Mr. William Crossland reports

THERMAL ENERGY ANNOUNCES $1 MILLION HEAT RECOVERY EXPANSION PROJECT WITH LEADING MULTINATIONAL FOOD & BEVERAGE COMPANY

Thermal Energy International Inc. has received an order from one of its largest customers to expand the existing heat recovery system installed by Thermal Energy in 2019. This turnkey heat recovery expansion project is valued at approximately $1-million.

"We are pleased to announce an expansion project with such a valued, long-term customer," said William Crossland, chief executive officer of Thermal Energy International. "We completed a turnkey Flu-Ace heat recovery project at this U.S. location in 2019. Seeing the benefits of that project, the customer asked us to work in partnership with them to develop this expansion project to recover additional waste heat at this multiboiler site. To date, we have successfully completed 11 heat recovery projects at 10 of this customer's sites around the world and installed 4,000 Gem traps across 60 of their sites. This relationship continues to develop, and many additional opportunities still remain at those sites, as well as at the more than 200 of their other sites we have yet to penetrate."

This turnkey project includes the design, construction, start-up commissioning and training for the complete system, including all mechanical, electrical and controls required for a fully functional heat recovery and distribution system. The expansion project is expected to result in a further 14,500 MMBtu (million British thermal units) reduction in natural gas consumption and an estimated reduction of 767 tons of carbon dioxide emissions per year.

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

About Thermal Energy International Inc.

Thermal Energy provides energy efficiency and emission 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.

Thermal Energy's common shares are traded on the TSX Venture Exchange under the symbol TMG and on the OTCQB under the symbol TMGEF.

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