Thermal Energy Announces its Largest Engineering Contract to Date - a $500,000 Contract from Another Leading Pharmaceutical Company
Thermal Energy International (TSXV: TMG) (OTCQB: TMGEF) has secured its largest engineering services contract to date, valued at $500,000 CAD, from one of the world's largest multinational pharmaceutical companies. The contract involves providing detailed engineering services for a potential heat recovery project.
This marks the second major pharmaceutical company to engage Thermal Energy for heat recovery projects, following previous orders for three major heat recovery projects from a different pharmaceutical company. The engineering scope is more extensive than typical project development agreements (PDAs), and follows a PDA signed with this client approximately a year ago.
The customer's approach involves approving the project in stages, with firm pricing to be provided after detailed engineering completion. This pharmaceutical client is aligned with the UN's Race to Zero campaign, aiming to halve global emissions by 2030.
Thermal Energy International (TSXV: TMG) (OTCQB: TMGEF) ha ottenuto il suo più grande contratto di servizi ingegneristici fino ad oggi, del valore di 500.000 CAD, da una delle più grandi multinazionali farmaceutiche del mondo. Il contratto prevede la fornitura di servizi ingegneristici dettagliati per un potenziale progetto di recupero di calore.
Questo rappresenta la seconda grande azienda farmaceutica che coinvolge Thermal Energy in progetti di recupero di calore, dopo ordini precedenti per tre importanti progetti di recupero di calore da una diversa azienda farmaceutica. L'ambito ingegneristico è più esteso rispetto ai tipici accordi di sviluppo di progetto (PDA), e segue un PDA firmato con questo cliente circa un anno fa.
Il metodo del cliente prevede l'approvazione del progetto per fasi, con prezzi definitivi che verranno forniti dopo il completamento dell'ingegneria dettagliata. Questo cliente farmaceutico è allineato con la campagna Race to Zero delle Nazioni Unite, con l'obiettivo di dimezzare le emissioni globali entro il 2030.
Thermal Energy International (TSXV: TMG) (OTCQB: TMGEF) ha asegurado su contrato de servicios de ingeniería más grande hasta la fecha, valorado en 500,000 CAD, de una de las multinacionales farmacéuticas más grandes del mundo. El contrato involucra la provisión de servicios de ingeniería detallados para un potencial proyecto de recuperación de calor.
Esto marca la segunda gran empresa farmacéutica en contratar a Thermal Energy para proyectos de recuperación de calor, después de órdenes anteriores para tres importantes proyectos de recuperación de calor de otra compañía farmacéutica. El alcance de la ingeniería es más extenso que los acuerdos de desarrollo de proyectos (PDA) típicos, y sigue a un PDA firmado con este cliente aproximadamente hace un año.
El enfoque del cliente implica aprobar el proyecto por etapas, con precios firmes que se proporcionarán después de la finalización de la ingeniería detallada. Este cliente farmacéutico está alineado con la campaña Race to Zero de la ONU, que busca reducir a la mitad las emisiones globales para 2030.
Thermal Energy International (TSXV: TMG) (OTCQB: TMGEF)은 세계 최대 다국적 제약사 중 하나로부터 500,000 CAD 규모의 가장 큰 엔지니어링 서비스 계약을 체결했습니다. 이 계약은 잠재적인 열 회수 프로젝트에 대한 상세 엔지니어링 서비스를 제공하는 것입니다.
이번 계약은 열 회수 프로젝트에 대해 Thermal Energy를 두 번째로 참여시킨 제약사로, 이전의 다른 제약사로부터 세 개의 주요 열 회수 프로젝트에 대한 주문을 받은 바 있습니다. 엔지니어링 범위는 일반적인 프로젝트 개발 계약(PDA)보다 더 포괄적이며, 약 1년 전 이 고객과 체결한 PDA에 이어 진행됩니다.
고객의 접근 방식은 프로젝트를 단계별로 승인하며, 상세 엔지니어링 완료 후에 확정된 가격이 제공됩니다. 이 제약 고객은 2030년까지 전 세계 배출량을 절반으로 줄이겠다는 목표로 유엔의 Race to Zero 캠페인과 일치하고 있습니다.
