Ottawa’s Thermal Energy branches out to new sector with $2.4M contract

thermal

Ottawa’s Thermal Energy International (TSX-V:TMG) is taking its heat recovery products to a new subsector of the food and beverage industry through a multimillion-dollar deal.

The cleantech firm announced Tuesday it had secured a $2.4-million deal with a “leading food ingredient company.”

Thermal will install its heat recovery system at the company’s production facilities over the next nine months. When complete, the system will save some $614,000 per year and reduce the customer’s carbon emissions by 15 per cent annually, according to the local firm.

While the company’s release was sparse on details regarding the unnamed customer and subsector, Thermal CEO William Crossland was quoted saying the deal marked an entry point into a lucrative market and the firm is looking to “expand on this success” with other sites in the same industry.

Thermal has been on a bit of a hot streak as of late, coming off a year of record sales in fiscal 2018 and doubling revenues in its most recent quarter.