Mr. William Crossland reports

THERMAL ENERGY SUBSIDIARY RECEIVES PURCHASE ORDER FOR 8 BOILER ECONOMIZERS

Thermal Energy International Inc.'s wholly owned subsidiary, Boilerroom Equipment Inc., has received a purchase order valued at approximately $540,000 from a Fortune 500 food processing and commodities trading company for eight HeatSponge boiler economizers. This is the largest single order in BEI history. The project is expected to be completed and revenue earned within the next six months.

"We are pleased to kick off the calendar year with the receipt of this custom equipment order, which is BEI's largest single purchase order ever," said William Crossland, Thermal Energy chief executive officer. "The genesis of this order traces back to a customer inquiry for a replacement of a single failed economizer made by another manufacturer. Upon reviewing the value-added design of BEI's HeatSponge Colossus-model economizers, which translates to longer service life, shorter downtime and lower maintenance costs, the customer chose to replace seven more economizers with BEI's HeatSponge economizers."

"Last year, BEI's revenue was almost double what it was two years prior, and by the end of the second quarter this year, BEI's order intake was up another 33 per cent year over year," added Mr. Crossland. "Other notable orders BEI has received in the past few months, include: four economizers to be installed at a large electric vehicle battery plant under construction in the United States, a project calling for a HeatSponge economizer to be uniquely adapted to serve as a combustion air preheater; a three-stage economizer to be installed at a food processing facility in Canada; a two-stage high-recovery economizer for a Canadian military facility; three economizers for a U.S. Midwest hospital; and, four economizers for a U.S. Veterans Hospital."

Thermal Energy acquired BEI and its complementary product offering in June of 2018.

About Thermal Energy International Inc.

Thermal Energy International Inc. 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, U.K., 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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