Thermal Energy Announces its Largest Engineering Contract to Date - a $500,000 Contract from Another Leading Pharmaceutical Company
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 $500,000, is the largest engineering services project Thermal Energy has received in its history. All figures are shown in CAD.
"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."
Readers are encouraged to subscribe to TEI News to receive strategic news and updates directly to their inbox.
ENDS
For media enquiries contact:Thermal Energy International Inc.Canada: 613-723-6776UK: +44 (0)117 917 2179Marketing@thermalenergy.com
For investor enquiries:William CrosslandPresident and CEOThermal Energy International Inc.613-723-6776Investors@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 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.
# # #
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
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
TechCrunch
12 minutes ago
- TechCrunch
Cohere hires long-time Meta research head Joelle Pineau as its chief AI officer
Investors once saw Canadian AI startup Cohere as a promising contender to challenge OpenAI and Anthropic in the race to build frontier AI models, with its backers pouring roughly $1 billion on their bet on CEO Aidan Gomez, who co-authored a seminal paper on LLMs when he was a 20-year-old Google intern. But Cohere's AI models have fallen behind the state-of-the-art, and its business hasn't scaled like its competitors. Now, the company is bringing in a veteran research leader to revamp its AI efforts: Cohere has hired Joelle Pineau, Meta's former VP of AI research who previously oversaw the tech giant's fundamental AI research (FAIR) lab. In her newly created Chief AI Officer role, Pineau will oversee AI strategy across Cohere's research, product and policy teams. A Canadian AI scientist and McGill Professor, Pineau helped guide the early development of Meta's open Llama AI models alongside Yann LeCun, a pioneer of neural networks. Pineau left Meta in May after nearly eight years with the company. For Cohere this is a big hire, and it is pinning its hopes on the veteran helping it with more research breakthroughs, improving its research and product pipeline, and recruiting top talent. The hire comes at a pivotal moment for Cohere: The company is reportedly seeking to raise up to $500 million at a $6.3 billion valuation — an impressive sum were the startup not competing with the likes of OpenAI, Google, Meta and Anthropic, whose war chests are worth dozens of billions each. But while its rivals are trying to develop AI systems that can match (or exceed) human performance on a wide variety of tasks, Cohere has a narrower focus. The startup primarily builds AI applications that can solve practical problems for enterprises and government agencies, emphasizing privacy and security. Techcrunch event Tech and VC heavyweights join the Disrupt 2025 agenda Netflix, ElevenLabs, Wayve, Sequoia Capital, Elad Gil — just a few of the heavy hitters joining the Disrupt 2025 agenda. They're here to deliver the insights that fuel startup growth and sharpen your edge. Don't miss the 20th anniversary of TechCrunch Disrupt, and a chance to learn from the top voices in tech — grab your ticket now and save up to $600+ before prices rise. Tech and VC heavyweights join the Disrupt 2025 agenda Netflix, ElevenLabs, Wayve, Sequoia Capital — just a few of the heavy hitters joining the Disrupt 2025 agenda. They're here to deliver the insights that fuel startup growth and sharpen your edge. Don't miss the 20th anniversary of TechCrunch Disrupt, and a chance to learn from the top voices in tech — grab your ticket now and save up to $675 before prices rise. San Francisco | REGISTER NOW In an interview with TechCrunch, Pineau said Cohere's focus on real-world, enterprise applications is something she's excited about. 'A lot of players out there are quite singularly focused on AGI, superintelligence, and so on,' said Pineau, alluding to companies like her former employer, Meta, which recently invested billions in its new Meta Superintelligence Labs (MSL) unit. 'They haven't necessarily figured out what this AI is going to be used for.' She pointed to OpenAI's launch of GPT-5 last week, which many felt was underwhelming, as evidence the timeline to achieving AGI may be 'a little bit longer than we thought.' In the meantime, Pineau says there's a lot of room for more practical AI models to deliver leaps in productivity in different industries. A Canada native, Pineau said she's had her eye on Cohere since they were founded in 2019, and that she's excited to contribute to a company whose founders are based in her home country. Joelle Pineau. Image Credits:Image Credits:Paul Morigi/Haddad Media / Getty Images Beyond the patriotism, Pineau feels the opportunity with Cohere is a good chance to venture beyond research. At FAIR, Pineau oversaw research teams working on projects that could take anywhere from 18 months to 10 years to deliver. Now, she'll be working within a much tighter timeline, as well as getting involved with customers and products. And even though Cohere has fewer resources than Meta, Pineau said she'll be more agile in her new role. Cohere's latest product is an AI agent platform dubbed North that enterprises and government agencies can deploy privately on their own infrastructure, an attractive notion for many of its customers, which are banks and federal organizations that handle highly sensitive data. That puts Cohere in competition