Major manufacturing and sales capacity to help TEI enter target Chinese
ZHANGJIAGANG, China, June 19 /CNW Telbec/ - Thermal Energy International
Inc. (TSX-V: TMG) (www.thermalenergy.com) has signed a Memorandum of
Understanding to develop a joint venture with the Jiangnan Boilers and
Pressure Vessels Company, Ltd., (JBPV), to deploy TEI's energy recovery
solutions in key Chinese markets.
JBPV (www.jbpv.com) is located in central China in Jiangsu Province. It
has been in business for more than 35 years, with a staff of over 500 and full
industrial manufacturing facilities, with revenues equivalent to approximately
$90 million a year. It serves the chemical fertilizer, medical, oil and
chemical industries in China and works with a number of international
companies such as York International, BASF, SECCO, Inc., and SPX Corp. JBPV is
a subsidiary of Jiangsu Huachang (Group) Co., Ltd. (www.huachanggroup.com) a
multi-billion dollar, national large scale chemical enterprise group with 19
large businesses under its umbrella.
"Based on our understanding of the Chinese energy and energy saving
markets, we believe that TEI's heat recovery technology has a great market
potential and we are in the process of identifying one or more demonstration
projects," said Mr. Xu Yu, General Manager of JBPV. "Once the demonstration is
completed successfully, we will commit significant resources to promote this
technology, in hope of rapidly occupying the markets in different sectors
The joint venture will leverage JBPV's considerable knowledge, skills,
relationships, and capacity to manufacture Thermal Energy's solutions such as
FLU-ACE(R) heat recovery systems in China at a very competitive level. This
high-quality manufacturing capacity will also enable Thermal Energy to source
some of its products and components from China to provide even more cost
competitive solutions to North American customers.
"A joint venture with Jiangnan will provide Thermal Energy with
substantial in-country strength in manufacturing, engineering, sales and
marketing as well as access to existing business relationships needed to
properly enter the very competitive Chinese market place," said President and
CEO Tim Angus. "We believe JBPV will be an excellent partner to help us build
on our current efforts in China which include active proposals and
negotiations with some of the largest pulp and paper manufacturers. Other
target markets would include hospitals, textiles, and the chemical fertilizer
"JBPV also has the capacity to quickly develop a FLU-ACE(R) pilot project
in China which will provide us with a local technology showcase site to
demonstrate the value our solutions can provide in energy savings and emission
reduction, which are two main priorities for Chinese governments at all
levels," said Mr. Angus.
About Thermal Energy
Thermal Energy International Inc. is an innovative technology company
providing custom energy and emission reduction, and bioenergy solutions.
Headquartered in Ottawa, Canada, TEI is a designer, design build developer,
fabricator, owner, operator and supplier of proprietary and patented energy
conservation, renewable energy and environmental technology solutions. Thermal
Energy is a fully accredited professional engineering firm, and offers
advanced process and applications engineering services. The Company is a proud
member of the Chicago Climate Exchange (CCX). FLU-ACE(R), Dry-Rex(TM),
THERMALONOx(TM) and THERMALOZOMAx(TM), THERMAL AUD(TM) are trademarks of
Thermal Energy International. GEM(R) is a trademark used under exclusive
license from Gardner Energy Management Ltd.
For more information about Thermal Energy International Inc. (TSX-V:
TMG), visit our website at www.thermalenergy.com.
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT
RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
For further information:
For further information: Stuart McCarthy, Thermal Energy International
Inc., Investor Relations and Communications, (613) 723-6776 x 220,