In this work, a new multi-objective mixed integer nonlinear programming (MINLP) model based on Pinch Technology principles is presented. The proposed framework is able to simultaneously maximize the heat recovery, minimize the total heat exchange surface while guaranteeing the heat transfer feasibility. The formulation adopted for the heat integration problem significantly reduces the number of binary variables when dealing with variable temperatures and flowrates, thus enhancing the solution efficiency. The model is then augmented with the introduction of a novel approach for the total area estimation not requiring heavy disjunctions nor complex tailor-made algorithms. A study on the optimization of an air separation unit (ASU) is finally performed to show the potential and effectiveness of the proposed framework.