Thermal Energy International (TSXV: TMG) (OTCQB: TMGEF) a sécurisé son plus grand contrat de services d'ingénierie à ce jour, d'une valeur de 500 000 CAD, d'une des plus grandes entreprises pharmaceutiques multinationales au monde. Le contrat implique la fourniture de services d'ingénierie détaillés pour un projet potentiel de récupération de chaleur.
Ceci marque la deuxième grande entreprise pharmaceutique à engager Thermal Energy pour des projets de récupération de chaleur, après des commandes précédentes pour trois projets majeurs de récupération de chaleur d'une autre entreprise pharmaceutique. La portée de l'ingénierie est plus étendue que les accords de développement de projet typiques (PDA), et fait suite à un PDA signé avec ce client il y a environ un an.
L'approche du client consiste à approuver le projet par étapes, avec des prix fermes qui seront fournis après l'achèvement de l'ingénierie détaillée. Ce client pharmaceutique est aligné avec la campagne Race to Zero des Nations Unies, qui vise à réduire de moitié les émissions mondiales d'ici 2030.
Thermal Energy International (TSXV: TMG) (OTCQB: TMGEF) hat seinen größten Vertrag für Ingenieurdienstleistungen bis heute gesichert, der mit 500.000 CAD bewertet wird, von einem der größten multinationalen Pharmaunternehmen der Welt. Der Vertrag umfasst die Bereitstellung detaillierter Ingenieurdienstleistungen für ein potenzielles Wärme-Rückgewinnungsprojekt.
Dies ist das zweite große Pharmaunternehmen, das Thermal Energy für Wärme-Rückgewinnungsprojekte einsetzt, nach früheren Aufträgen für drei bedeutende Wärme-Rückgewinnungsprojekte von einem anderen Pharmaunternehmen. Der Ingenieurumfang ist umfassender als bei typischen Projektentwicklungsvereinbarungen (PDAs) und folgt einem PDA, das vor etwa einem Jahr mit diesem Kunden unterzeichnet wurde.
Der Ansatz des Kunden beinhaltet die Genehmigung des Projekts in Phasen, wobei die endgültigen Preise nach Abschluss der detaillierten Ingenieurarbeiten bereitgestellt werden. Dieser Pharma-Kunde ist mit der Race to Zero-Kampagne der UN ausgerichtet, die darauf abzielt, die globalen Emissionen bis 2030 um die Hälfte zu reduzieren.
- Secured largest-ever engineering services contract worth $500,000 CAD
- Expanding presence in pharmaceutical sector with second major client
- Lower risk project structure with pricing determined after engineering completion
- Strategic alignment with pharmaceutical companies' carbon reduction initiatives
- Project approval is staged rather than immediate full commitment
- Final project implementation remains uncertain pending engineering completion
Canadian cleantech firm's solutions positioned as low-hanging fruit for multinational pharmaceutical companies looking to
Ottawa, Ontario--(Newsfile Corp. - February 11, 2025) - Thermal Energy International Inc. (TSXV: TMG) (OTCQB: TMGEF) ("Thermal Energy" or the "Company"), a provider of innovative energy efficiency and carbon emission reduction solutions to major corporations around the world, has received a contract from one of the world's largest multinational pharmaceutical companies to provide detailed engineering services for a potential heat recovery project at one of the pharmaceutical company's sites. After receiving orders for three major heat recovery projects from a different pharmaceutical company, this is the second major pharmaceutical company to engage Thermal Energy for heat recovery projects. This contract, valued at
"We are excited to have received such a significant engineering order from another world-leading pharmaceutical company," said William Crossland, CEO of Thermal Energy International. "The engineering to be done under this contract is much more extensive than the level we would provide under one of our project development agreements or PDAs. In fact, we signed a PDA with this company approximately a year ago and based on the outcome of the PDA the client has retained us to complete the full detailed engineering for the project. Typically, customers prefer the detailed engineering to be part of a total turn-key fixed priced project agreement but in this case the customer's preference is to approve the project in stages. This is also a lower risk option for Thermal Energy because firm pricing will not be provided until the detailed engineering is completed."
