Thermal Energy receives $3.2M heat recovery order

Executive Summary

• Thermal Energy International Inc. has secured a $3.2 million turnkey heat recovery order from a leading multinational frozen food company.
• This order represents a significant escalation in scope compared to the company's first project with this customer in 2024, which was valued at approximately $1 million and excluded turnkey installation.
• The revenue from this new order is expected to be recognized within 12 months, highlighting strong demand in the food and beverage sector for the company's energy efficiency solutions.

Key Details

• Order Value: $3.2 million.
• Customer Profile: A leading multinational frozen food company with over 40 manufacturing sites globally and aggressive greenhouse gas emission reduction targets.
• Project Scope: Full turnkey project, including project development, design, detailed engineering, supply of proprietary equipment (Flu-Ace, HeatSponge, and miscellaneous equipment), and turnkey installation.
• Comparison to Previous Work: The customer's first project with Thermal Energy in 2024 was valued at approximately $1 million and did not include turnkey installation.
• Revenue Recognition: Expected to be earned within 12 months.
• Strategic Context: The food and beverage sector remains the largest source of business for Thermal Energy. The company views this as a strong endorsement of its technology and sees significant potential for further business with this customer due to their global footprint and sustainability goals.

Notable Quotes

• "Stemming from our first heat recovery project with this customer at another site in 2024, this latest project is yet another strong endorsement of our proven technology and project expertise," said William Crossland, chief executive officer of Thermal Energy International.
• "Importantly, with over 40 manufacturing sites around the world, we see very good potential with this customer, which has aggressive greenhouse gas emission reduction targets."