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OTTAWA, ONTARIO – TheNewswire - September 7, 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 been commissioned by a leading meat producer to deliver a new innovative turn-key energy efficiency and carbon emission reduction s olution (figures shown in CAD).
Thermal Energy’s Heat Recovery Turn-key solution is expected to deliver a 27% reduction in fuel an d offset approximately 550 tonnes of CO2 per year, the equivalent of permanently removing 115 cars from the road. Valued at approximately $800,000, this order covers all engineering, manufacturing, installation, and training for the system.
This leading meat producer operates 15 manufacturing plants in Europe to serve a portfolio of 22 brands that are active in over 43 countries globally. Committed to reducing GHG emissions and water impacts in its supply chain, the organization turned to Thermal Energy after recognising the potential at a trade show.
This project represents an innovative new application for our technology and is our second of its kind from this meat processing sector-specific heat source, representing a highly repeatable solution within this company’s portfolio and within the broader sector.
“This project is an excellent example of our unique capabilities to deliver innovative solutions that lower our customer’s fuel use and carbon emissions. With European natural gas prices now 10 t i mes higher than usual for this time of the year, Thermal Energy’s solutions are required more than ever. This customer – like all our customers – now has extra assurances that they can weather what is described by Market Insider as ‘the continent's worsening energy crisis’ going from 'bad' to 'ugly'.” said William Crossland, Thermal Energy CEO.
“The food and beverage industry represents a large opportunity to realize significant cost savings and reduce CO2 emissions, and we’re noticing more and more organizations in this industry driving towards carbon reduction goals. ”
The project is expected to be completed and revenue earned within 9 months.
Readers are encouraged to subscribe to TEI News to receive strategic news and updates directly to their inbox.
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 a number of 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 product could all be delayed for a number of
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) accepts responsibility for the adequacy
or accuracy of this release.
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