Mr. William Crossland reports

THERMAL ENERGY RECEIVES $1.9 MILLION IN REPEAT BUSINESS FROM GLOBAL NUTRITION COMPANY

Thermal Energy International Inc. has received a $1.9-million turnkey heat recovery order from a global nutrition company.

"One of the reasons we target large multinational companies is their potential for significant repeat business," said William Crossland, Thermal Energy CEO. "This will be our sixth turn-key project with this customer and our third in the last 12 months. With this latest order, we have done over $8.1 million of business with this multinational company since 2019. Importantly, this customer has clear evidence that our solutions reduce carbon emissions while saving them money on their energy bills. They have many other sites that could benefit from our technologies and there are still significant opportunities for additional energy and carbon emission reduction projects at the sites we've already done business with."Infographic 1To view an enhanced version of this graphic, please visit:https://images.newsfilecorp.com/files/2616/183183_4a2a8c0e7416ea11_001full.jpg

Environmental Benefits, Fuel Savings and Project Payback

The turn-key heat recovery project is designed to recover waste energy from a biomass steam boiler exhaust and use the captured energy to reduce overall steam and fuel consumption onsite. The project is expected to reduce natural gas use by the site's steam boilers by 75%, CO2 emissions by 1,587 tonnes annually, and the emission of particulate matter and acid gases such as SO2 by 50% - 90%. The project is expected to result in a payback of approximately 1.2 years.

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

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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.

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