OTTAWA, ONTARIO - Thermal Energy International Inc., a global provider of energy efficiency and emission reduction solutions, announced today that it has received a purchase order valued at approximately $1.2 million for the installation of a heat recovery system for a major hospital. The heat recovery system is expected to be installed and revenue earned over the next two fiscal quarters.
"This is the third major hospital placing a significant order already in fiscal 2014," said William Crossland, CEO of Thermal Energy. "We have made great inroads into the institutional market and hospitals continue to prove to be a good source of business for both our heat recovery and GEM(R) steam trap systems. In the past five months we have received heat recovery and GEM(R) orders totalling, in aggregate, approximately $2.8 million from hospitals alone."
The heat recovery system to be installed is calculated by Thermal Energy to provide annual energy savings of approximately $330,000, and reduce the hospital's total carbon emissions by 9% or approximately 1,153 tonnes annually. The project will also provide a payback of approximately 3.8 years, with an expected life of 20 years.
With this order Thermal Energy's order backlog currently stands at approximately $10.2 million of which approximately $0.5 million is related to long term contracts and is not expected to be reflected in revenue within the next 12 months. Thermal Energy includes in "order backlog" all purchase orders received for product or services that have not yet been reflected as revenue in the Company's published quarterly financial statements.
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