Thermal Energy International builds on ‘banner’ fiscal 2023 with new $1.9M order

Boiler plant stock image

After booking a record-setting tally of new orders in fiscal 2023, Thermal Energy International continues to build on its momentum, announcing this week a $1.9-million deal with a global nutrition company.

It’s the customer’s sixth turnkey project with Ottawa-based Thermal Energy, which specializes in products that capture and recycle energy from boiler plants and steam operations, and third in the last 12 months.

“One of the reasons we target large multinational companies is their potential for significant repeat business,” Thermal Energy CEO William Crossland said in a statement. 

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“With this latest order, we have done over $8.1 million of business with this multinational company since 2019. Importantly, this customer has clear evidence that our solutions reduce carbon emissions while saving them money on their energy bills. They have many other sites that could benefit from our technologies and there are still significant opportunities for additional energy and carbon emission reduction projects at the sites we’ve already done business with.”

Thermal Energy said the project, which is expected to be completed within the next 12 months, is designed to recover waste energy from a biomass steam boiler exhaust and use the captured energy to reduce overall steam and fuel consumption at the customer’s site. 

Tuesday’s announcement came a week after Crossland praised the firm for a “banner” fiscal 2023 in which it secured $27.3 million worth of new orders, a new single-year high and a 133 per cent increase over fiscal 2022.

In an open letter to shareholders, Crossland noted that Thermal Energy’s 2023 revenues of $21.2 million were the second-highest total in the company’s history. He said the firm has hired two salespeople in France, boosted the size of its European engineering staff and invested in technology such as app-driven field survey tools in a bid to increase efficiency and target new market opportunities.

“Our strong momentum in order intake, large order backlog, and the surge in project development agreements underscore the demand for our solutions and that we are poised for continued success,” Crossland wrote.

After holding relatively steady for most of 2023, Thermal Energy’s stock has risen eight and a half cents since the middle of September, closing the day at 19 and a half cents on the TSX Venture Exchange.

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