Ottawa cleantech firm reported revenues of $3.7 million for the three-month period ending Feb. 28, down from $5.8 million a year earlier.
Thermal Energy International
Ottawa-based firm says new facility in Pennsylvania will help it meet growing demand for its technology that recycles wasted energy from boiler plant and steam operations.
Ottawa clean-tech firm inks deal with 'prominent' North American beer producer.
Despite the steep drop in sales, the company still managed to boost its net profit to $580,000 from $385,000.
It’s the latest deal in what CEO William Crossland said is shaping up to be a big year for local cleantech firm.
Local cleantech firm reported record revenues of $21.4 million in fiscal 2019, up two per cent from a year earlier.
Company says its system is expected to save unnamed customer more than $380,000 a year in fuel costs and reduce the site’s carbon emissions by 2,868 tonnes annually.
The firm said that despite nearly doubling its revenues in the third quarter, it’s now in a “period of uncertainty” as businesses around the world grapple with the COVID-19 crisis.
Fiscal 2020 is shaping up to be a banner year for Ottawa’s Thermal Energy International as the local cleantech company reports record revenues and profits so far this year
A sizeable order backlog and a strong bottom line put Ottawa-based Thermal Energy on solid footing in its first quarter of the fiscal year – despite a 27 per cent drop in revenue