Thermal Energy International Inc. has received an offer of funding from the Canadian government to support a product development project it is undertaking in China targeting the Chinese petrochemical market.
Earlier today Prime Minister Stephen Harper and Chinese Premier Wen Jiabao announced results of the third call for joint research and development projects under the Canada-China Framework Agreement for Cooperation on Science, Technology and Innovation. Seven projects, valued at nearly US$10 mln , will be supported by the Department of Foreign Affairs and International Trade, through the International Science and Technology Partnerships Program (ISTPP), which promotes commercially-focused international research and development cooperation, and is delivered by a not-for-profit organization, ISTP Canada .
Thermal Energy is pleased to announce that included in the list of projects receiving support, as announced by Prime Minister Harper and Premier Wen Jiabao today, is a product development project it is developing with Cyheat Energy Technology Inc. ("Cyheat") and Liaoning Shihua University. The intent of this project, which is still subject to final negotiations, is to develop a cost-effective waste heat recovery system for use in petrochemical re-heating furnaces that often generate corrosive exhaust gases due to the nature of the fuel source. If successful this technology is expected to help refineries achieve greater energy efficiency, reduce emissions and save millions of dollars in fuel costs by reducing the refineries' fuel consumption by up to 15 percent, and recovering up to 90 percent of the water vapor in the emissions for re-use. The initial focus for application is the Chinese market where more than 1,200 re-heating furnaces are in operation by the petrochemical industry, however the technology is expected to have application globally and open up a significant new market for Thermal Energy products. Subject to final documentation, ISTP Canada has approved up to approximately $244,000 of support to partially fund Thermal Energy's contribution to the project. The project is expected to be completed over the next two to three years and any technology developed as a result of this project will be shared jointly by Thermal Energy and Cyheat.