Thermal Energy Signs $5.8M ContractOttawa - Thermal Energy International Inc, ("Thermal Energy" or the"Company") is pleased to announce it has signed a contract valued atapproximately $5.8 million with Fibrek to provide a FLU-ACE heat recoverysolution for its pulp mill located in Saint-Félicien, Québec.
This $5.8 million contract was signed following the successful completion ofthe funded project development phase pursuant to a project development agreementsigned on January 24, 2011. Over the last four months, Thermal Energy togetherwith Fibrek identified, developed and designed the optimum heat recovery projectfor Fibrek's Saint-Félicien mill. Thermal Energy will install the FLU-ACE heatrecovery solution on the Saint-Félicien pulp machine. The system is designed tohave an installed heat recovery capacity of 57 GJ/hour, and this recoveredenergy, equivalent to over 24,000 kg/hr of steam, will be used to save steam invarious areas of the mill, making this steam available to drive turbines to makegreen electricity.
"This is the largest single order in the Company's history, and one ofseveral projects completed in the Pulp and Paper industry over the last severalyears, which is evidence of the strong technical capabilities Thermal Energy hasdeveloped in this sector. Projects such as this one, which can often leveragegovernment funding mechanisms, are consistent with our strategy to develop andimplement large scale turnkey energy efficiency projects", said Thermal EnergyPresident and CEO William Crossland.
TEI will commence the project immediately and expect to complete the projectand recognize the majority of revenue over the next four quarters.