Thermal Energy Secures $1 Million Follow-on Order for Heat Recovery Project from Global Pharmaceutical Leader

Globe and Mail

26-06-2025

Canadian cleantech firm to provide equipment for heat recovery project at one of the Fortune 500-listed customer's U.S. manufacturing facilities
Ottawa, Ontario--(Newsfile Corp. - June 26, 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, today announced a custom equipment order valued at just over $1 million from one of the world's largest pharmaceutical companies. This order stems from a Project Development Agreement, which led to Thermal Energy's largest engineering contract to date, announced on February 11, 2025. The equipment ordered includes the Company's proprietary FLU-ACE® Heat Recovery System. All figures are shown in CAD.
"We are proud to continue our partnership with this global pharmaceutical leader and further support their sustainability initiatives through our proven heat recovery technology," said William Crossland, CEO of Thermal Energy International. "As we disclosed back in February, this customer prefers to approve this project in stages. Having already completed the $500,000 in detailed engineering for this project, we are pleased to receive this follow-on order of $1 million for equipment, bringing our total order value to date to approximately $1.5 million for this project. This latest order is also a testament to the strength of our engineering expertise and the reputation our proven technologies have for driving energy efficiency gains and reducing carbon emissions. Our solutions align well with this customer's significant carbon emission reduction targets and commitment to the United Nation's Race to Zero campaign. We look forward to fostering a strong relationship with this customer, which has several manufacturing sites around the world that have the potential to benefit from our technologies."
The proprietary equipment ordered, is part of a multi-stage heat recovery project that, when completed, is expected to reduce the site's natural gas usage and related CO₂ emissions by 12.5%, eliminating up to 2,038 metric tons CO₂ per year.
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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.
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