(TheNewswire)
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OTTAWA, ONTARIO – TheNewswire - October 31, 2022 – Th ermal Energy International Inc. (“ Thermal Energy ” or the “Company”) (TSXV: TMG ) , ( OTCQB: TMGEF ), a provider of innovative energy efficiency and carbon emission reduction solutions to major corporations around the world, has been commissioned by a leading cereal manufacturer to implement a $1.4 million Turn-key heat recovery and carbon emission reduction project. All figures are shown in CAD.
Prior to this project, Thermal Energy had previously implemented GEM TM steam traps at this site and five other sites in North America for this customer. With this order, Thermal Energy will have delivered over $2.2 million in energy efficiency solutions to this customer.
Covering all aspects of project design and engineering as well as manufacturing, installation, commissioning and training, this $1.4 million Turn-key project is expected to deliver annual boiler natural gas savings and carbon emission reductions of almost 20%.
In addition, like many countries around the world, this site’s host country has adopted carbon pricing as a key element in its climate plan, as i t’s believed the financial incentive of carbon pricing will help achieve its Paris Agreement commitments to reduce GHG emissions to 30% below 2005 levels by 2030. As a result, for this project the value of the carbon reductions alone is expected to increase to more than $200,000 annually by 2030 .
“ This is a clear example of companies increasing their focus on meeting ambitious carbon reduction targets. This customer is getting ahead of the curve by making a proactive response to the inevitable carbon price increases, and by taking advantage of our readily available and proven technology, can be assured that their operations are more protected” said William Crossland, CEO of Thermal Energy.
The project is expected to be completed and revenue earned within nine months.
ENDS
For media enquiries contact:
Thermal Energy International Inc.
Canada: 613-723-6776
Marketing@thermalenergy.com
For investor enquiries:
Thermal Energy International Inc.
613-723-6776
Investors@thermalenergy.com
Notes to editors
About Thermal Energy International
Inc.
Thermal Energy International Inc., ranked as one of
Canada’s Top Growing Companies in 2021, 2020 and 2019, is an
established global supplier of proprietary, proven energy efficiency
and emissions reduction solutions to the industrial and institutional
sectors. We save our customers money and improve their bottom line by
reducing their fuel use and cutting their carbon emissions. Our
customers include many Fortune 500 and other leading multinational
companies across a wide range of industry sectors.
Thermal Energy is a fully accredited professional
engineering firm, and by providing a unique mix of proprietary
products together with process, energy, and environmental engineering
expertise, we can deliver unique turn-key energy and carbon emission
reduction projects with significant financial and environmental
benefits for our customers.
Thermal Energy's proprietary products include GEM™ -
Steam Traps, FLU-ACE® - Direct contact condensing heat recovery,
HEATSPONGE – Indirect contact condensing heat recovery systems, and
DRY-REX™ - Low-temperature biomass drying systems.
Thermal Energy has engineering offices in Ottawa,
Canada, Pittsburgh, USA, as well as Bristol, UK, with sales offices in
Canada, UK, USA, Germany, Poland, Italy, and China. TEI’s common
shares are traded on the TSX Venture Exchange (TSX-V) under the symbol
TMG and the OTCQB® Venture Market (“OTCQB”) in the United States
operated by the OTC Markets Group Inc., under the symbol TMGEF.
For more information, visit our website at
www.thermalenergy.com
, our investor
website at
investors-thermalenergy.com
or
follow us on Twitter
Cautionary Statements
This press release contains forward-looking statements
relating to, and amongst other things, based on management’s
expectations, estimates and projections, the anticipated effectiveness
of the Company’s products and services, the timing of revenues to be
received by the Company, the anticipated effects of COVID-19 on the
business, backlog and revenue, and the expectation that orders in
backlog will become revenue.
Information as to the amount of heat recovered, energy
savings and payback period associated with Thermal Energy
International’s products are based on the Company’s own testing
and average customer results to date. Statements relating to the
expected installation and revenue recognition for projects, statements
about the anticipated effectiveness and lifespan of the Company’s
products, statements about the expected environmental effects and cost
savings associated with the Company’s products and statements about
the Company’s ability to cross-sell its products and sell to more
sites are forward-looking statements. These statements are not
guarantees of future performance and involve several risks,
uncertainties and assumptions. Many factors, some of which are outside
of the Company’s control, could cause events and results to differ
materially from those stated. Fulfilment of orders, installation of
product and activation of products could all be delayed for several
reasons, some of which are outside of the Company’s control, which
would result in anticipated revenues from such projects being delayed
or in the most serious cases eliminated. Actions taken by the
Company’s customers and factors inherent in the customer’s
facilities but not anticipated by the Company can have a negative
impact on the expected effectiveness and lifespan of the Company’s
products and on the expected environmental effects and cost savings
expected from the Company’s products. Any customer’s willingness
to purchase additional products from the Company and whether orders in
the Company’s backlog as described above will turn into revenue is
dependent on many factors, some of which are outside of the
Company’s control, including but not limited to the customer’s
perceived needs and the continuing financial viability of the
customer. The Company disclaims any obligation to publicly update or
revise any such statements except as required by law. Readers are
referred to the risk factors associated with the Company’s business
as described in the Company’s most recent Management’s Discussion
and Analysis available
at
www.SEDAR.com
.
Neither TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the policies
of the TSX Venture Exchange) accept responsibility for the adequacy or
accuracy of this release.
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