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By Mark Gilman
Benzinga's Cleantech Small Cap Stocks Conference, a virtual event on April 22, 2021, featured Thermal Energy International CEO William Crossland took part in a 30-minute panel discussing the "Business Case for Reducing Emissions."
The energy efficiency market has been strong for several years, but in the past year, it has grown at rates higher than expected by the most optimistic green energy advocates. Thermal Energy International, Inc. (TSX.V: TMG), an innovative Canadian clean-technology company, believes it is poised to take advantage of that growth.
Thermal Energy works with multinational, high-volume energy users in industries including pharmaceutical, healthcare, food and beverage manufacturing, oil and gas, and pulp and paper. Each of these core industries continues to come under greater pressure to operate more efficiently and effectively.
"With the increased emphasis on companies doing more to reduce their greenhouse gas emissions, and Blackrock (NYSE: BLK) announcing they want to see their companies disclose more and do more, we have seen many countries and companies doubling down on their carbon emission targets," Thermal Energy CEO William Crossland said. "In the U.S., our largest single market, President Biden announced from the beginning of his term that climate change will be at the center of every one of his policies. We're in the business to help make our customers more profitable and competitive by reducing their fuel use and their carbon emissions."
Executives from Bank of America, Mastercard, KPMG, and about 60 other large companies announced recently they will be adopting a new reporting framework for environmental, social and governance standards (ESGs) in partnership with the World Economic Forum. Other companies that have signed on to this reporting framework include Salesforce, Unilever, Dell, and Sony. European leaders also agreed to reduce greenhouse gas emissions by 55% by the year 2030.
Thermal Energy believes with its established route to market, proprietary technology, and its existing customer list, that it is uniquely positioned to support the growing number of companies and individual sites with carbon emissions targets.
"At least 50% of the carbon emission reductions we need to reach our global targets must come from energy efficiency. That's 3 times more than renewable energy delivers," added Crossland. "Half of the industrial energy use is lost as waste heat. So most of our customers are literally having dollars go right up the chimney. We help them by saving up to 80% of that lost heat. The global demand for energy efficiency is increasing. It's the fastest, cheapest, and easiest way to reduce carbon emissions because it actually saves money instead of costing money."
Thermal Energy, which has corporate offices in Canada, the U.S., and the U.K., and has
completed hundreds of energy projects in more than 30 countries across six continents, is now focused on recovering from a revenue drop during the pandemic. Not being able to visit potential customers for site visits, contributed to a 55% decrease in revenue for the company. But things are looking brighter for Thermal Energy with reported Q2 and Q3 revenue in 2021 up 57% and approaching pre-pandemic levels.
Learn more about Thermal Energy at www.thermalenergy.com.
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