Business
Thermal Energy Receives $626,000 Heat Recovery Contract from a Producer of Several Leading Food Brands
(via Thenewswire.ca) OTTAWA, ONTARIO / TheNewswire / January 26 , 2015 - Thermal En...
About this update from Thermal Energy International Inc.
[{"type":"text","content":"Thermal Energy Receives $626,000 Heat Recovery Contract from a Producer of Several Leading Food Brands(via Thenewswire.ca)\n \n \nOTTAWA, ONTARIO / TheNewswire / January 26, 2015 - Thermal Energy International Inc. (\"Thermal Energy\" or the \"Company\") (TSXV: TMG), a global provider of proprietary energy efficiency solutions to the industrial, commercial and institutional sectors, announced today that it has received a contract valued at approximately $626 thousand from a producer and marketer of several leading food brands. The contract is for the purchase and installation of one of the Company's proprietary heat recovery systems at one of the customer's facilities. The contract is expected to be fulfilled and revenue earned over the next six months.\n\n \n \n\"We continue to have success selling our products into the food and beverage sector,\" said William Crossland, CEO of Thermal Energy. \"This is another new customer for us with potential for several sites and future cross-selling opportunities. We look forward to further developing our relationship with this customer.\" \n\n\n \nThe heat recovery system to be installed is designed to recover the thermal energy from the primary boiler exhaust stack and use it to heat water to be used as boiler make-up water. This is expected to reduce the customer's annual operating costs by approximately $277 thousand, resulting in a payback period of about two years.\n\n\n \nThermal Energy's order backlog currently stands at approximately $5.1 million of which approximately $0.5 million is related to long-term contracts and is not expected to be reflected in revenue within the next 12 months. Thermal Energy includes in \"order backlog\" all purchase orders received for product or services that have not yet been reflected as revenue in the Company's published financial statements. \n\n\n \nAbout Thermal Energy International Inc.\n\n\n\n \nThermal Energy International Inc. is an innovative cleantech company providing proprietary and proven energy efficiency solutions to the industrial, commercial and institutional markets worldwide. We save our customers money and improve their bottom line by reducing their fuel use and cutting their carbon emissions. Our customers include a large number of Fortune 500 and other leading multinational companies across a breadth of industry sectors.\n\n \n...