Thermal Energy receives $1.5-million order

Executive Summary

• Thermal Energy International Inc. has secured a new $1.5 million turnkey contract from a leading multinational building materials company.
• The project involves the installation of four HeatSponge two-stage boiler economizers, developed by the company's wholly owned subsidiary, Boilerroom Equipment Inc.
• This order represents repeat business from the same customer, following a $1 million project announced in July, signaling continued confidence in the company's technology.

Key Details

• Contract Value: Approximately $1.5 million.
• Customer: A leading multinational building materials company (specific name not disclosed).
• Scope of Work: Installation of four HeatSponge two-stage boiler economizers.
• Technology Provider: Boilerroom Equipment Inc., a wholly owned subsidiary of Thermal Energy International.
• Historical Context: This follows a previous $1 million turnkey project with the same customer announced in July at a different site.
• Revenue Recognition: Expected to be earned within 12 months.
• Profitability: Gross margin expected to be in line with historical amounts for turnkey projects.
• Strategic Outlook: CEO William Crossland notes potential for additional opportunities at the current location, the previous site, and other North American and international manufacturing facilities.

Notable Quotes

• "We're pleased to be expanding our work with this global manufacturer through a second turnkey heat recovery project... This second project is a clear sign of their confidence in our technology and execution. We see exciting potential for additional opportunities with this customer, including at this location and the previous site, as well as numerous other North American and international manufacturing facilities." — William Crossland, Chief Executive Officer