Deal inked with paper company

Thermal Energy International Inc. signs a $20-million deal to supply an unspecified, major North American integrated paper company with its waste heat recovery system. Thermal Energy is currently installing its FLU-ACE system at a facility in the northeastern US, the initial phase of the deal which will see the Ottawa-based company’s technology deployed at a number of the Thermal%20Energy.jpgcustomer’s industrial sites. FLU-ACE technology provides green energy by capturing waste heat from boilers and using it to drive production processes. “As the cost of fuel oil continues to rise north of $100 per barrel, Thermal Energy’s suite of solutions is even more compelling to industrial clients seeking to achieve operational cost savings and emission reductions, says CEO Tim Angus. “As a result, our typical solution size for our clients continues to grow, with this project being substantially larger than any in Thermal’s history.” The system will be installed by Thermal Energy, which will own and operate it, receiving regular payments from the mill over the life of the contract. At contract’s end, the customer will have the option of either renegotiating the deal or purchasing the technology outright. The FLU-ACE system is expected to save the mill more than $40 million in fuel costs savings over the life of the eight-year contract term.

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