Third heat recovery project under global master services agreement in the last 15 months
Ottawa, Ontario--(Newsfile Corp. - December 16, 2024) - Thermal Energy International Inc. (TSXV: TMG) (OTCQB: TMGEF) ("Thermal Energy" or the "Company"), a provider of innovative energy efficiency and carbon emission reduction solutions to major corporations around the world, has received an order for a heat recovery and heat pump project valued at approximately $2.8 million from a leading multinational pharmaceutical company. All figures are shown in CAD.
"We are thrilled to announce our third heat recovery project with this customer within the last 15 months," said William Crossland, CEO of Thermal Energy International. "This continued partnership, facilitated by our global master services agreement, is a testament to the trust this industry leader places in our innovative energy efficiency solutions. The three projects announced thus far will play a fundamental role in helping them meet their 2030 emission reduction targets as cost-effectively as possible. With approximately 40 of their sites identified as opportunities for our technology, we are excited about the significant potential to further support their sustainability journey."
The turn-key project includes both indirect contact HeatSponge®, a direct contact FLU-ACE® heat recovery system, as well as an integrated heat pump. The project is expected to deliver approximately 93% boiler efficiency. Additionally, the anticipated reduction in natural gas consumption is estimated to cut CO2 emissions by 728 tons per year, representing an estimated 11% reduction in site CO2 emissions.
The project is expected to be completed and revenue earned within 12 months.