Thermal Energy International Inc. has received an order for a Turn-key Heat Recovery Project valued at approximately CAD 4 million from a leading multinational pharmaceutical company. This turn-key heat recovery project is designed to deliver Natural Gas savings at the boiler plant. The expected reduction in Natural Gas consumption would reduce CO2 emissions by 1,280 tons per year, representing a 13.5% reduction in site thermal CO2 emissions.

Based on the client's expected Natural Gas prices, the project is expected to deliver approximately $1 million in annual fuel savings, resulting in a payback for a turn-key implementation in 4.1 years before application of any available utility and/or government funding/tax credits.