Thermal Energy International has tapped one of its frothiest emerging markets – brewers – for a new seven-figure contract.
The Ottawa-based cleantech company says it has signed a deal valued at more than $1 million with a “prominent multinational” beer producer to install one of its patented heat recovery systems at a North American plant.
Thermal’s technology will recover heat from the brewery’s boilers. The energy will then be used to reheat water for other purposes – a process that’s expected to save up to eight million litres of water a year as well as significantly reduce the plant’s carbon dioxide emissions.
CEO William Crossland said Thermal’s products are winning a growing number of customers in the brewing space.
“We have worked with a number of different breweries and beverage producers over the years, with our technology proving particularly applicable to the industry,” Crossland said in a statement.
“Together with our engineering experience with the specific needs of the sector, this has meant that over the last few years we have secured energy efficiency projects for three of the world’s top five brewers.”
The Ottawa firm reported revenues of $7.8 million for the three-month period ended Nov. 30, 2019, an increase of 51 per cent year-over-year. Thermal swung to a net profit of $385,000 from a loss of $112,000 in the same quarter last fiscal year.