Thermal Energy receives $3.2M heat recovery order

Mr. William Crossland reports THERMAL ENERGY ANNOUNCES $3.2 MILLION TURNKEY HEAT RECOVERY ORDER FROM LEADING MULTINATIONAL FROZEN FOOD COMPANY Thermal Energy International Inc. has received a $3.2-million turnkey heat recovery order from a leading multinational frozen food company. "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. "Our first project with this customer, which was valued at approximately $1-million, included project development and design, detailed engineering and supply of a Flu-Ace, a HeatSponge and miscellaneous other equipment, but did not include turnkey installation. This latest order is for a full turnkey project. 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. The food and beverage sector continues to be the largest source of business for Thermal Energy, with manufacturers across the industry steadfastly committed to reducing their carbon emissions. Improving thermal energy efficiency provides some of the quickest and most cost-effective CO2 mitigation options while also lowering energy bills. We're excited to support this customer, and the broader food and beverage industry, as they invest in our proprietary and proven, high-impact sustainability solutions." Thermal Energy's proprietary and proven technologies have wide applications in the food and beverage industry. The revenue from this order is expected to be earned within 12 months. About Thermal Energy International Inc. Thermal Energy International provides energy efficiency and emissions reduction solutions to Fortune 500 and other large multinational companies. The company saves its customers money by reducing their fuel use and cutting their carbon emissions. Thermal Energy's proprietary and proven solutions can recover up to 80 per cent 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 is a fully accredited professional engineering firm with engineering offices in Ottawa, Canada, Pittsburgh, United States, as well as Bristol, United Kingdom, with sales offices in Canada, U.K., U.S., Germany, Poland and Italy. By providing a unique mix of proprietary products together with process, energy and environmental engineering expertise, Thermal Energy can deliver unique, site-specific turnkey and custom engineered solutions with significant financial and environmental benefits for the company's customers. We seek Safe Harbor.