and carbon emission reduction solutions. They are also a testament to our team's dedication and the trust our large multinational customers place in our technology and expertise to deliver significant energy savings and environmental benefits.\" Readers are encouraged to subscribe to TEI News to receive strategic news and updates directly to their inbox.1 Order intake is the value of purchase orders received from customers during a stated period. Not all of these orders will have been fully recognized during the stated period.2 Order backlog represents any purchase orders that have been received by the Company but have not yet been reflected as revenue in the Company's published financial statements.ENDS For media enquiries:Thermal Energ...