News this morning Thermal Energy Sells Fourth Heat Recovery System To Leading Fortune 500 Food & Beverage Company
Wednesday, August 27, 2014
Thermal Energy Sells Fourth Heat Recovery System to Leading Fortune 500 Food & Beverage Company
05:00 EDT Wednesday, August 27, 2014
(via Thenewswire.ca)
OTTAWA, ONTARIO / TNW-ACCESSWIRE / August 27, 2014/ Thermal Energy International Inc. ("Thermal Energy" or the "Company") (TSXV: TMG), a global provider of energy efficiency and emission reduction solutions, announced today that it has received an order valued at approximately $810 thousand from a leading Fortune 500 food and beverage company for the purchase of a FLU-ACE(R)heat recovery system at one of its facilities. This heat recovery project is estimated to reduce the food and beverage company's annual operating costs by approximately $195 thousand providing a payback of approximately 4.1 years. The order is expected to be fulfilled and revenue earned over the next six months.
"Our latest order from this existing customer highlights our strong commitment to helping our clients save money while achieving their sustainability goals." said William Crossland, CEO of Thermal Energy. "In addition to significant natural gas savings, the installation of this FLU-ACE(R)heat recovery system will help this industry leader reduce its water consumption by approximately two million gallons annually. With many other facilities around the world, we are continuing to build a relationship with this customer at the corporate level and are actively pursuing additional opportunities for repeat business."
Including this latest order, over the last 24 months Thermal Energy has received purchase orders from this customer for GEM(R)steam traps at nine different sites and FLU-ACE(R)heat recovery systems at four of these sites. Collectively, on an annual basis these GEM(R)steam traps and FLU-ACE(R)heat recovery systems are estimated to be saving the food and beverage company more than $1 million in energy and operating costs, reducing greenhouse gas emissions by more than 10,000 tonnes (equivalent to removing approximately 2,000 cars from the road) and recovering more than seven million U.S. gallons of water.
The food and beverage conglomerate has revenues of more than $50 billion and more than 200,000 employees.
With this order Thermal Energy's order backlog currently stands at approximately $8.3 million of which approximately $0.5 million is related to long-term contracts and is not expected to be reflected in revenue within the next 12 months. Thermal Energy includes in "order backlog" all purchase orders received for product or services that have not yet been reflected as revenue in the Company's published financial statements.