Thermal Energy International Inc. Receives an Additional $1.6 Million Order to Deliver Customized HeatSponge Heat Recovery Units to the Arctic

Executive Summary

• Thermal Energy International Inc. received a $1.6 million order for eight custom‑engineered HeatSponge heat recovery units to be supplied to a remote Arctic mining operation.
• The order follows an earlier $400 k delivery of two units to the same customer, bringing total contracted volume to ten units.
• Revenue from the new order is expected to be recognized within 12 months, with gross margin anticipated to align with historical project margins.

Key Details

• Order Value: CAD $1.6 million for eight HeatSponge units (plus prior CAD $0.4 million for two units).
• Customer: Unnamed remote mining operation in the Arctic; repeat buyer of Thermal Energy’s Boilerroom Equipment Inc. (“BEI”) solutions.
• Product Highlights:
• Modular, aircraft‑friendly construction to avoid heavy‑lift cargo planes.
• Designed for reciprocating engine environments with extreme temperatures (down to –40 °C), high pressure, and vibration.
• Features include a 22 % efficiency boost, reinforced stainless‑steel casing, dual‑layer leak‑proof doors, and custom finned tubes.
• Logistics: Units will be built in match‑marked sections at BEI’s facility, disassembled for transport on standard cargo aircraft, and reassembled on site without specialized contractors or equipment.
• Revenue Timing: Expected to be earned within the next 12 months; gross margin expected to be consistent with historical project margins (exact percentage disclosed in quarterly filings).
• Strategic Significance: Described as one of the largest and most technically challenging HeatSponge orders in BEI’s history, demonstrating Thermal Energy’s capability to serve demanding Arctic operations.

Notable Quotes

“This project is one of the largest and most technically challenging HeatSponge orders in BEI's history,” – William Crossland, President & CEO, Thermal Energy International Inc.

“We’re proud to support the resilience and sustainability of Arctic operations through innovative engineering.” – Vincent Sands, President, Boilerroom Equipment Inc.