Mr. William Crossland reports

THERMAL ENERGY RECEIVES $3.7 MILLION HEAT RECOVERY ORDER FROM ONE OF EUROPE'S LARGEST FOOD AND DRINK PRODUCERS

Thermal Energy International Inc. has received a $3.7-million turnkey heat recovery order from a multinational branded and private-label food and drink producer. All figures are shown in Canadian dollars.

"Our latest heat recovery technology is expected to help this customer reduce their fuel use and greenhouse gas emissions by up to 20 per cent," said William Crossland, Thermal Energy chief executive officer. "After successfully completing a heat recovery project in 2021 at another site for this customer, and based on the fuel savings and carbon emissions reductions achieved there, we have secured this next project. We also supported the customer through a successful application for government funding through the Industrial Energy Transformation Fund, or IETF.

"Our strong momentum continues. With the receipt of this order, and just a few days into the second half of fiscal 2024, our year-to-date order intake is over $19-million, or about 70 per cent of last year's full-year record order intake."

Environmental benefits, fuel savings and project payback

This turnkey heat recovery project will recover waste energy from six steam boilers at the site of one of the customer's canned foods production facilities. The project is expected to provide annual natural gas savings of approximately $1.3-million while reducing carbon dioxide emissions by 3,078 tonnes per year, resulting in additional financial savings of about $313,000 per year based on approximately $102 per tonne. The project is expected to provide a payback of approximately 2.3 years, or 1.6 years after receipt of IETF grant funding.

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.

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