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Thermal Energy Receives $3.7 Million Heat Recovery Order from One of Europe's Largest Food and Drink Producers
Latest order confirms growing momentum into second half of fiscal 2024 Ottawa, Ontario--(Newsfil...
About this update from Thermal Energy International Inc.
[{"type":"text","content":"Thermal Energy Receives $3.7 Million Heat Recovery Order from One of Europe's Largest Food and Drink ProducersLatest order confirms growing momentum into second half of fiscal 2024Ottawa, Ontario--(Newsfile Corp. - December 7, 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 $3.7 million turn-key heat recovery order from a multinational branded and private label food and drink producer. All figures are shown in CAD.\"Our latest heat recovery technology is expected to help this customer reduce their fuel use and greenhouse gas emissions by up to 20%,\" said William Crossland, Thermal Energy CEO. \"After successfully completing a heat recovery project in 2021 at another site for this customer and based on the fuel savings and carbon emissions reductions achieved there, we have secured this next project. We also supported the customer through a successful application for government funding through the Industrial Energy Transformation Fund, or IETF.\" \"Our strong momentum continues. With the receipt of this order, and just a few days into the second half of fiscal 2024, our year-to-date order intake is over $19 million, or about 70% of last year's full-year record order intake.\" Environmental Benefits, Fuel Savings and Project Payback This turnkey heat recovery project will recover waste energy from six steam boilers at the site of one of the customer's canned foods production facilities. The project is expected to provide annual natural gas savings of approximately $1.3 million while reducing CO2 emissions by 3,078 tonnes per year, resulting in additional financial savings of about $313 thousand per year based on approximately $102 per tonne. The project is expected to provide a payback of approximately 2.3 years, or 1.6 years after receipt of IETF grant funding.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.ENDS For media enquiries contact:Thermal Energy International Inc.Canada: 613-723-6776UK: +44 (0)117 917 [email protected] investor enquiries:William CrosslandPresident an...