Thermal Energy received $1.5-million in orders

Executive Summary

• Thermal Energy International Inc. has secured $1.5 million in new orders for two turnkey heat recovery projects from an existing global nutrition company customer.
• The projects are located at a single U.S. site and are expected to be completed with revenue recognized within 12 months.
• This award adds to a long-standing relationship with the customer, bringing total business with this multinational company to approximately $13.6 million since 2019 across 27 sites in nine countries.

Key Details

• Contract Value: $1.5 million total for two turnkey heat recovery projects.
• Customer: An existing global nutrition company (multinational).
• Project Scope: Two distinct turnkey heat recovery projects at a single U.S. site.
• Timeline: Projects expected to be completed and revenue earned within 12 months.
• Financial Expectations: Gross margin expected to be in line with historical amounts for turnkey projects.
• Customer Relationship History:
  • Total business with this customer since 2019: ~$13.6 million.
  • Total projects at this customer's sites: 8 turnkey heat recovery projects at 6 different sites.
  • Additional scope includes smaller orders for GEM, HeatSponge, and other products/services.
  • Geographic reach with this customer: 27 sites across 9 countries (North America, Europe, and Asia).
• Future Outlook: Management cites significant growth potential for further energy efficiency and carbon reduction initiatives at partially penetrated locations and other global sites.

Notable Quotes

• "We received a series of orders from an existing customer for two distinct turnkey heat recovery projects at a single U.S. site," said William Crossland, chief executive officer of Thermal Energy. "Including these latest turnkey projects, we've done approximately $13.6-million of business with this multinational company since 2019. In addition to the now eight turnkey heat recovery projects at six different sites, this amount includes many smaller orders for GEM, HeatSponge, and other products and services at a total of 27 of this customer's sites across nine countries in North America, Europe and Asia. Moreover, we continue to see significant growth potential with this customer. In addition to the substantial potential for further energy efficiency and carbon reduction initiatives at locations we have so far only partially penetrated, this customer has many other sites around the world that could benefit from our solutions."