The transaction would be closed on January 1, next year, as per the agreement between both the companies, it said and added that the joint venture firm would be named MW Power Oy.

Metso would own 60 per cent and Wartsila 40 per cent of the new entity.

"Now that we have received the approvals, we can start integration planning. The long-term business drivers are positive for us," says Metsos Heat & Power business Vice- President Jorma Lehtoviita.

Metso and Wartsila in September announced that they had signed a contract to form a joint venture company to provide medium- and small-scale power and heating plants with a focus on renewable fuel solutions.

The technologies of the two companies are complementary, it said.

Metso will own 60% of MW Power, while Wartsila will own 40%. It is estimated that the consolidated annual pro forma net sales of the company will be approximately E130 million in 2008.

The operating technologies of the two companies are reported to be complementary. Metso's fluidized bed combustion technology and Wartsila's grate technology enable a solutions portfolio for a wide range of fuels in power and heating plants.

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Thermal Energy International Inc. (TSX-V:TMG) www.thermalenergy.com) (the "Company" or "Thermal Energy") is pleased to announce the following senior management appointments:

Peter Bennett, Sales and Marketing Director, GEM Ltd.

Peter Bennett joins the Company as Sales and Marketing Director, GEM Ltd. Mr. Bennett is responsible for the overall leadership and management of UK and European sales, marketing and business development activities. This includes expanding market presence and growth of the GEM(R) steam trap product line throughout Europe and leveraging cross selling of Thermal Energy's FLU-ACE(R) waste heat recovery and DRY-REX(TM) low temperature biomass drying solutions in the European market.

Mr. Bennett, a well respected industry expert, possesses a wealth of technical and sales experience related to the development and deployment of efficient energy production systems and solutions to industrial, institutional and commercial clients.

Among his achievements, Mr. Bennett was UK National Sales Manager for Spirax Sarco, one of the world's largest steam system companies, where he managed a 64-person team through some of that Company's best growth years. Most recently, Mr. Bennett developed the UK sales organization for ARI Armaturen and over a three year period he established a strong presence in the UK market, growing sales to a significant level.

Stuart McCarthy, Director, Marketing and Communications

Stuart McCarthy joins Thermal Energy as Director of Marketing and Communications. Mr. McCarthy is responsible for overall marketing of the Company's corporate brand and portfolio of solutions and communications with stakeholders and shareholders. This includes developing comprehensive marketing programs and strategies for positioning solutions with key target markets globally, and supporting sales initiatives and activities on a regional basis.

Mr. McCarthy previously worked with an Ottawa-based public relations agency providing a wide range of communications and marketing services from strategic planning to communications execution for public and private sector clients and national associations. It was in this capacity that Mr. McCarthy provided Thermal Energy corporate communications and investor relations support for the past three years. He will continue to provide these services under his new role.

"The addition of Peter to our team is a major step toward establishing Thermal Energy as a market leader for turnkey delivery of energy and emission solutions reduction solutions for our customers," said Thermal Energy President and CEO Tim Angus. "Stuart fills another critical role for the Company in providing a dedicated focus to marketing and communications to ensure we achieve our overall revenue and profitability objectives."

"Thermal Energy's business plan calls for an aggressive transition from third-party sales representation to the development of a dedicated direct sales force that is 100% accountable to the Company," said Anthony Pugliese, Thermal Energy's Vice President, Sales. "Our recent financing and strong cash position has enabled us to move forward with this plan and as a result, we have established an excellent core sales team in Canada and the U.S. and will continue to expand this team in the months ahead."

