Thermal Energy International Inc. (TSXV: TMG) has announced a $2 million turnkey heat recovery project with a global nutrition company, marking the 12th such project with the same customer and the sixth completed in the past year. The project will capture waste energy from an indirect gas-fired burner used in a milk spray dryer, with projected annual savings of approximately $750,000 for the customer including CO2 offset. The announcement reinforces Thermal Energy's strategy of deepening relationships with large multinational clients through repeat deployments of its energy efficiency solutions. Revenues from the order are expected to be earned within 12 months.

Key Points

  • Thermal Energy International Inc. (TSXV: TMG | OTCQB: TMGEF | FSE: EUW)
  • $2 million (CAD) turnkey heat recovery order received from an unnamed global nutrition company
  • 12th project overall with this customer; 6th in the past year; projected ~$750K in annual savings including CO2 offset
  • Investors may be watching whether repeat-order momentum with this client continues through the remainder of fiscal 2026

Heat Recovery From Milk Spray Dryer Exhaust at the Core of the Project

The project centres on recovering waste energy from the exhaust of an indirect gas-fired burner used in a milk spray dryer at the customer's facility. By redirecting this otherwise lost thermal energy back into the production process, the installation is projected to deliver approximately $750,000 in combined annual energy and CO2 offset savings for the nutrition company. The announcement notes that Thermal Energy had previously upgraded the same plant's steam system using its GEM™ steam traps, indicating a layered, multi-phase approach to improving overall plant efficiency at the site.

Sixth Order in Twelve Months Highlights Deepening Customer Relationship

CEO William Crossland stated that repeat business of this frequency and magnitude highlights the strength of the relationship and the repeatable opportunities that arise when customers witness successful execution and measurable results. The announcement notes this is the sixth turnkey project with this customer in the past year alone. In August 2026, Thermal Energy also announced three heat recovery orders from the same customer totalling $2.1 million, comprising two turnkey projects and a major equipment package, underscoring the scale of ongoing activity at this single client account.

Revenue Timing and Margin Expectations Outlined by the Company

Thermal Energy disclosed that revenues from this latest $2 million order are expected to be earned within the next 12 months. The company also stated it expects the gross margin for the turnkey project to be in line with historical amounts for its turnkey projects, though specific margin percentages were not provided in the announcement. Investors seeking detailed margin data are directed by the company to its quarterly disclosure materials. The company did not disclose the identity of the global nutrition client in the announcement.