Thermal Energy (TSX-V: TMG) shares inched up to their highest level in a year Wednesday as the Ottawa clean-tech firm announced a $1.7-million order from an unnamed customer in the industrial and fuel alcohol sector.
The company’s stock price was up a penny and a half, or 27 per cent, to seven cents on the TSX Venture exchange. That gives the local firm a market capitalization of $11.27 million, according to TMX Money.
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.
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The company said the latest deal involves installing heat recovery systems at an ethanol plant, adding that the project is expected to be completed and revenue earned over the next six months.
“The amount of energy this [Thermal Energy] system is estimated to recover and deliver to the greenhouse would be enough to power approximately 1,300 average North American homes,” CEO William Crossland said in a statement.
Last week, Thermal Energy reported the second-highest annual profit in the company’s history after revenues climbed more than 82 per cent to $12.4 million.
