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Further expanding its capabilities to include heat recovery from both air and water, and new build construction
OTTAWA, ONTARIO – TheNewswire - December 12, 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 $330,000 order to deliver a second RBT ® wastewater heat recovery system at a newbuild facility for a leading textile manufacturer.
With this order, Thermal Energy will have delivered approximately $1.3 million in energy efficiency and carbon emission reduction solutions for this industry leader across multiple sites in Africa and South Asia .
The relationship with this customer began just before the pandemic in late 2019 with GEM™ steam trap projects at two of their sites. As world travel reopened fully in 2022, a major equipment order was announced for this customer that was not only the first Sofame system designed, engineered, and sold independently by Thermal Energy since the acquisition of Sofame in July 2021, but expanded Thermal Energy’s offerings to include heat recovery from both air and water. T his was later succeeded by a further order of GEM™ steam traps .
This recent order valued at over $330,000 covers the engineering, manufacturing, installation and training of a second RBT® wastewater heat recovery system at a new build facility. The RBT® system captures heat from wastewater and uses it to heat incoming water which is expected to produce savings of approximately $349,000 per year, less than a one-year payback.
Fashion-conscious consumers favour sustainable and socially conscious brands, forcing fashion retailers and textile manufacturers to focus their efforts on sustainability in order to retain competitive advantages in the fashion retail space. That was certainly true for this customer, who has placed sustainability at the forefront of its operations, so it was imperative they find the right supplier.
“Our ongoing relationship with this customer has only been possible through our extensive suite of technologies. We have been able to support this customer at existing sites, with new equipment and now the integration of our technology during the build of their brand-new facility, rather than as a retrofit as would usually be the case. This is why we’re trusted by world-leading organizations to provide the right solutions with the best return on investment for all types of manufacturing processes. Consistently being able to deliver reliable energy savings and carbon reduction solutions for our customers is why they return to us time and time again” 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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