Thermal Energy Identifies New Heat Recovery Opportunity for Multinational Food & Beverage Corporation
(via TheNewswire)
OTTAWA, ONTARIO / TheNewswire / December 13, 2018 - Thermal Energy International Inc. ("Thermal Energy" or the "Company") (TSX-V: TMG), an innovative cleantech company and provider of proprietary energy efficiency and emissions reduction solutions, has been commissioned by a multinational food and beverage conglomerate to add a second FLU-ACE(R) to its existing heat recovery system.
This heat recovery project, valued at approximately $2.4 million, is an extension to the Company's proprietary FLU-ACE(R) technology already deployed at the beverage processing plant. This newest project is expected to provide the multinational business with additional utility savings of approximately $415,000 per year. This figure encompasses natural gas saving of approximately $385,000 and a reduction in water usage of approximately 8 million gallons annually, the equivalent to $30,000 a year.
Upon commissioning, Thermal Energy's combined FLU-ACE(R) and GEMTM systems installed on site are expected to reduce the customer's fuel usage by 46% and reduce carbon emissions by an estimated 5,000 tonnes annually. This is equivalent to the amount of energy saved by permanently removing more than 1,000 average passenger vehicles from the road.
The recovered heat will be used to displace steam currently heating the boiler makeup water and used within the production process. The scope of this order covers all design, construction, commissioning and training for the system.
"We have been working in partnership with this key account for a number of years. This is the latest in a series of projects with the company as it seeks to improve energy efficiency and site sustainability across a number of locations." said William Crossland, CEO of Thermal Energy.
"For us, it also represents the first time that a second FLU-ACE(R) has been installed at one of this key customer's sites. Often, the challenge heat recovery projects face is finding the best application to re-use the energy. However, by appreciating the business's full process requirements, we have identified additional sources and uses of the recovered heat.
"This FLU-ACE(R) project is a great example of how our technology can evolve to support industry and of how our team of engineers works with sites to fully understand their needs in order to deliver the best results."
The project is expected to be completed and revenue earned within nine months.
ENDS
For media enquiries contact:
Devin Crockett or Liz Fisher
Marketing Manager
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
Bill.crossland@thermalenergy.com
Notes to editors:
About Thermal Energy International Inc.
Thermal Energy International Inc. is an established global supplier of proprietary, proven energy efficiency and emissions reduction solutions to the industrial and institutional sectors. We save our customers money and improve their bottom line by reducing their fuel use and cutting their carbon emissions. Our customers include a large number of Fortune 500 and other leading multinational companies across a wide range of industry sectors.
Thermal Energy is also a fully accredited professional engineering firm and by providing a unique mix of proprietary products together with process, energy and, environmental engineering expertise, Thermal Energy is able to deliver unique turnkey projects with significant financial and environmental benefits for our customers.
Thermal Energy's proprietary products include; GEMTM - Steam Traps, FLU-ACE(R) - Direct contact condensing heat recovery, Heat-Sponge SIDEKICK and RAINMAKER - Indirect contact condensing heat recovery systems, and Dry-Rex(R) - Low temperature biomass drying systems.
Thermal Energy has engineering offices in Ottawa, Canada, Pittsburgh, USA, as well as Bristol, U.K., with sales offices in Canada, UK, USA, Germany, Poland, Italy and China. TEI's common shares are traded on the TSX Venture Exchange (TSX-V) under the symbol TMG.
For more information, visit our website at www.thermalenergy.com and follow us on Twitter at http://twitter.com/GoThermalEnergy.
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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 and the timing of revenues to be received by 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 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.
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.
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