OTTAWA, Feb. 7, 2013 /CNW/ - ThermalEnergy International Inc. (TSX-V: TMG) ("Thermal Energy" or the "Company") is pleased to
announced that it has signed a funding agreement with the Canadian
government related to a previously announced offer of funding to
support a product development project targeting the Chinese
On February 8, 2012, Prime Minister Stephen Harper and Chinese Premier
Wen Jiabao announced results of the third call for joint research and
development projects under the Canada-China Framework Agreement for
Cooperation on Science, Technology and Innovation. The bilateral R&D
projects are jointly funded by ISTPCanada, a national organization
mandated by the Government of Canada to develop and implement R&D
collaboration programs under Science and Technology (S&T) cooperation
agreements between Canada and key trade partners including China; and
the Ministry of Science and Technology (MOST) of the People's Republic
At that time Thermal Energy was pleased to announce that included in the list of projects receiving
support, as announced by Prime Minister Harper and Premier Wen Jiabao,
was a project it was developing with Cyheat Energy Technology Inc.
("Cyheat") and Liaoning Shihua University. The intent of this project
is to develop a cost-effective waste heat recovery system for use in
petrochemical re-heating furnaces. If successful this technology is
expected to help refineries achieve greater energy efficiency, reduce
emissions and save millions of dollars in fuel costs by reducing the
refineries' fuel consumption by up to 15 percent and recovering up to
90 percent of the water vapor in the emissions for re-use.
The initial focus for the product is the Chinese market where more than
1,200 re-heating furnaces are in operation by the petrochemical
industry, however if successful the technology is expected to have
application globally and open up a significant new market for Thermal
"The petrochemical industry is a key strategic target for Thermal Energy
and a significant energy consumer worldwide", said William Crossland,
Chief Executive Officer of Thermal Energy. "Condensing heat recovery
on a petrochemical re-heating furnace is a novel application of this
technology and if successful, this project will open new doors for
Thermal Energy as well as complement our existing FLU-ACE® heat recovery system and GEM® steam trap technologies already widely in use."
ISTP Canada has committed to cover 50% of Thermal Energy's eligible
costs of the project to a maximum of approximately $244,000. The
project is expected to be completed over the next two to three years.
Thermal Energy and Cyheat will jointly share any technology developed
as a result of this project.
About Thermal Energy
Thermal Energy International Inc. is an innovative cleantech company
providing a variety of proprietary and proven energy efficiency and
emission reduction products and solutions to energy intensive
industrial, commercial and institutional fossil fuel users 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, United States, Italy and China. To find out more about
Thermal Energy International Inc. (TSX-V: TMG), visit our website at http://www.thermalenergy.com.
About Cyheat Energy Technology Inc.
Cyheat is a privately owned company that focuses on improving the
thermal energy efficiency of the petrochemical industry. Cyheat has
been in business for 8 years and has 17 full-time and 30 part-time
employees including a number of Masters and Ph.D candidates with the
Liaoning Shihua University. The management of team consists of Jerry
Fang, MBA, Chairman and CEO, and Prof. Baoshan Li, Vice President and
Chief Technology Officer. Mr. Fang is a Senior Engineer and also an
Adjunct Professor of the International MBA program at Peking
University's Guanghua School of Management. He has 22 years' experience
in the field of petroleum and energy consumption efficiency. Prof.
Li graduated from China University of Petroleum with a Masters of
Thermal Engineering and has 25 years' of teaching and research
experience in the field.
About Liaoning Shihua University
Liaoning Shihua University was founded in 1950 as Fushun Petroleum
Institute. Today Liaoning Shihua University has 11 schools and colleges
including the School of Petrochemical Technology. It is a modern
multi-disciplinary university with a focus on petrochemistry as its
distinctive feature. It is a state-owned, non-profit making institution
of higher education and the first of its kind across China. To-date
Liaoning Shihua University has graduated more than 40,000 students for
China's petrochemical industry.
NOTE: This press release contains forward-looking statements relating
to, and amongst other things, based on management's expectations,
estimates and projections with respect to the anticipated receipt of
funding approved by ISTP, results and timing of research, the
anticipated effectiveness of the Company's products and services and
the revenues to be received by the Company from the project described.
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. The Company disclaims
any obligation to publicly update or revise any such statements.
International Science and Technology Partnerships Canada (ISTPCanada)
facilitates the creation of global technology partnerships that open
new markets and trade doors for Canadian companies. ISTPCanada develops
and implements R&D collaboration programs under Science and Technology
(S&T) cooperation agreements between Canada and three key trade
partners: Brazil, China and India. Mandated by the Government of Canada
through Foreign Affairs and International Trade Canada (DFAIT),
ISTPCanada facilitates R&D cooperation between Canadian companies,
research organizations and their counterparts in these countries; and
invests in collaborative R&D projects. Since its inception in 2007,
Facilitated 50 bilateral or multilateral partnership development and
match-making activities, engaging at least 4,000 highly qualified
people, and leading to hundreds of S&T collaborations
Invested more than $10 million in 29 bilateral R&D projects valued at
almost $38 million; and
Gained almost four-fold leverage on every dollar invested by the
Government of Canada.
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.