• Order intake up 133% year-over-year; project development agreements also on the rise

Ottawa, Ontario--(Newsfile Corp. - July 11, 2023) - Thermal Energy International Inc. (TSXV: TMG) (OTCQB: TMGEF) ("Thermal Energy" or the "Company"), a provider of innovative energy efficiency and carbon emission reduction solutions to major corporations around the world, is pleased to announce record order intake¹ for its fiscal year ended May 31, 2023. The Company received orders totalling $27.3 million during the twelve-month period, which was up 133% year-over-year.

"The past year has witnessed a remarkable surge in orders for Thermal Energy, reflecting the importance that multinational corporations are placing on reducing their environmental impact," said William Crossland, Thermal Energy CEO. "By choosing our energy efficiency solutions, these forward-thinking companies are not only reducing their carbon emissions but also maximizing profitability through substantial energy cost savings and improving operational efficiency. Our record order intake in fiscal 2023 underscores our customers' confidence in Thermal Energy's expertise and ability to deliver impactful results. And while our custom equipment orders have been steadily on the rise for some time, we are excited to see a significant year-over-year increase in the number and value of signed project development agreements."

The Company received 25 signed project development agreements ("PDA") in fiscal 2023 (including seven in the fourth quarter) compared to ten signed PDAs in the prior fiscal year. The combined value of the signed PDAs received in fiscal 2023 was 365% higher than the combined total of the PDAs received in fiscal 2022. While there is no guarantee that signed PDAs will result in completed turn-key projects, the Company considers PDAs to be a key metric in assessing the strength of its business development pipeline.

Mr. Crossland added: "Improving energy efficiency is the fastest, cheapest, and easiest way to reduce industrial carbon emissions. The business case for what we do has never been better and we are working hard to make Thermal Energy the energy efficiency partner of choice for Fortune 500 and other large multinational companies."

The Company's reported order intake above include the following recent orders:

• On May 16, 2023, the Company announced a $1.8 million multisite GEM^TM order from a multinational consumer goods company. This order includes a combination of partial and full site GEM conversions with the customer rolling out GEM steam traps to five of its sites across Europe, North America, and South America.
• On May 9, 2023, the Company announced a $1.1 million turn-key heat recovery project for a global nutrition company, representing the fifth turn-key energy efficiency and carbon emission reduction solution Thermal Energy has delivered for this customer since 2019, and the second in the fiscal year ended May 31, 2023.

In May, Thermal Energy was chosen by the TMX Group to present at the TSX Clean Technology Investor Day on May 17, 2023. The Company's slide presentation for the event, which included summary financial results for the first nine months of fiscal 2023, can be found on the Company's website at: https://investors-thermalenergy.com/tsx-cleantech-investor-day.

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¹ Order Intake is the value of purchase orders received from customers during a stated period. Not all of these orders will have been fully revenued during the stated period.

ENDS

For media enquiries contact:
Thermal Energy International Inc.
Canada: 613-723-6776
UK: +44 (0)117 917 2179
This email address is being protected from spambots. You need JavaScript enabled to view it.

For investor enquiries:
William Crossland
President and CEO
Thermal Energy International Inc.
613-723-6776
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Notes to editors

About Thermal Energy International Inc.

Thermal Energy International Inc. provides energy efficiency and emissions reduction solutions to Fortune 500 and other large multinational companies. We save our customers money by reducing their fuel use and cutting their carbon emissions. Thermal Energy's proprietary and proven solutions can recover up to 80% 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, USA, as well as Bristol, UK, with sales offices in Canada, UK, USA, 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 our customers.

Thermal Energy's common shares are traded on the TSX Venture Exchange (TSX-V) under the symbol TMG and on the OTCQB under the symbol TMGEF. For more information, visit our investor website at https://investors-thermalenergy.com or company website at www.thermalenergy.com and follow us on Twitter at https://twitter.com/GoThermalEnergy.

Cautionary Statements

This press release contains forward-looking statements relating to, and amongst other things, based on management's expectations, estimates, and projections, the anticipated effectiveness of the Company's products and services, the timing of revenues to be received by the Company, the anticipated effects of COVID-19 on the business, backlog, and revenue, and the expectation that orders in backlog will become revenue.

Information as to the amount of heat recovered, energy savings, and payback period associated with Thermal Energy International's products are based on the Company's own testing and average customer results to date. Statements relating to the order-intake, expected installation and revenue recognition for projects, statements about the anticipated effectiveness and lifespan of the Company's products, statements about the expected environmental effects and cost savings associated with the Company's products, and statements about the Company's ability to cross-sell its products and sell to more sites are forward-looking statements. These statements are not guarantees of future performance and involve several risks, uncertainties, and assumptions. Orders received in a fiscal year may not become revenue for the Company within such fiscal year. Many factors, some of which are outside of the Company's control, could cause events and results to differ materially from those stated. Fulfilment of orders, installation of products, and activation of products could all be delayed for several reasons, some of which are outside of the Company's control, which would result in anticipated revenues from such projects being delayed or in the most serious cases eliminated. Actions taken by the Company's customers and factors inherent in the customer's facilities but not anticipated by the Company can have a negative impact on the expected effectiveness and lifespan of the Company's products and on the expected environmental effects and cost savings expected from the Company's products. Any customer's willingness to purchase additional products from the Company and whether orders in the Company's backlog as described above will turn into revenue is dependent on many factors, some of which are outside of the Company's control, including but not limited to the customer's perceived needs and the continuing financial viability of the customer. The Company disclaims any obligation to publicly update or revise any such statements except as required by law. Readers are referred to the risk factors associated with the Company's business as described in the Company's most recent Management's Discussion and Analysis available at www.SEDAR.com.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.