Thermal Energy International Achieved Record Order Intake in Fiscal Year Ended May 31, 2023

​Order intake up 133% year-over-year; project development agreements also on the rise

Ottawa, Ontario--(Newsfile Corp. - July 11, 2023) - 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, is pleased to announce record order intake1 for its fiscal year ended May 31, 2023. The Company received orders totalling $27.3 million during the twelve-month period, which was up 133% year-over-year.

"The past year has witnessed a remarkable surge in orders for Thermal Energy, reflecting the importance that multinational corporations are placing on reducing their environmental impact," said William Crossland, Thermal Energy CEO. "By choosing our energy efficiency solutions, these forward-thinking companies are not only reducing their carbon emissions but also maximizing profitability through substantial energy cost savings and improving operational efficiency. Our record order intake in fiscal 2023 underscores our customers' confidence in Thermal Energy's expertise and ability to deliver impactful results. And while our custom equipment orders have been steadily on the rise for some time, we are excited to see a significant year-over-year increase in the number and value of signed project development agreements."

​The Company received 25 signed project development agreements ("PDA") in fiscal 2023 (including seven in the fourth quarter) compared to ten signed PDAs in the prior fiscal year. The combined value of the signed PDAs received in fiscal 2023 was 365% higher than the combined total of the PDAs received in fiscal 2022. While there is no guarantee that signed PDAs will result in completed turn-key projects, the Company considers PDAs to be a key metric in assessing the strength of its business development pipeline.

"Improving energy efficiency is the fastest, cheapest, and easiest way to reduce industrial carbon emissions. The business case for what we do has never been better and we are working hard to make Thermal Energy the energy efficiency partner of choice for Fortune 500 and other large multinational companies."

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The Company's reported order intake above include the following recent orders:
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• On May 16, 2023, the Company announced a $1.8 million multisite GEMTM order from a multinational consumer goods company. This order includes a combination of partial and full site GEM conversions with the customer rolling out GEM steam traps to five of its sites across Europe, North America, and South America.
• On May 9, 2023, the Company announced a $1.1 million turn-key heat recovery project for a global nutrition company, representing the fifth turn-key energy efficiency and carbon emission reduction solution Thermal Energy has delivered for this customer since 2019, and the second in the fiscal year ended May 31, 2023.

1 Order Intake is the value of purchase orders received from customers during a stated period. Not all of these orders will have been fully revenued during the stated period.