Mr. William Crossland reports

THERMAL ENERGY ANNOUNCES NORMAL COURSE ISSUER BID

Thermal Energy International Inc. intends to undertake a normal course issuer bid.

Thermal Energy is launching the bid because it believes that, from time to time, the market price for the common shares of the company does not reflect the underlying value of its business and its future prospects. The board of directors and senior management of Thermal Energy are of the opinion that under those circumstances the purchase of its shares at the prevailing market price may be in the best interest of the company and its shareholders.

The bid will consist of the purchase on the public market, from time to time, if and to the extent Thermal Energy considers it advisable, of up to 8,655,715 common shares, representing approximately 5.0 per cent of the outstanding common shares of Thermal Energy and approximately 5.5 per cent of the outstanding common shares, excluding shares that are known to be held by insiders and their associates and affiliates. There are currently 173,114,305 common shares of Thermal Energy issued and outstanding. The period during which purchases may be made under the bid will begin on May 22, 2025, and will extend until May 21, 2026, or earlier if the maximum number of shares sought in the bid has been obtained. Thermal Energy reserves the right to terminate the bid earlier if it feels it is appropriate to do so. All shares acquired under the bid will be returned to treasury for cancellation.

The last normal course issuer bid conducted by Thermal Energy was launched in November, 2019, and was active until March, 2020, resulting in a total of 1,733,000 common shares being purchased by the company.

Common shares acquired by Thermal Energy under the bid will be purchased at the market price at the time of purchase and will be purchased on behalf of Thermal Energy by Beacon Securities Ltd., Thermal Energy's broker in connection with the bid. All acquisitions will be made in accordance with the rules and policies of the TSX Venture Exchange.

About Thermal Energy International Inc.

Thermal Energy International provides energy efficiency and emissions reduction solutions to Fortune 500 and other large multinational companies. The company 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.

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

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