Surging cleantech firm Thermal Energy lands $2.9M in new orders

Thermal Energy
Thermal Energy

Fresh off a stretch that saw it generate its highest sales since the pandemic began, Thermal Energy International is showing no signs of slowing down.

The Ottawa-based cleantech firm, which posted revenues of $5.6 million in its most recent quarter, has landed a pair of new contracts worth a total of nearly $3 million.

The company, which specializes in products that capture and recycle energy from boiler plants and steam operations, announced the deals earlier this month. The largest one is a $1.8-million order from a multinational consumer goods company that will see Thermal Energy’s steam traps used at five of the customer’s sites in Europe, North America and South America.

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The other order is a $1.1-million deal to deliver a turnkey project designed to recover waste energy from an exhaust system for a global nutrition company.

It’s the fifth turnkey system Thermal Energy has built for the company since 2019.

“We’re extremely proud to be continuing our strong relationship with this customer, who has clear evidence that our solutions deliver, and therefore strives to replicate the success across more of its sites,” Thermal Energy CEO William Crossland said in a statement.

The Ottawa firm said its revenues for the three-month period ending Feb. 28 were 60 per cent higher than a year earlier. Thermal Energy reported net income of $524,000 for the quarter, compared with a loss of $894,000 in the third quarter of 2022.

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