OTTAWA, ONTARIO – July 16, 2024 – 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 corporations around the world, today announced that it achieved record order intake1 for its fiscal year ended May 31, 2024. During the 12-month period, the Company received orders totaling $29.7 million, representing increases of 9% year-over-year and 151% over the past two years. Additionally, order backlog2 at the end of May was up approximately 40% compared to a year earlier and up more than 200% over the past two years.
"We are thrilled to announce that Thermal Energy has yet again achieved record annual order intake,” said William Crossland, CEO of Thermal Energy. “After an impressive 130% growth in orders last year, order intake this year is up a further 9% to $29.7 million compared to $27.3 million the year before. Notably, we had our highest ever annual order intake for turn-key heat recovery solutions, record order intake for our wholly owned subsidiary, Boilerroom Equipment, Inc., as well as the second-highest annual order intake for our GEM business. As a result, we are starting our new fiscal year with an unprecedented order backlog, up approximately 40% compared to a year earlier and up more than 200% over the past two years. These achievements underscore the strong demand for our energy efficiency and carbon emission reduction solutions. They are also a testament to our team's dedication and the trust our large multinational customers place in our technology and expertise to deliver significant energy savings and environmental benefits."
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1 Order intake is the value of purchase orders received from customers during a stated period. Not all of these orders will have been fully recognized during the stated period.
2 Order backlog represents any purchase orders that have been received by the Company but have not yet been reflected as revenue in the Company’s published financial statements.
ENDS
For media enquiries contact:
Thermal Energy International Inc.
Canada: 613-723-6776
UK: +44 (0)117 917 2179
Marketing@thermalenergy.com
For investor enquiries:
William Crossland
President and CEO
Thermal Energy International Inc.
613-723-6776
Investors@thermalenergy.com
Notes to editors
About Thermal Energy International Inc.
Thermal Energy International Inc. provides energy efficiency and emissions reduction solutions to Fortune 500 and other large multinational companies. We save our customers money by reducing their fuel use and cutting their carbon emissions. Thermal Energy’s proprietary and proven solutions can recover up to 80% of energy lost in typical boiler plant and steam system operations while delivering a high return on investment with a short, compelling payback.
Thermal Energy is a fully accredited professional engineering firm with engineering offices in Ottawa, Canada, Pittsburgh, USA, as well as Bristol, UK, with sales offices in Canada, UK, USA, Germany, Poland, and Italy. By providing a unique mix of proprietary products together with process, energy, and environmental engineering expertise, Thermal Energy can deliver unique, site-specific turnkey and custom engineered solutions with significant financial and environmental benefits for our customers.
Thermal Energy’s common shares are traded on the TSX Venture Exchange (TSX-V) under the symbol TMG and on the OTCQB under the symbol TMGEF. For more information, visit our investor website at https://investors-thermalenergy.com or company website at www.thermalenergy.com and follow us on Twitter at https://twitter.com/GoThermalEnergy.