Ottawa cleantech firm Thermal Energy sells first cogeneration unit in $1.46M order

Thermal

Ottawa-based Thermal Energy International (TSX-V: TMG) says it’s received an inaugural order for its cogeneration technology, a system that works with Thermal’s existing products to reduce energy consumption even further.

Thermal says the sale is worth $1.46 million and involves “a leading Fortune 500 food and beverage customer.” The Ottawa clean-tech firm typically does not name its clients.

Thermal Energy makes technology that captures and reuses heat from the exhaust and steam traps of large buildings, such as hospitals and industrial facilities. This helps cut its customers’ energy bills and reduces emissions.

“Our solutions ... enable us to squeeze more usable energy out of each unit of fuel,” said Thermal Energy CEO William Crossland in a statement.

Last summer, the company entered the cogeneration market, selling systems that simultaneously generate electricity and heat.

Since it can be combined with the company’s traditional Flu-Ace system, the expansion into cogeneration creates opportunities for Thermal Energy to generate more revenue from each of its customer sites.

Collectively, Thermal said it has received $3.3 million from this particular food and beverage customer this summer.

In its most recently released financial results, Thermal reported third-quarter revenues of $3.2 million and a net loss of $56,000 for the three-month period that ended Feb. 28.