Cleantech firm Thermal Energy closes fiscal year with record-setting orders

Thermal energy

Coming off a money-losing quarter in which its revenues fell significantly year-over-year, Ottawa cleantech firm Thermal Energy International closed the latest fiscal year with record-setting orders for its steam traps and boiler economizer systems.

Thermal Energy (TSX-V:TMG) said Monday that order intake for its proprietary GEM steam-trap technology was the highest in the company’s history, coming in 25 per cent higher than each of the previous two years. Meanwhile, the firm said the value of orders for its HeatSponge boiler economizers was up 28 per cent over last year and 47 per cent over 2019.

“For us, these order figures clearly demonstrate our adaptability as a company and the robust nature of both our offering and route to market,” CEO William Crossland said in a news release. “It also highlights the ongoing success of our strategic growth strategy.”

Included in the record-setting sales were an American food conglomerate’s order of eight GEM steam-trap systems at a total price tag of about $1 million. In addition, a multinational tire and rubber manufacturer ordered 18 steam-trap units for sites across the U.S. and Germany, a deal worth $640,000.

Thermal Energy reported revenues of $3.7 million for the third quarter ending Feb. 28, down from $5.8 million a year earlier as COVID-19 continued to wreak havoc with the global economy.

The company posted a net loss of $34,000 in the quarter, compared with a $430,000 profit a year earlier.

Thermal Energy shares were unchanged at 18 cents Monday on the TSX Venture Exchange.