(TheNewswire)
OTTAWA, ONTARIO – March 27, 2019 – Thermal Energy International Inc. (“Thermal Energy” or the “Company”) (TSX-V:
TMG),
an innovative cleantech company providing proprietary energy efficiency and emissions reduction solutions to companies worldwide,
has been commissioned by a leading multinational animal nutrition and
agricultural products company to improve energy efficiency at one of its European facilities.
The project, with a value of approximately $2.3 million, will see Thermal Energy install two of its
proprietary FLU-ACE® heat recovery systems to delivery greater fuel efficiency. The first system
will recover heat from the site’s process dryers, with the other recapturing heat from the site’s boiler plant. The recovered
heat will be used to displace steam and natural gas currently heating water and air used within the production
process.
Upon commissioning, Thermal Energy’s FLU-ACE® systems are expected to reduce the customer’s fuel usage by
over 15% providing utility savings of approximately $920,000 per year. Carbon emissions will
also be reduced by over 2,122 tonnes annually. This is the equivalent amount of energy saved by permanently removing more than 450
cars from the road or switching more than 80,000 incandescent light bulbs to LED.
This is the second and third FLU-ACE® installation for this multinational
manufacturer. Thermal Energy previously completed a similar project for this customer on a biomass boiler exhaust
which is currently delivering a 32% annual energy reduction and is expected to achieve $3.4million saving over the
product lifecycle. This latest project also comes after the successful deployment of Thermal Energy’s high-efficiency, low
maintenance GEM™ steam trap technology at over five of the customer’s sites across the Americas
and Europe. The scope of this order covers all design, construction, commissioning and training for the
system.
“Our partnership with this sector-leading organization has ongoing potential for a number of our products
including GEM™, FLU-ACE®, HEATSPONGE and DRY-REX™, said William Crossland, CEO
of Thermal Energy. “This order is just one example of how Thermal Energy is becoming a one-stop-shop for a variety of
our customers’ sustainability needs.”
“With up to 50% of industrial energy consumption lost as waste heat, Thermal Energy’s solutions
reduce our customers’ energy use and carbon emissions while also improving their profitability and competitiveness. Not only is
increasing energy efficiency the fastest, cheapest and easiest way to reduce carbon emissions, it is also needed to deliver almost
half of the worlds carbon emission reduction targets – three times more than renewables.”
The project is expected to be completed and revenue earned within nine months.
ENDS
For media enquiries contact:
Devin Crockett or Liz Fisher
Marketing Manager
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
Bill.crossland@thermalenergy.com
Notes to editors:
About Thermal Energy International Inc.
Thermal Energy International Inc. is an established global supplier of proprietary, proven energy
efficiency and emissions reduction solutions to the industrial and institutional sectors. We save our customers money and improve
their bottom line by reducing their fuel use and cutting their carbon emissions. Our customers include a large number of
Fortune 500 and other leading multinational companies across a wide range of industry sectors.
Thermal Energy is also a fully accredited professional engineering firm and by providing a unique
mix of proprietary products together with process, energy and, environmental engineering expertise, Thermal Energy is able to
deliver unique turnkey projects with significant financial and environmental benefits for our customers.
Thermal Energy's proprietary products include; GEM™ - Steam Traps, FLU-ACE®
- Direct contact condensing heat recovery, HEATSPONGE SIDEKICK and RAINMAKER – Indirect contact condensing heat recovery systems,
and DRY-REX™ - Low temperature biomass drying systems.
Thermal Energy has engineering offices in Ottawa, Canada, Pittsburgh, USA, as well as Bristol, U.K.,
with sales offices in Canada, UK, USA, Germany, Poland, Italy and China. TEI’s common shares are traded on the TSX Venture Exchange
(TSX-V) under the symbol TMG.
For more information, visit our website at www.thermalenergy.com and follow us on Twitter at http://twitter.com/GoThermalEnergy.
# # #
This press release contains forward-looking statements relating to, and amongst other things, based
on management’s expectations, estimates and projections, the anticipated effectiveness of the Company’s products and services and
the timing of revenues to be received by the Company. Information as to the amount of heat recovered, energy savings and payback
period associated with Thermal Energy International’s products are based on the Company’s own testing and average customer results
to date. Statements relating to the expected installation and revenue recognition for projects, statements about the anticipated
effectiveness and lifespan of the Company’s products, statements about the expected environmental effects and cost savings
associated with the Company’s products and statements about the Company’s ability to cross-sell its products and sell to more sites
are forward looking statements. These statements are not guarantees of future performance and involve a number of risks,
uncertainties and assumptions. Many factors, some of which are outside of the Company’s control, could cause events and results to
differ materially from those stated. Fulfilment of orders, installation of product and activation of product could all be delayed
for a number of reasons, some of which are outside of the Company’s control, which would result in anticipated revenues from such
projects being delayed or in the most serious cases eliminated. Actions taken by the Company’s customers and factors inherent in
the customer’s facilities but not anticipated by the Company can have a negative impact on the expected effectiveness and lifespan
of the Company’s products and on the expected environmental effects and cost savings expected from the Company’s products. Any
customer’s willingness to purchase additional products from the Company is dependent on many factors, some of which are outside of
the Company’s control, including but not limited to the customer’s perceived needs and the continuing financial viability of the
customer. The Company disclaims any obligation to publicly update or revise any such statements except as required by
law.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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