Thermal Energy on a roll as cleantech firm lands biggest order since before pandemic

Boiler plant stock image

Thermal Energy International has notched its biggest single sale since before the pandemic as the company builds on a record fiscal 2023 that saw it book more than $27 million worth of new orders.

The Ottawa-based cleantech firm, which specializes in products that capture and recycle energy from boiler plants and steam operations, said this week it received an order for a turnkey heat-recovery project valued at about $4 million from a “leading multinational pharmaceutical company.”

Thermal Energy CEO William Crossland said it’s the first time a drug company has ever asked the Ottawa firm to deliver a turnkey heat-recovery system. 

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Crossland said the customer has about 40 “sites of interest” around the world. Thermal Energy, which has signed a master services agreement with the pharmaceutical manufacturer, has agreements in place for two other development projects with the customer.

“Following our prior success selling other products to pharmaceutical companies, we see significant cross-selling opportunities and are making a strategic push with heat recovery into this sector,” he said in a statement. 

“Our proven solutions are a perfect fit for this sector due to the prevalence of low-grade heat use, the sector’s commitment to (greenhouse gas) reductions, and their financial wherewithal facilitating positive carbon reduction action.”

Thermal Energy said its system is expected to save the company about $1 million a year in natural gas fuel costs at its boiler plant. The project is expected to be completed in the next 12 months.

The latest order continues a successful run for Thermal Energy. The company announced in July that it landed $27.3 million in new orders for its fiscal 2023 ending May 31, the highest total in its history and a 133 per cent increase over the previous year.

Thermal Energy’s stock jumped two cents, or 15 per cent, to 12 cents on the TSX Venture Exchange Wednesday, the day the new order was announced. The shares were still trading at 12 cents as of noon Friday.

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