Mr. William Crossland reports

THERMAL ENERGY ANNOUNCES $2.6 MILLION HEAT RECOVERY ORDER FROM MULTINATIONAL DAIRY AND NUTRITION COMPANY

Thermal Energy International Inc. has received a $2.6-million turnkey heat recovery order from a multinational dairy and nutrition company.

"We are thrilled to partner with this leading dairy producer to maximize the potential of a combined heat and power system already on site," said William Crossland, Thermal Energy's chief executive officer. "This turnkey project will reduce their reliance on natural gas and lower their carbon footprint while saving them money. While we have sold them GEM steam traps in the past, this is our first turnkey heat recovery project with this customer.

"Our order intake is off to a strong start in fiscal 2024, as we've already received more than $13-million in orders less than five months into the year. Not surprisingly, we're seeing strong demand for our solutions, as energy efficiency is the fastest, cheapest and easiest way for manufacturing operations around the world to reduce their carbon emissions."

Environmental benefits, fuel savings and project payback

By displacing the demand for natural gas through waste heat recovery, this turnkey project is expected to result in estimated annual savings of $1.2-million on fuel while reducing carbon dioxide emissions by 4,231 tonnes, as well as a 50-per-cent-to-90-per-cent reduction in annual emissions of particulate matter (which are contributors to asthma and other respiratory diseases) and acid gases, such as sulphur dioxide. The project is expected to provide a payback of approximately 2.1 years.

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. Thermal Energy 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 United Kingdom, the United States, 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.

We seek Safe Harbor.