Thermal Energy International Inc V.TMG

Finally - some to discuss about TMG

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Thermal Energy International Closes out the Fiscal Year
---> with Record Order Intake for both GEM™ and HeatSponge Product Categories
6/4/2021
 

OTTAWA, ONTARIO – June 7, 2021 – Thermal Energy International Inc..... has announced record order intake across both its GEM™ and HeatSponge product categories, for the financial year ended May 31, 2021. All figures are in Canadian dollars.  

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Order intake for the Company’s proprietary GEM™ steam trap technology  this year was the highest in the Company’s history and more than 25% greater than each of the last two years.

Meanwhile, order value for HeatSponge products was also a record, 28% ahead of last year and 47% greater than the year before.

Orders for these products span several industries and sectors including essential, continuous production, facilities such as food and beverage manufacture and processing, as well as pharmaceutical, chemical and healthcare.

A selection of recent orders includes:

1. Orders amounting to over $479,000 for the installation of low maintenance, high efficiency GEM™ steam traps and the associated service contracts at a number of hospitals to help sites meet their carbon emissions reduction targets and deliver significant financial savings.
2. Two orders from a global brewing company to provide GEM™ steam traps to two additional sites in North America. It follows a Heat Recovery order from the existing customer at its facility in Russia, announced April 2021.
3. Eight GEM™ orders from an American food conglomerate for sites across the US and Canada totalling approximately $1 million.
4. An order for the supply of five HEATSPONGE COLOSSUS model large-industrial economizers to the Walter Reed National Military Medical Center in the US.
5. Five HEATSPONGE economizers consisting of three condensing MAGNUM models and two conventional BOSS models for an Italian owned food processing facility in the US.
6. A total of 18 GEM™ steam trap orders totalling $640,000 from a multinational tire and rubber company to help reduce site maintenance requirement and improve process control across sites in Germany and the US. 

“I am delighted to be able to announce record order intake level across the GEM™ and HeatSponge product categories for this year,

particularly since this was a universally challenging and unpredictable year for businesses,” said William Crossland, CEO of Thermal Energy.

“For us, these order figures clearly demonstrate our adaptability as a company and the robust nature of both our offering and route to market. It also highlights the ongoing success of our strategic growth strategy. 

“By leveraging our existing multinational customer base, we continue to grow organically. Our acquisition of Boilerroom Equipment Inc. (“BEI”),

the innovators behind the HeatSponge brand of boiler economizers, in 2018 has contributed to our diverse range of complementary and proprietary energy efficiency solutions.

“While the pipeline of Turnkey Heat Recovery projects that we are developing continues to track ahead of previous years, temporary COVID-19 travel restrictions and mitigation measures have impacted our ability to execute these projects over the last 12 months.

This is due to customer preference for onsite engineering, design, and installation.

However, our GEM™ and HeatSponge orders have continued to grow as they require less site access, allowing us to consistently support our customers’ efficiency and sustainability goals through minimal contact.

“As the build-back-better approach continues

to have a positive impact on the growing global demand for carbon emission reduction solutions, we enter the next financial year

---> with a record order intake level for two pivotal product categories and
--->a strong pipeline of Turnkey Heat Recovery Projects under development.”

For more information on the products and services available from Thermal Energy International or to request an investor pack visit: www.thermalenergy.com/investors.

For media enquiries contact:
[e-mail]
Thermal Energy International Inc.
Canada: 613-723-6776
UK: [phone]