OTTAWA, Nov. 29, 2012 /CNW/ - Thermal Energy International Inc. (TSX-V: TMG) a leading provider of custom energy and emission reduction
technologies for energy intensive industries and institutions
worldwide, is pleased to announced that the previously announced
Greenpower Purchase Agreement between Fortress Specialty Cellulose Inc.
("Fortress Specialty") and Thermal Energy's subsidiary Forevergreen
Energy Inc. has been extended for two years until December 31, 2014.
The original arm's length agreement, entered into in June 2010, was set
to expire on December 31, 2012.
The Greenpower Purchase Agreement provides for the purchase, by Fortress
Specialty, of energy recovered by Thermal Energy's FLU-ACE® Waste Heat
Recovery System installed at the Fortress Specialty mill in Thurso,
Quebec. The FLU-ACE® Waste Heat Recovery System commenced operations
and began delivering recovered energy to Fortress Specialty in June
2010. Upon completion of the extended term on December 31, 2014,
Fortress Specialty has an option to further extend the agreement for up
to a maximum of 24 months on substantially the same terms or purchase
the FLU-ACE® Waste Heat Recovery System from Thermal Energy.
"The value our FLU-ACE Heat Recovery System has brought to Fortress
Specialty and our other customers is demonstrated in contract renewals
such as this," said William Crossland, President and CEO of Thermal
Energy. "The clear energy cost savings that this product provides by
recovering and re-distributing waste heat normally lost through
process and boiler exhausts continues to benefit our customers and
help to build our customer base."
About Thermal Energy International Inc.
Thermal Energy International Inc. is an innovative cleantech company
providing a variety of proprietary and proven energy efficiency,
emission reduction, water efficiency, and bioenergy products and
solutions to the industrial, commercial and institutional markets
worldwide. Thermal Energy is also a fully accredited professional
engineering firm, and can offer advanced process and applications
engineering services. By providing a unique mix of proprietary products
together with process, energy, environmental, and financial expertise
Thermal Energy is able to deliver significant financial and
environmental benefits to our customers.
Thermal Energy's products include; GEM® - Steam traps and condensate return systems, FLU- ACE® - Direct contact condensing heat recovery, and Dry RexTM - Low temperature biomass drying systems. These award winning products
are effective in a wide variety of industries and application and have
an excellent track record of longevity, proven reliability and
performance providing significant energy savings, reduced GHG
emissions, improved water efficiency, lower maintenance costs, improved
product quality and increased production efficiency.
Thermal Energy International Inc. has offices in Ottawa, Canada as well
as Bristol, UK, and China. To find out more about Thermal Energy
International Inc. (TSX-V: TMG), visit our website at http://www.thermalenergy.com.
To find out more about Thermal Energy International Inc. (TSX-V: TMG),
visit our website at http://www.thermalenergy.com.
NEITHER THE 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.
SOURCE: Thermal Energy International Inc.