Ottawa’s Thermal Energy scores $960K heat recovery deal with Fortune 500 customer

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Ottawa-based Thermal Energy International (TSX-V:TMG) has landed its first heat recovery contract in the chemical sector, deepening its relationship with an existing Fortune 500 customer.

The local firm, which develops a variety of energy efficiency solutions for large industrial and institutional customers, will provide a heat recovery system for an unnamed client’s operations in Europe. Thermal has worked with the specialty chemicals company in the past, installing its stream trap product at the same facility.

The $960,000 contract will see Thermal’s systems recover energy from a boiler flue and gas turbine exhaust on-site, resulting in an estimated $465,000 of annual savings. The project will utilize equipment both from Thermal’s existing product line and from Boilerroom Equipment, its latest acquisition.

Sales of its heat recovery systems have been a boon to Thermal in recent months. The Ottawa company reported record revenues of $17.4 million in fiscal 2018, up 32 per cent from the previous year.