11/14/2000

AMERICAN ELECTRIC POWER TO FUND FIRST DEMO OF THERMAL ENERGY THERMAL NOx™ EMISSION REDUCTION TECHNOLOGY

OTTAWA, CANADA and COLUMBUS, OHIO -- NOVEMBER 14, 2000 -- Thermal Energy International Inc. (CDNX: TMG) has announced that American Electric Power (NYSE:AEP), one of the largest U.S. energy providers, will finance the first commercial-scale demonstration of its THERMAL NOx™ emission reduction system.

AEP will install Thermal Energy´s THERMAL NOx™ on one unit of its Conesville coal-fired generating station located in Conesville, Ohio. The installation is expected to demonstrate and validate the effectiveness and performance of the technology during an 8-12 week test period. Thermal Energy will design and supply a THERMAL NOx™ system designed to remove at least 75% of the existing nitrogen oxide (NOx) emissions from the 375MW unit.

AEP Pro Serv, Inc. will be the exclusive licensee for applications of THERMAL NOx™ technology in North America at coal-fired power generation installations equipped with wet flue gas desulphurization (WFGD) scrubbers. AEP Pro Serv is a non-regulated subsidiary of AEP that provides professional services in all areas of transmission, distribution, generation, and industrial projects including siting; environmental licensing, permitting and remediation; engineering; design; construction; and operation and maintenance.

Thermal Energy and AEP estimate the value of the project at approximately $22.5 million CAD (US$15 million) based on design assumptions that will apply to similar-sized projects when the technology is fully commercialized.

AEP has an option to acquire up to 10% of Thermal Energy. If exercised, AEP will initially acquire approximately 3 million shares of Thermal Energy common stock at $3.50 CAD (US$2.33) a share for an initial investment of approximately $10 million (US$7.02 million). AEP will also acquire warrants to purchase an additional approximate 3 million shares over 24 months at strike prices ranging from $3.50 to $10.00. The total investment in Thermal Energy could reach $25.2 million (US$16.9 million) if AEP exercises all its warrants.

"This agreement with Thermal Energy is in keeping with our efforts to take a leadership role in the development and commercialization of new and emerging power generation and environmental technologies, as well as renewable energy options," said Martin L. Mearhoff, AEP´s vice president of renewable energy and advanced technologies. "We feel confident that – if the demonstration proves successful the THERMAL NOX™ process will help AEP and other power generators reduce their cost of meeting NOx emission reduction requirements when the technology becomes commercially available." Mearhoff indicated that the project with Thermal Energy complements AEP´s multi-pollution emission control strategy.

As part of the agreement, Mearhoff will be appointed to Thermal Energy´s Board of Directors, subject to the Board´s approval.

The THERMAL NOX™ system involves the direct injection of elemental phosphorus into exhaust gas streams emitted from fossil-fueled combustion processes. The phosphorus reacts with the gases to convert nitrogen monoxide into nitrogen dioxide. The resulting nitrogen dioxide is then removed by a standard wet flue gas desulphurization scrubber or other wet scrubber system.

"With AEP´s support we have no doubt that our THERMAL NOx™ solution has the potential to become an extremely attractive alternative to existing higher-cost technologies," said Thermal Energy President and CEO Tom Hinke. “Our strategy for the success of THERMAL NOx™ was to find world-class partners and we can think of no better partner to have than AEP when it comes to deploying this revolutionary technology.”

Thermal Energy will immediately begin working with AEP Pro Serv to implement the demonstration facility, with completion anticipated during the first quarter of 2001. Thermal Energy and AEP will operate the system for up to 12 weeks during which all necessary test and evaluation data will be collected. The system will be designed for efficient conversion to a permanent installation.


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Thermal Energy International Inc. is a leading provider to industry of unique cost-effective energy conservation and environmental compliance solutions headquartered in Ottawa, Canada. More on Thermal Energy can be found at www.thermalenergy.com. FLU-ACE and THERMAL NOx™ are trademarks of Thermal Energy. Common shares of Thermal Energy are traded on the Canadian Venture Exchange (CDNX) under the symbol TMG.


American Electric Power is a multinational energy company based in Columbus, Ohio. AEP owns and operates more than 38,000 megawatts of generating capacity, making it one of America’s largest generators of electricity. The company is also a leading wholesale energy marketer and trader, ranking second in the U.S. in electricity volume. AEP provides retail electricity to more than 9 million customers worldwide and has more than $35 billion in assets, primarily in the U.S. with holdings in select international markets. Wholly owned subsidiaries are involved in power engineering and construction services, energy management and telecommunications. Information about AEP and its subsidiaries is available on the World Wide Web at www.AEP.com.


The contents of this release have neither been approved or disapproved by the Canadian Venture Exchange.


This press release contains statements of a forward-looking nature regarding future events. These statements are only predictions and actual events may differ materially. Please refer to documents that American Electric Power files from time to time with the Securities and Exchange Commission for a discussion of certain factors that could cause actual results to differ materially from those contained in the forward-looking statements.

Stuart McCarthy Pat D. Hemlepp
VP Corporate CommunicationsMedia Relations Manager
Thermal Energy American Electric Power
613-723-6776 ext 205 - phone614-223-1620 - phone
613-723-7609 - fax 614-223-1682 - fax
613-762-4321 - cell pdhemlepp@aep.com
mccarthy@thermalenergy.com

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