Mr. William Crossland reports

THERMAL ENERGY TO DELIVER FIFTH TURN-KEY PROJECT FOR GLOBAL NUTRITION COMPANY

Thermal Energy International Inc. has been commissioned by a global nutrition company to deliver a fifth turnkey energy efficiency and carbon emission reduction solution. All figures are shown in Canadian dollars.

This order valued at approximately $1.1-million succeeds the order announced in September, 2022, making this the fifth turnkey energy efficiency and carbon emission reduction solution Thermal Energy has delivered for this customer since 2019.

"We're extremely proud to be continuing our strong relationship with this customer, who has clear evidence that our solutions deliver, and therefore strives to replicate the success across more of its sites," said William Crossland, Thermal Energy chief executive officer.

This turnkey Flu-Ace heat recovery project (a repeatable application at other of the customer's sites across Europe and North America) is designed to recover waste energy from the dryer burner exhaust. The solution is expected to deliver an estimated 17-per-cent reduction in fuel use and greenhouse gas emissions, saving the customer $490,000 annually and providing a 50-per-cent to 90-per-cent reduction in the emission of particulate matter and acid gases such as SO2 (sulphur dioxide).

As a result, the customer has confidence it will remain below its EU ETS (European Union Emissions Trading System) allowance to not only avoid fines or the need to purchase further allowances, but to bank or sell unused allowances, both providing better positioning to ride the volatility of the carbon market an improving the project payback.

The project is expected to be completed and revenue earned within nine months.

About Thermal Energy International Inc.

Thermal Energy International provides energy efficiency and emissions reduction solutions to Fortune 500 and other large multinational companies. It saves its customers money by reducing their fuel use and cutting their carbon emissions. Thermal Energy's proprietary and proven solutions can recover up to 80 per cent 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, United States, as well as Bristol, United Kingdom, with sales offices in Canada, the U.K., the U.S., 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 its customers.

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