Thermal Energy is pleased to announce the addition of the following sales personnel:

Al Fenner - Business Development Manager, GEM Sales - North America: Mr. Fenner comes to Thermal Energy from Weir Canada where he was Account Manager, Process Instrumentation. He brings with him 25 years experience in the area of institutional and commercial process technology sales and business development;

Colleen Snee - Business Development Manager, Solution Sales - Mid Atlantic US: Ms. Snee joins Thermal Energy from Energy Services Group, a regional energy services company (ESCO) in the Pennsylvania region. Ms. Snee has more than 25 years experience including senior management positions with Honeywell, Johnson Controls and other energy services companies in the U.S., with strong relationships in the pharmaceutical, general industrial and educational markets;

Geo Hebrada - Account Manager, GEM Sales - Alberta: - Mr. Hebrada was recently an account manager with Preston Phipps Inc., the national reseller of Armstrong steam systems, selling steam traps and mechanical systems in the Oil Sands. He has more than 20 years sales experience related to the optimization of steam systems and process instrumentation;

James Pond - Account Manager, GEM Sales - Quebec: - Mr. Pond brings extensive experience in sales of industrial valves and steam systems including key account positions with Mueller Flow Control, Preston Phipps and Spirax Sarco in Quebec. He has an excellent record of client wins and sales growth throughout his career;

Gary Brooks - Account Manager, GEM Sales - South East US: - Mr. Brooks joins Thermal Energy from Enerquin Air Inc. where he was responsible for sales to paper and tissue mills in the Eastern U.S. His extensive background includes sales and project management with companies such as Thermal Systems Group, Valmet Inc. Enerdry Division (Metso Paper) and ABB Industrial Drying, Inc.

"Thermal Energy has worked hard over the past several months to identify and secure an experienced direct sales team to accelerate revenue growth and profitability in North America and we look forward to the results of these efforts through the balance of the current fiscal year and beyond," said Mr. Pugliese. "We continue to seek qualified candidates for a number of other direct sales positions in other key markets and industry sectors to augment this new team."

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(TM), DRY-REX(TM), THERMALONOx(TM) and THERMALOZOMAx(TM), THERMAL AUD(TM) and GEM(R) are trademarks of Thermal Energy International.

For more information about Thermal Energy International Inc. (TSX-V: TMG), visit our website at www.thermalenergy.com.

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%SEDAR: 00007994E

SOURCE: Thermal Energy International Inc.

Tim Angus, President and CEO, (613) 723-6776; Stuart McCarthy, Director, Marketing
and Communications, (613) 723-6776 x 220, stuart.mccarthy@thermalenergy.com

Pekka Timonen, Director General, Ownership Steering Department, Prime Minister's Office (State of Finland); Lars Foerberg, Managing Partner (Cevian Capital); Mikko Koivusalo, Head of Capital Market Investments (Varma Mutual Pension Insurance Company), and Harri Sailas, CEO (Ilmarinen Mutual Pension Insurance Company).

Matti Kavetvuo, Chairman of Metso's Board of Directors, serves as the Committee's expert member. The Committee will elect a chairman from among its members in its organizing meeting.

Metso's Nomination Committee, established by the Annual General Meeting, prepares proposals on the composition of the Board of Directors along with the director remuneration for the next Annual General Meeting, which is tentatively scheduled for March 31, 2009. The Nomination Committee consists of the representatives named by the four biggest registered shareholders as of November 3, 2008 along with the Chairman of Metso's Board of Directors as an expert member. The Nomination Committee will present its proposal to the company's Board of Directors no later than February 2, 2009.

Metso is a global engineering and technology corporation with 2007 net sales of over EUR 6 billion. Its over 27,000 employees in approximately 50 countries serve customers in the pulp and paper industry, rock and minerals processing, the energy industry and selected other industries. www.metso.com

Further information for the press, please contact: Aleksanteri Lebedeff, Senior Vice President, General Counsel, Metso Corporation, tel. +358 20 484 3240

Further information for investors, please contact: Johanna Sintonen, Vice President, Investor Relations, Metso Corporation, tel. +358 20 484 3253

This announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.

Copyright Copyright Hugin AS 2008. All rights reserved.

SOURCE: Metso Corporation