• Project includes both Flu-Ace and HeatSponge heat recovery systems and two heat pumps

Ottawa, Ontario--(Newsfile Corp. - September 23, 2024) - 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, has received an order for a heat recovery and heat pump project valued at approximately $2.2 million from a leading multinational pharmaceutical company. All figures are shown in CAD.

"This is our second heat recovery order under our global master services agreement with this leading pharmaceutical company," said William Crossland, CEO of Thermal Energy. "This project, and the one we announced last fall, are key to this customer meeting its 2030 emission reduction commitments as economically as possible. This customer has about 40 sites of interest to us around the world and we continue to discuss additional project opportunities with them."

"Of equal importance, this is our first project that includes heat pumps to very efficiently convert the thermal energy recovered by our Flu-Ace and HeatSponge technologies to a higher temperature than can be achieved previously, broadly expanding the applicability of the energy recovered by our established best-in-class technologies"

"Thermal Energy has assisted several prominent pharmaceutical companies in cutting energy costs and lowering carbon emissions. Our proven solutions are ideal for the pharmaceutical sector, where significant amounts of heat are commonly used, and there is a strong commitment to reducing greenhouse gas emissions. Additionally, the sector's financial resources enable meaningful action toward carbon reduction."

Based on the client's expected natural gas prices, the project is expected to deliver close to $1 million in annual fuel savings, while the expected reduction in natural gas consumption would reduce CO₂ emissions by 1,199 tons per year, representing an estimated 14% reduction in site CO₂ emissions.

The project is expected to be completed and revenue earned within 12 months.

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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 expectation that orders in backlog will become revenue, the anticipated benefits of the Company's current efforts at training and business improvement efforts, opportunities for growth, the Company's belief that it can capitalize on opportunities, the size of markets and opportunities open to the Company. 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 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 a number of risks, uncertainties and assumptions.

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 product and activation of product could all be delayed for a number of 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.sedarplus.ca.