In the wake of a record-setting year for new orders, cleantech firm Thermal Energy International is seeking to trade its shares on a U.S. market.
The Ottawa-based company, which is currently a member of the TSX Venture Exchange, says it has applied for a listing on the OTCQB, a mid-tier, over-the-counter market in which stocks are traded via a network of brokers and dealers rather than on a central exchange.
“We look forward to our OTCQB application being accepted as it represents an important strategic step towards providing easier access to our company’s common shares for both institutional and retail investors in the U.S. as we continue to respond to the ever-increasing demand to lower carbon emissions in the U.S. and worldwide,” Thermal Energy chief executive William Crossland said in a statement on Tuesday.
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Created in 2010, the OTCQB consists mostly of early-stage companies. Firms wishing to trade on the market are not required to meet any minimum financial standards.
Pink Market spot
In the meantime, Thermal Energy says it has been cleared to trade its shares south of the border on the Pink Market, a lower-tier over-the-counter market, under the symbol TMGEF.
The announcement comes just a few weeks after the company reported that the volume of new orders for its proprietary GEM steam-trap technology was the highest in its history in its most recent fiscal year, 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.
Thermal Energy reported revenues of $3.7 million for the third quarter ending Feb. 28, down from $5.8 million a year earlier. 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 Tuesday afternoon on the TSX-V.
