Mr. William Crossland reports

THERMAL ENERGY ANNOUNCES $1.8 MILLION HEAT RECOVERY ORDER FROM INTERNATIONAL PREMIUM BEER AND BEVERAGE COMPANY

Thermal Energy International Inc. has received an order for a turnkey heat recovery project worth approximately $1.8-million from an international premium beer and beverage company. The FLU-ACE system to be installed will recover waste heat from the exhausts of two boilers at one of the customer's breweries and is expected to provide the brewery annual fuel savings of approximately $406,000, while reducing its carbon dioxide emissions by approximately 975 tonnes.

"We're excited to announce our latest heat recovery order from one of the world's largest brewers," said William Crossland, Thermal Energy chief executive officer. "This is our second turnkey project with them, building directly on the success of our 2019 turnkey project at another of their sites and supported by GEM Trap deployments across several of their European sites.

"Thermal Energy has exceptional experience in this industry, having worked with several of the world's largest breweries. By recovering heat that's already being generated and paid for, we help these companies cut their fuel use, lower emissions and unlock immediate operating cost reductions. At a site producing more than 50 million pints a year, efficiency gains matter.

"As this brewer advances its sustainability goals across sites in dozens of countries, including net-zero production by 2030, we're proud to be a proven partner in delivering measurable, repeatable decarbonization."

This turnkey project is expected to be completed and revenue earned within seven or eight months. The company expects the gross margin for this project to be in line with historical amounts for its turnkey projects. Thermal Energy's overall gross margins are available in its quarterly disclosure materials.

About Thermal Energy International Inc.

Thermal Energy provides energy efficiency and emission reduction solutions to Fortune 500 and other large multinational companies. It 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 its customers.

Thermal Energy's common shares are traded on the TSX Venture Exchange under the symbol TMG and on the OTCQB under the symbol TMGEF.

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