Mr. William Crossland reports

THERMAL ENERGY ANNOUNCES $1.5 MILLION IN REPEAT BUSINESS FROM GLOBAL NUTRITION COMPANY

Thermal Energy International Inc. has received orders for two turnkey heat recovery projects worth a combined total of $1.5-million from a global nutrition company.

"We received a series of orders from an existing customer for two distinct turnkey heat recovery projects at a single U.S. site," said William Crossland, chief executive officer of Thermal Energy. "Including these latest turnkey projects, we've done approximately $13.6-million of business with this multinational company since 2019. In addition to the now eight turnkey heat recovery projects at six different sites, this amount includes many smaller orders for GEM, HeatSponge, and other products and services at a total of 27 of this customer's sites across nine countries in North America, Europe and Asia. Moreover, we continue to see significant growth potential with this customer. In addition to the substantial potential for further energy efficiency and carbon reduction initiatives at locations we have so far only partially penetrated, this customer has many other sites around the world that could benefit from our solutions."

The two turnkey projects are expected to be completed and revenue earned within 12 months. The company expects the gross margin for the projects to be in line with historical amounts for its turnkey projects. Thermal Energy's overall gross margins are available in its quarterly disclosure materials.

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.

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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