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Thermal Energy International Announces Record Order Intake for the First Six Months of Fiscal 2023
(TheNewswire) OTTAWA, ONTARIO – TheNewswire - January 10, 2023 – ...
About this update from Thermal Energy International Inc.
[{"type":"text","content":"Thermal Energy International Announces Record Order Intake for the First Six Months of Fiscal 2023\n \n \n (TheNewswire)\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n OTTAWA, ONTARIO –\n \n \n TheNewswire -\n \n \n January 10, 2023\n \n \n –\nThermal Energy International Inc. (“\n \n \n \n Thermal Energy\n \n \n \n ” or the\n“Company”) (TSXV:\n \n \n \n TMG\n \n \n \n , OTC:\n \n \n \n TMGEF\n \n \n \n ), a\nprovider of innovative energy efficiency and carbon emission reduction\nsolutions to major corporations around the\n \n world, has announced\nrecord order intake figures for the six months ending November 30\n \n th\n \n ,\n \n \n 2022. The Company uses the term ‘o\n \n rder intake’ to refer to the total value of purchase orders\nreceived by the Company\n \n \n \n \n in a given\n \n \n period.\n \n All figures\nare in Canadian dollars.\n \n \n \n As of the close of the second quarter, order intake for\nthe year-to-date period stood at $18.1 million,\n \n \n \n \n exceeding order intake at the same\npoint in each of the previous five fiscal years of the Company by at\nleast 90%.\n \n These results come from a wide variety of orders of\nvarying size and value, and from a combination of both Custom\nEquipment and Turn-key Projects.\n \n \n Custom Equipment orders continued to grow throughout the pandemic, but\n \n Thermal Energy\n \n are now seeing further growth as\ncustomers’ operations return to normal. Custom Equipment order\nintake for the first half of fiscal 2023 is more than double what it\nwas last year at the same point, and exceeds full year Custom\nEquipment order intake levels in each of the five prior fiscal years\nof the Company.\n \n \n Turn-key Project pipeline and resulting orders were heavily impacted\nby COVID lockdown measures, however fiscal 2023 has seen a turnaround\nin this area of the business.\n \n \n \n Turn-key projects require a significant amount of\nengineering development before a project order is received, so are\noften preceded by a paid Project Development Agreement (“PDA”)\n \n \n as a\n \n \n precursor to the full\nTurn-key Project order. The number of PDA orders received in\n \n the first half of fiscal 2023\n \n is double that of\nthe same period last year. In addition to this, full Turn-key...