Ottawa’s Thermal Energy taps repeat customer for $2.3M heat recovery deal


Cleantech firm Thermal Energy International (TSX-V:TMG) continues to score lucrative contracts.

The Ottawa-based company, which develops large-scale energy efficiency systems, announced this week it has landed a $2.3-million contract to install two of its proprietary heat-recovery systems at the European facilities of a multinational animal nutrition and agriculture company.

This will be Thermal’s second and third heat-recovery system installations at the unnamed customer’s production sites. The repeat customer also has the firm’s steam-trap systems installed at five of its sites across the world.

Thermal CEO William Crossland said in a statement that the recurring business from this multinational customer speaks to the Ottawa company’s drive to become a “one-stop shop” for energy-efficiency installations.

This past year alone, Thermal Energy has announced numerous multimillion-dollar contracts with large customers, primarily in various sectors of the food and beverage industry. The firm reported second-quarter revenues of $5.2 million, an increase of 39 per cent year-over-year, with an order backlog of more than $10 million as of Jan. 29.