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OTTAWA, ONTARIO – TheNewswire - December 14, 2022 – Thermal Energy International Inc. (“ Thermal Energy ” or the “Company”) (TSXV: TMG ) , ( OTC: TMGEF ), a provider of innovative energy efficiency and carbon emission reduction solutions to major corporations around the world, has received a $500,000 multisite GEM TM project order from a global brewer. All figures are shown in CAD .
As one of the largest beer manufacturers in the world, this global brewer produces billions of bottles of beer a year, resulting in carbon emissions equivalent to driving more than 5 billion km which is more than 125,000 times around the earth. The company has a sustainability goal to reduce CO2 emissions by 25% across its value chain.
Following the successful implementation of GEM TM steam traps at two of the customer’s North American sites, the customer proceeded with a $500,000 rollout of GEM TM to cover a portion of failed mechanical traps at 15 further sites across Europe and North America.
Thermal Energy’s solutions provide a plethora of benefits of which the food and beverage industry is one of the greatest benefactors. Our experience with the industry together with the Thermal Energy Carbon Consortium, helps to better understand the challenges, barriers and requirements around technology adoption for large food and beverage manufacturers who shape their businesses around energy and carbon reduction targets.
With this order, Thermal Energy will have delivered over $1.6 million in energy efficiency solutions to this customer including both FLU-ACE® and GEM TM and spanning six countries.
“This is the second multi-site rollout of GEM TM in a matter of weeks, both within the food and beverage industry. The customer’s willingness to invest heavily in our solutions is clear recognition that our technology offers exceptional impact on their operations, and our team adds significant value with their knowledge and experience delivering multisite projects,” said William Crossland, Thermal Energy CEO.
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. Fulfillment of orders,
installation of products, 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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