Thermal Energy International Inc., a provider of innovative energy efficiency and carbon emission reduction solutions to major corporations around the world, has received a contract from one of the world’s largest multinational pharmaceutical companies to provide detailed engineering services for a potential heat recovery project at one of the pharmaceutical company’s sites.
After receiving orders for three major heat recovery projects from a different pharmaceutical company, this is the second major pharmaceutical company to engage Thermal Energy for heat recovery projects. This contract, valued at C$500,000, is the largest engineering services project Thermal Energy has received in its history.
“We are excited to have received such a significant engineering order from another world-leading pharmaceutical company,” said William Crossland, CEO of Thermal Energy International. “The engineering to be done under this contract is much more extensive than the level we would provide under one of our project development agreements or PDAs. In fact, we signed a PDA with this company approximately a year ago and based on the outcome of the PDA the client has retained us to complete the full detailed engineering for the project.
“Typically, customers prefer the detailed engineering to be part of a total Turn-key fixed priced project agreement but in this case the customer’s preference is to approve the project in stages. This is also a lower risk option for Thermal Energy because firm pricing will not be provided until the detailed engineering is completed.
“Like many of its peers, this customer has significant carbon emission reduction targets and is aligned with the United Nation’s Race to Zero campaign, which is a global campaign rallying non-state actors – including companies – to take the necessary actions to halve global emissions by 2030.
“Our proven solutions align perfectly with multinational pharmaceutical companies with their extensive use of low-grade heat, strong and public commitments to reducing greenhouse gas emissions, and financial capacity to drive meaningful carbon reduction initiatives. Thermal Energy has helped several well-known pharmaceutical companies in North America and Europe reduce their energy costs and carbon dioxide emissions with GEM steam traps and HeatSponge boiler economizers. Yet, other than the three multi-million-dollar heat recovery projects we announced previously with a different multinational pharmaceutical company, this sector remains mostly untapped in terms of larger scale heat recovery opportunities.”
Thermal Energy International Inc. provides energy efficiency and emissions reduction solutions to Fortune 500 and other large multinational companies. The company 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% of energy lost in typical boiler plant and steam system operations while delivering a high return on investment with a short, compelling payback.
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