Business
Thermal Energy Receives $1.9 Million in Repeat Business from Global Nutrition Company
Latest heat recovery order will be the sixth turn-key project with this customer since 2019 Otta...
About this update from Thermal Energy International Inc.
[{"type":"text","content":"Thermal Energy Receives $1.9 Million in Repeat Business from Global Nutrition CompanyLatest heat recovery order will be the sixth turn-key project with this customer since 2019Ottawa, Ontario--(Newsfile Corp. - October 10, 2023) - 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 received a $1.9 million turn-key heat recovery order from a global nutrition company. All figures are shown in CAD.\"One of the reasons we target large multinational companies is their potential for significant repeat business,\" said William Crossland, Thermal Energy CEO. \"This will be our sixth turn-key project with this customer and our third in the last 12 months. With this latest order, we have done over $8.1 million of business with this multinational company since 2019. Importantly, this customer has clear evidence that our solutions reduce carbon emissions while saving them money on their energy bills. They have many other sites that could benefit from our technologies and there are still significant opportunities for additional energy and carbon emission reduction projects at the sites we've already done business with.\"Infographic 1To view an enhanced version of this graphic, please visit:https://images.newsfilecorp.com/files/2616/183183_4a2a8c0e7416ea11_001full.jpgEnvironmental Benefits, Fuel Savings and Project Payback The turn-key heat recovery project is designed to recover waste energy from a biomass steam boiler exhaust and use the captured energy to reduce overall steam and fuel consumption onsite. The project is expected to reduce natural gas use by the site's steam boilers by 75%, CO2 emissions by 1,587 tonnes annually, and the emission of particulate matter and acid gases such as SO2 by 50% - 90%. The project is expected to result in a payback of approximately 1.2 years. The project is expected to be completed and revenue earned within 12 months.Readers are encouraged to subscribe to TEI News to receive strategic news and updates directly to their inbox.ENDSFor media enquiries contact:Thermal Energy International Inc.Canada: 613-723-6776UK: +44 (0)117 917 [email protected] investor enquiries:William CrosslandPresident and CEO...