Global Nutrition Company Once Again Turns to Thermal Energy International for Carbon Emission Reduction
OTTAWA, ONTARIO – September 14, 2021 – Thermal Energy International Inc. (“Thermal Energy” or the “Company”) (TSX-V: TMG, OTCQB: TMGEF), a provider of innovative energy efficiency and carbon emission reduction solutions to major corporation around the world, has once more been commissioned by a multinational food products corporation to install a turn-key heat recovery solution. This will be the third turn-key energy efficiency and carbon emission reduction solution Thermal Energy has installed for this corporation in the last two years.
Thermal Energy's proprietary technologies have allowed the continued installation of FLU-ACE® heat recovery systems and GEM™ across this global manufacturer's sites. Over the past few years, we have delivered over $2M in Heat Recovery projects and around $1M in GEM™ orders in Europe and North America.
The scope of this order covers all engineering, manufacturing, installation, and training for the system, valued at over $900,000. The solution is expected to deliver an annual carbon reduction of 1,426 tonnes worth an estimated $400,000 based on the host nation’s carbon reduction incentive program, as well as energy savings of $300,000. As is normally the case, Thermal Energy has completed and provided the customer with the engineering studies to prove and guarantee these long-term savings.
This opportunity involves a new European site and market for Thermal Energy. This newest FLU-ACE® heat recovery system is designed to recover and repurpose energy currently lost from the boiler exhausts. Even though existing modern economizers are already in place, Thermal Energy’s technologies allow for more heat recovery than the existing systems, and will complement, not replace them.
This global nutrition corporation aims to reduce its carbon footprint by 15% by 2025, with a final goal of zero net emissions by 2050.
"Thermal Energy plays a crucial role in supporting this repeat customer with their carbon emission reduction objectives. Our unique approach as an innovative full-range solutions provider has given us opportunities to grow alongside our customers," said William Crossland, CEO of Thermal Energy.
"Through our shared commitment to energy efficiency and carbon emission reductions, we will continue to refine and offer solutions that will meet this customer's unique set of challenges, all backed by science, a cutting-edge engineering team and extensive customer success stories."
"When it comes to carbon emission reduction options, manufacturers often encounter information overload and decision paralysis; Thermal Energy cuts through all noise and confusion and delivers immediate solutions. In short, we get projects done!"
The project is expected to be completed and revenue earned within 9 months.
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About Thermal Energy International Inc.
Thermal Energy International Inc., ranked as one of Canada’s Top Growing Companies in 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 turnkey 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 and follow us on Twitter at twitter.com/GoThermalEnergy.
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 and the timing of revenues to be received by the Company. For example, information as to the expected benefits to Thermal Energy International and its customers from the new facility 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. The Company disclaims any obligation to publicly update or revise any such statements except as required by law.
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