Repeat business lifts Thermal Energy's order backlog to over $23.3 million, or 110.5% of fiscal 2023 annual revenue
Thermal Energy International Inc. (TSXV: TMG) (OTCQB: TMGEF), a provider of innovative energy efficiency and carbon emission reduction solutions to major corporations around the world, has received a $1.9 million turn-key heat recovery order from a global nutrition company. All figures are shown in CAD.
"One of the reasons we target large multinational companies is their potential for significant repeat business," said William Crossland, Thermal Energy CEO. "This will be our sixth turn-key project with this customer and our third in the last 12 months. With this latest order, we have done over $8.1 million of business with this multinational company since 2019. Importantly, this customer has clear evidence that our solutions reduce carbon emissions while saving them money on their energy bills. They have many other sites that could benefit from our technologies and there are still significant opportunities for additional energy and carbon emission reduction projects at the sites we've already done business with."
Environmental Benefits, Fuel Savings and Project Payback
The turn-key heat recovery project is designed to recover waste energy from a biomass steam boiler exhaust and use the captured energy to reduce overall steam and fuel consumption onsite. The project is expected to reduce natural gas use by the site's steam boilers by 75%, CO2 emissions by 1,587 tonnes annually, and the emission of particulate matter and acid gases such as SO2 by 50% - 90%. The project is expected to result in a payback of approximately 1.2 years.
The project is expected to be completed and revenue earned within 12 months.
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's common shares are traded on the TSX Venture Exchange (TSX-V) under the symbol TMG and on the OTCQB under the symbol TMGEF.
Source: Thermal Energy International