OTTAWA, ONTARIO – January 19, 2021 – Thermal Energy International Inc. (“Thermal Energy” or the “Company”) (TSX-V: TMG), has been commissioned by a Canadian hospital to supply a heat recovery project.
This equipment order, valued at over $770,000, was secured following a competitive tender process and once commissioned, is expected to deliver annual fuel savings of approximately $198,000 for the hospital, and reduce CO2 emissions by an estimated 1,115 metric tonnes per year. The annual emissions expected to be eliminated is equal to removing over 240 cars from the road, or eliminating the emissions from 6 railcars’ worth of coal burned.
“Healthcare providers continue to come under increasing pressure to reduce fuel usage and operate more efficiently. We are pleased to be able to assist this hospital as they maintain their efficiency goals at one of the most challenging times for the sector in a generation,” said William Crossland, CEO of Thermal Energy.
“As a company, we have extensive experience with hospitals and healthcare facilities across North America and Europe. Now more than ever, hospitals are required to run 24 hours a day, seven days a week with no window for shutdown. As such, providing and installing effective technologies requires not only experience but also a flexible approach to deliver the best possible result for the individual site. This order is the latest example of how we continue to support these essential organizations around the world.
“We continue to see growing global interest in a “build back better” approach in all of our key markets. Increasingly, businesses are looking to energy efficiency as a way of reducing carbon emissions while improving profitability and competitiveness. Our year-to-date order intake for this fiscal year continues to track ahead of last year.”
The project is expected to be completed and revenue earned within nine months.
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President and CEO
Thermal Energy International Inc.
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.
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. 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 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.
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.