Mr. William Crossland reports

THERMAL ENERGY RECEIVES $4 MILLION TURN-KEY HEAT RECOVERY ORDER FROM BIG PHARMA UNDER NEW GLOBAL MASTER SERVICES AGREEMENT

Thermal Energy International Inc. has received an order for a turnkey heat recovery project valued at approximately $4-million from a leading multinational pharmaceutical company.

"This is our largest heat recovery order since before the pandemic and our first turnkey heat recovery order from a pharmaceutical company," said William Crossland, chief executive officer of Thermal Energy. "Importantly, this customer has about 40 sites of interest around the world. We recently signed a master services agreement and have two other paid project development agreements active with them.

"Following our prior success selling other products to pharmaceutical companies, we see significant cross-selling opportunities and are making a strategic push with heat recovery into this sector. Our proven solutions are a perfect fit for this sector due to the prevalence of low-grade heat use, the sector's commitment to GHG [greenhouse gas] reductions, and their financial wherewithal facilitating positive carbon-reduction action."

This turnkey heat recovery project is designed to deliver natural gas savings at the boiler plant. The expected reduction in natural gas consumption would reduce CO2 (carbon dioxide) emissions by 1,280 tons per year, representing a 13.5-per-cent reduction in site thermal CO2 emissions. Based on the client's expected natural gas prices, the project is expected to deliver approximately $1-million in annual fuel savings, resulting in a payback for a turnkey implementation in 4.1 years, before application of any available utility and/or government funding/tax credits.

This project is key to this customer meeting looming 2030 emission reduction commitments as economically as possible, and paves the way to ultimately meeting longer-term carbon neutrality goals.

The project is expected to be completed and revenue earned within 12 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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