Thermal Energy Gets First Major Contract From Alliance With Honeywell Ltd.
18 April 2000
Thermal Energy Gets First Major Contract From Alliance With Honeywell Ltd.
OTTAWA--April 17, 2000--environmental benefits and energy savings for major auto maker
Thermal Energy International Inc. (CDNX:TMG.V) is pleased to announce it has been contracted by Honeywell Ltd. (NYSE:HON) to provide two Hybrid FLU-ACE(R) systems for a multi-million dollar project with a major automotive manufacturer in southwestern Ontario.
Thermal Energy will receive $600,000 for the engineering design and supply of the FLU-ACE(R) systems at the heart of the retrofit project to be implemented and guaranteed by Honeywell Ltd. Thermal Energy anticipates completing its portion of the project within six months and expects to begin booking revenue in the current fiscal fourth quarter.
"This demonstrates our new marketing initiatives are working," said Tom Hinke, President and CEO of Thermal Energy. "It is a win-win situation to have our unique energy conservation and environmental compliance technology backed by Honeywell's tremendous reputation and record of on-time delivery of major design-build projects."
The Hybrid FLU-ACE(R) systems are designed to significantly reduce fuel consumption, capture waste energy for use in the manufacturer's facility and enhance the elimination of Volatile Organic Compounds (VOCs) from the parts manufacturing process.
By reducing fuel consumption, the automotive manufacturer can expect to reduce emissions of carbon dioxide (CO2) by 8,000 metric tons a year; Nitrogen Oxides (NOX) by 10 metric tons a year; and unburned hydrocarbons (THC) by more than five metric tons a year. Additional environmental and health benefits include removal of virtually all remaining VOCs from the plant emissions. VOCs include substances such as phenols, benzene, toluenes and xylenes.
"This is the equivalent of eliminating emissions from 1,200 cars a year in southwestern Ontario," said Mr. Hinke. "We are delivering to industry today, what companies like Ballard Power Systems are promising for the automobile tomorrow."
This is Thermal Energy's first FLU-ACE(R) application for the automotive sector with a wide range of benefits from economic to environmental. It is expected that the project will be self-funding through substantial energy savings over the next several years.
"This is an excellent project that extends Honeywell's scope as a provider of leading solutions to industry," said Peter Grabner, Industrial Infrastructure Solutions Leader at Honeywell. "We look forward to being able to bring these new solutions based on Thermal Energy's technology to new and existing clients in a variety of industrial applications.
"This project also dispels the myth that implementing energy conservation and environmental compliance solutions are cost-prohibitive for industry," said Mr. Grabner. "Honeywell and Thermal Energy are proving that these important projects can be paid for out of existing energy costs without incurring additional capital expenses."
Thermal Energy International Inc. is a leading provider of unique cost-effective energy conservation and environmental compliance solutions headquartered in Ottawa, Canada. More on Thermal Energy can be found at www.thermalenergy.com. Thermal Energy's common shares are traded on the Canadian Venture Exchange (CDNX) under the symbol TMG.
Honeywell (NYSE:HON) is a US$24 billion diversified technology and manufacturing leader, serving customers worldwide with aerospace products and service; control technologies for buildings, home and industry; automotive products; power generation systems; specialty chemicals; fibers; plastics; and electronic and advanced materials. The company employs approximately 120,000 people in 95 countries.