Thermal Energy Subsidiary Receives Purchase Order for 8 Boiler Economizers

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Thermal Energy International Inc. (TMG) announces record purchase order from a Fortune 500 food processing company for HeatSponge boiler economizers, marking the largest single order in the company's history, valued at approximately $540,000 CAD. BEI's revenue has almost doubled in the past two years, with a 33% year-over-year increase in order intake by the end of the second quarter. The company has also received notable orders from electric vehicle battery plants, military facilities, hospitals, and more. The acquisition of BEI and its product offering in 2018 has contributed to the company's growth.

Multinational food processing company turns to Boilerroom Equipment, Inc.'s HeatSponge to replace failing economizers

Ottawa, Ontario--(Newsfile Corp. - January 10, 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, today announced that its wholly owned subsidiary, Boilerroom Equipment, Inc. ("BEI"), has received a purchase order valued at approximately $540,000 from a Fortune 500 food processing and commodities trading company for eight HeatSponge boiler economizers. This is the largest single order in BEI history. The project is expected to be completed and revenue earned within the next six months. All figures are shown in CAD.

"We are pleased to kick off the calendar year with the receipt of this custom equipment order, which is BEI's largest single purchase order ever," said William Crossland, Thermal Energy CEO. "The genesis of this order traces back to a customer inquiry for a replacement of a single failed economizer made by another manufacturer. Upon reviewing the value-added design of BEI's HeatSponge COLOSSUS-model economizers, which translates to longer service life, shorter downtime, and lower maintenance costs, the customer chose to replace seven more economizers with BEI's HeatSponge economizers."

"Last year, BEI's revenue was almost double what it was two years prior, and by the end of the second quarter this year, BEI's order intake was up another 33% year-over-year," added Mr. Crossland. "Other notable orders BEI has received in the past few months, include: four-economizers to be installed at a large electric vehicle battery plant under construction in the United States, a project calling for a HeatSponge economizer to be uniquely adapted to serve as a combustion air preheater; a three-stage economizer to be installed at a food processing facility in Canada; a two-stage high recovery economizer for a Canadian Military facility; three economizers for a U.S. Midwest hospital; and, four economizers for a U.S. Veterans Hospital."

Thermal Energy acquired BEI and its complementary product offering in June of 2018.

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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 80% 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, 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 anticipated effects of COVID-19 on the business, backlog, and revenue, and the expectation that orders in backlog will become revenue.

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 order-intake, 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 several risks, uncertainties, and assumptions. Orders received in a fiscal year may not become revenue for the Company within such fiscal year. 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 products, and activation of products could all be delayed for several 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/193714

FAQ

What is the record purchase order announced by Thermal Energy International Inc. (TMG)?

Thermal Energy International Inc. (TMG) announced a record purchase order valued at approximately $540,000 CAD from a Fortune 500 food processing company for HeatSponge boiler economizers, marking the largest single order in the company's history.

How has BEI's revenue performance been in the past two years?

BEI's revenue has almost doubled in the past two years, and by the end of the second quarter this year, the company's order intake was up another 33% year-over-year.

What notable orders has BEI received recently?

BEI has received notable orders, including four economizers for a large electric vehicle battery plant under construction in the United States, a project for a uniquely adapted HeatSponge economizer at a food processing facility in Canada, and more.

When was BEI acquired by Thermal Energy International Inc.?

Thermal Energy acquired BEI and its complementary product offering in June of 2018.