Project done

Custom energy reclamation systems maker Thermal Energy International Inc. completes its first waste heat recovery project in the US, a $1.4-million contract with a Fortune 500 company announced in December 2006. The company says its FLU-ACE waste heat recovery system has successfully demonstrated fuel cost savings of roughly $600,000 a year at one of the client's Thermal%20Energy.jpgfood and beverage plants. The FLU-ACE system reduces power consumption by using radiant heat from boilers to run other production processes. Thermal Energy is currently conducting a feasibility study at another one of the client's manufacturing operations. The company hit a financial milestone in Q1, as it recorded first-quarter revenue of more than $1 million for the first time. Revenue in the quarter shot up to $1.05 million from just $102,659 a year earlier and net losses were down by 18.4% at $417,895 ($0.5 cents per share) from $512,011 ($0.7 cents per share) the previous year.

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