Thermal Energy Receives $1.5 Million Heat Recovery Order from a Multinational Confectionery Company
Thermal Energy International has secured a $1.5 million CAD heat recovery project order from a multinational confectionery company. The turn-key project involves installing a Flu-Ace® heat recovery system and replacing two OEM economizers with HeatSponge® economizers at a Canadian site. The implementation is expected to reduce the facility's natural gas consumption and CO2 emissions by 16%, contributing significantly to the customer's 2030 carbon reduction goals. The project is anticipated to be completed within 12 months.
Thermal Energy International ha ottenuto un ordine per un progetto di recupero di calore del valore di 1,5 milioni di dollari CAD da una multinazionale del settore dolciario. Il progetto chiavi in mano prevede l'installazione di un sistema di recupero di calore Flu-Ace® e la sostituzione di due economizzatori OEM con economizzatori HeatSponge® in un sito canadese. L'implementazione dovrebbe ridurre il consumo di gas naturale e le emissioni di CO2 dell'impianto del 16%, contribuendo in modo significativo agli obiettivi di riduzione delle emissioni di carbonio del cliente per il 2030. Il progetto dovrebbe essere completato entro 12 mesi.
Thermal Energy International ha asegurado un pedido de proyecto de recuperación de calor por un valor de 1.5 millones de CAD de una empresa multinacional de confitería. El proyecto llave en mano implica la instalación de un sistema de recuperación de calor Flu-Ace® y el reemplazo de dos economizadores OEM por economizadores HeatSponge® en un sitio canadiense. Se espera que la implementación reduzca el consumo de gas natural y las emisiones de CO2 de la instalación en un 16%, contribuyendo de manera significativa a los objetivos de reducción de carbono del cliente para 2030. Se anticipa que el proyecto se complete en un plazo de 12 meses.
Thermal Energy International는 다국적 제과 회사로부터 150만 CAD의 열 회수 프로젝트 주문을 확보했습니다. 이 턴키 프로젝트는 캐나다 현장에서 Flu-Ace® 열 회수 시스템을 설치하고 두 개의 OEM 경제기를 HeatSponge® 경제기로 교체하는 작업을 포함합니다. 구현을 통해 시설의 천연 가스 소비와 CO2 배출량을 16% 줄일 것으로 예상되며, 이는 고객의 2030년 탄소 감축 목표에 크게 기여할 것입니다. 프로젝트는 12개월 이내에 완료될 것으로 예상됩니다.
Thermal Energy International a obtenu une commande pour un projet de récupération de chaleur d'une valeur de 1,5 million CAD d'une entreprise multinationale de confiserie. Le projet clé en main comprend l'installation d'un système de récupération de chaleur Flu-Ace® et le remplacement de deux économiseurs OEM par des économiseurs HeatSponge® sur un site canadien. La mise en œuvre devrait réduire la consommation de gaz naturel et les émissions de CO2 de l'installation de 16%, contribuant ainsi de manière significative aux objectifs de réduction des émissions de carbone du client d'ici 2030. Le projet devrait être achevé dans les 12 mois.
Thermal Energy International hat einen Auftrag für ein Wärmerückgewinnungsprojekt im Wert von 1,5 Millionen CAD von einem multinationalen Süßwarenunternehmen erhalten. Das schlüsselfertige Projekt umfasst die Installation eines Flu-Ace® Wärmerückgewinnungssystems und den Austausch von zwei OEM-Economizern durch HeatSponge®-Economizer an einem Standort in Kanada. Die Umsetzung wird voraussichtlich den Erdgasverbrauch und die CO2-Emissionen der Anlage um 16% senken, was erheblich zu den Kohlenstoffreduktionszielen des Kunden bis 2030 beiträgt. Das Projekt wird voraussichtlich innerhalb von 12 Monaten abgeschlossen sein.
- Secured significant new order worth $1.5 million CAD
- Project expands customer base with new multinational client having 20+ global plants
- Expected 16% reduction in natural gas consumption and CO2 emissions
- Revenue recognition expected within 12 months
- None.
Turn-key project well-aligned with customer's aggressive 2030 carbon emissions reduction targets
Ottawa, Ontario--(Newsfile Corp. - October 28, 2024) - 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 an order for a heat recovery project valued at approximately
Commenting on the order, William Crossland, CEO of Thermal Energy, said: "This order is notable for several reasons. First, this turn-key project includes installing a Flu-Ace® heat recovery system and replacing two OEM economizers with two of our HeatSponge® economizers. Second, this is a new customer for Thermal Energy. Third, the project is for a Canadian site, but the customer is a multinational company with more than 20 plants around the world. And finally, this project will provide a significant contribution to the customer's pursuit of their aggressive 2030 carbon emissions reduction targets."
Environmental Benefits and Fuel Savings
By recovering waste heat this turnkey project is expected to reduce the site's natural gas consumption and related CO2 emissions by
The project is expected to be completed and revenue earned within 12 months.
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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/227964
FAQ
What is the value of Thermal Energy's (TMGEF) recent heat recovery order?
How much will the new heat recovery system reduce CO2 emissions for TMGEF's customer?
When will Thermal Energy (TMGEF) complete the new heat recovery project?
What technologies are included in TMGEF's new $1.5M heat recovery project?
