Julia Zhang returns to Thermal Energy as CFO

Ottawa-based Thermal Energy International (TSX-V:TMG) has tapped a veteran accountant who has had stints as a manager at two other publicly traded tech companies to be its next chief financial officer.

The local clean-tech firm announced Thursday it’s bringing back former employee Jie (Julia) Zhang to fill the role of CFO effective July 31. She will replace Julia Flynn, who is stepping down from the post at the end of the month.

A Certified Public Accountant and Chartered Accountant who holds a bachelor of arts degree from Peking University and a bachelor of commerce degree from the University of Ottawa, Zhang served as financial controller at Thermal Energy from 2012 to 2016. She then spent a year at telecom giant Mitel as a finance manager before moving on to clean-tech enterprise BluMetric, where she was an accounting manager.

“We are delighted to welcome Ms. Zhang back to Thermal Energy,” CEO William Crossland said in a statement. “The experience she has gained is set to benefit the business as we continue to grow as a company.”

Thermal Energy sells equipment 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.

The company announced late last month it had acquired Pennsylvania-based Boilerroom Equipment in a deal worth US$2.25 million. The local firm had a solid fiscal 2018, inking a number of major deals and reporting nine-month revenues of $10.1 million in April, an increase of 20 per cent year-over-year.

Thermal Energy’s share price has been largely stable since the start of the year, hovering between eight and nine cents on the TSX Venture Exchange.