with open-source providers like DeepSeek and Meta, whose models can also be run locally, but at a lower cost. Cohere is betting that by offering more support around its private deployments, it can beat out open models. Pineau said she's particularly interested in gearing more of Cohere's research around North, figuring out ways to develop AI agents in private and secure settings, and creating benchmarks to evaluate these systems. Pineau also said she's interested in exploring how networks of AI agents interact with each other in the real world. One immediate challenge for Pineau will be replacing Cohere's VP of AI Research, Sara Hooker, who announced her departure this week after several years of helping build the company's research program. Hiring an AI researcher of Hooker's caliber may be difficult in the current market given the skyrocketing demand for AI talent. But Pineau sees this as an opportunity to 'bring in a lot of talent,' noting that when she left Meta, several of her former colleagues suggested they'd follow her to a new AI lab. However, she emphasized that Cohere has a solid base of AI researchers, and that it's important to not just bring in anyone. 'Hiring a bunch of superstars doesn't necessarily make a superstar team,' said Pineau. 'It's really about how the people work together.' Of course, Meta's AI units today look very different compared with when Pineau was there just a few months ago. Over the summer, Mark Zuckerberg went on a recruiting spree, reportedly offering some of the industry's best AI researchers compensation packages north of $100 million to join MSL. That prompted OpenAI to also raise compensation for its star employees, thus making it quite difficult for smaller players to land top AI researchers. As Meta, OpenAI and Anthropic throw billions of dollars at their AI efforts, Cohere is trying to do more with less. For Pineau, that will mean making calculated research bets — the kind that can quickly turn into compelling products and keep the company in the race.
Business Wire
an hour ago
- Business Wire
Fitch Learning Agrees to Acquire Moody's Analytics Learning Solutions and the Canadian Securities Institute
NEW YORK--(BUSINESS WIRE)-- Fitch Learning, a global leader in financial learning and professional certifications, today announced it has signed an agreement with Moody's to acquire two of their businesses, Moody's Analytics Learning Solutions (MALS), a global provider of credit training and the Canadian Securities Institute (CSI), a leading provider of professional certifications for the Canadian financial services industry. The acquisition will enhance the customer experience by offering a broader array of financial services career development and professional certifications, including learning solutions for commercial banking, consumer banking and investment management. 'This agreement reinforces our commitment to meeting a growing demand for upskilling and continued professional development in the financial services sector. As organizations increasingly invest in learning and development to boost employee retention and staff capabilities, our solutions will help empower their teams, and ultimately drive organizational growth,' said Andreas Karaiskos, Chief Executive Officer, Fitch Learning. The terms of the transaction were not disclosed. The acquisition is expected to close in the fourth quarter following the satisfaction of customary closing conditions, including the receipt of applicable regulatory approvals. 'This acquisition represents a pivotal step in our commitment to equipping finance professionals with the knowledge and skills required for an increasingly complex marketplace. Through this transaction, we are expanding the boundaries of financial education and delivering greater value and opportunity worldwide. We look forward to continuing to serve our students and clients and to welcoming new members to the Fitch Learning community,' concluded Mr. Karaiskos. About Fitch Learning Fitch Learning partners with its clients to deepen knowledge, develop skills, and enhance conduct by delivering positive business outcomes. With centers in established financial hubs including New York, Toronto, London, Dubai, Riyadh, Singapore, and Hong Kong, it is committed to understanding complex client needs across fast-paced financial markets globally. Fitch Learning's portfolio includes the Certificate in Quantitative Finance Institute (CQFi), a leading provider of advanced quantitative finance education, and the Global Institute of Credit Professionals, dedicated to advancing excellence in credit education and standards worldwide. Fitch Learning is part of Fitch Group, a global leader in financial information services with operations in 30 countries. To learn more about how Fitch Learning develops the world's financial professionals, visit
Bloomberg
an hour ago
- Bloomberg
Oil Sands Producers Raise Output by Curtailing Maintenance
Canadian oil sands companies have found a way to ramp up production in the face of oil prices: curtailing lengthy repairs to equipment. Canadian Natural Resources Ltd., Imperial Oil Ltd. and others are extending maintenance cycles to two-years from one, which saves on capital expenditure, increases output and effectively offsets declining profits from crude prices that have fallen 11% in the past year. Suncor Energy Inc., meanwhile, completed a major coke-drum replacement at its Base Plant more than 3 weeks faster than planned, allowing the company to cut capex guidance by C$400 million in 2025.