"Like many of its peers, this customer has significant carbon emission reduction targets and is aligned with the United Nation's Race to Zero campaign, which is a global campaign rallying non-state actors - including companies - to take the necessary actions to halve global emissions by 2030."
"Our proven solutions align perfectly with multinational pharmaceutical companies with their extensive use of low-grade heat, strong and public commitments to reducing greenhouse gas emissions, and financial capacity to drive meaningful carbon reduction initiatives. Thermal Energy has helped several well-known pharmaceutical companies in North America and Europe reduce their energy costs and carbon dioxide emissions with GEM steam traps and HeatSponge boiler economizers. Yet, other than the three multi-million-dollar heat recovery projects we announced previously with a different multinational pharmaceutical company, this sector remains mostly untapped in terms of larger scale heat recovery opportunities."
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ENDS
| For media enquiries contact: Thermal Energy International Inc. Canada: 613-723-6776 UK: +44 (0)117 917 2179 Marketing@thermalenergy.com | For investor enquiries: William Crossland President and CEO Thermal Energy International Inc. 613-723-6776 Investors@thermalenergy.com |
Notes to editors
About Thermal Energy International Inc.
Thermal Energy International Inc. provides energy efficiency and emissions reduction solutions to Fortune 500 and other large multinational companies. We save our customers money by reducing their fuel use and cutting their carbon emissions. Thermal Energy's proprietary and proven solutions can recover up to
Thermal Energy is a fully accredited professional engineering firm with engineering offices in Ottawa, Canada, Pittsburgh, USA, as well as Bristol, UK, with sales offices in Canada, UK, USA, 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 our customers.
Thermal Energy's common shares are traded on the TSX Venture Exchange (TSX-V) under the symbol TMG and on the OTCQB under the symbol TMGEF. For more information, visit our investor website at https://investors-thermalenergy.com or company website at www.thermalenergy.com and follow us on Twitter at https://twitter.com/GoThermalEnergy.
Cautionary Statements
This press release contains forward-looking statements relating to, and amongst other things, based on management's expectations, estimates and projections, the anticipated effectiveness of the Company's products and services, the timing of revenues to be received by the Company, the expectation that orders in backlog will become revenue, the anticipated benefits of the Company's current efforts at training and business improvement efforts, opportunities for growth, the Company's belief that it can capitalize on opportunities, the size of markets and opportunities open to the Company. Information as to the amount of heat recovered, energy savings and payback period associated with Thermal Energy International's products are based on the Company's own testing and average customer results to date. Statements relating to the expected installation and revenue recognition for projects, statements about the anticipated effectiveness and lifespan of the Company's products, statements about the expected environmental effects and cost savings associated with the Company's products and statements about the Company's ability to cross-sell its products and sell to more sites are forward looking statements. These statements are not guarantees of future performance and involve a number of risks, uncertainties and assumptions.
Many factors, some of which are outside of the Company's control, could cause events and results to differ materially from those stated. Fulfilment of orders, installation of product and activation of product could all be delayed for a number of reasons, some of which are outside of the Company's control, which would result in anticipated revenues from such projects being delayed or in the most serious cases eliminated. Actions taken by the Company's customers and factors inherent in the customer's facilities but not anticipated by the Company can have a negative impact on the expected effectiveness and lifespan of the Company's products and on the expected environmental effects and cost savings expected from the Company's products. Any customer's willingness to purchase additional products from the Company and whether orders in the Company's backlog as described above will turn into revenue is dependent on many factors, some of which are outside of the Company's control, including but not limited to the customer's perceived needs and the continuing financial viability of the customer. The Company disclaims any obligation to publicly update or revise any such statements except as required by law. Readers are referred to the risk factors associated with the Company's business as described in the Company's most recent Management's Discussion and Analysis available at www.sedarplus.ca.
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Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/240319
FAQ
What is the value of Thermal Energy's (TMGEF) latest engineering contract?
How many major pharmaceutical companies is TMGEF now working with on heat recovery projects?
What is the timeline for TMGEF's new pharmaceutical contract implementation?
How does this contract differ from TMGEF's typical project agreements?
What environmental goals are aligned with TMGEF's new pharmaceutical client?
