Shares of Ottawa’s Thermal Energy rise following $1.7M hospital order

Thermal Energy
Thermal Energy's FLU-ACE heat recovery systems

A repeat purchase from a health care customer pushed shares of Ottawa clean-tech firm Thermal Energy (TSX-V: TMG) up by as much as a third amid heavy trading on Thursday.

By Friday, the company’s stock price had settled to 11 cents, down 4.35 per cent on the day but still up half a penny, or nearly five per cent, from its close on Wednesday before the announcement.

The $1.7 million deal is with an unnamed hospital group for Thermal Energy’s heat recovery systems, which are targeted at industrial, commercial and institutional customers looking to reduce their energy bills and lower emissions.

“This is the third heat recovery order received from this customer since they signed a corporate level supply agreement with Thermal Energy in July of 2015,” said Thermal Energy CEO William Crossland in a statement. “This customer has a number of other hospitals and healthcare facilities that could benefit from our products.”

In January, Thermal Energy reported second-quarter revenues of $3.1 million, up 23 per cent year-over-year. Its quarterly net profit jumped to $175,158, a significant improvement over the $25,630 quarterly profit a year earlier.