Ottawa’s Thermal Energy branches out to new sector with $2.4M contract


Ottawa’s Thermal Energy International (TSX-V:TMG) is taking its heat recovery products to a new subsector of the food and beverage industry through a multimillion-dollar deal.

The cleantech firm announced Tuesday it had secured a $2.4-million deal with a “leading food ingredient company.”

Thermal will install its heat recovery system at the company’s production facilities over the next nine months. When complete, the system will save some $614,000 per year and reduce the customer’s carbon emissions by 15 per cent annually, according to the local firm.

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While the company’s release was sparse on details regarding the unnamed customer and subsector, Thermal CEO William Crossland was quoted saying the deal marked an entry point into a lucrative market and the firm is looking to “expand on this success” with other sites in the same industry.

Thermal has been on a bit of a hot streak as of late, coming off a year of record sales in fiscal 2018 and doubling revenues in its most recent quarter.

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