Latest deal puts Thermal Energy on track to rival record fiscal 2023 order intake

Thermal stock image

Thermal Energy International landed another multimillion-dollar contract this week as the Ottawa cleantech firm continues to see strong demand for its solutions in the wake of a record-breaking fiscal 2023.

Thermal Energy, which specializes in products that capture and recycle energy from boiler plants and steam operations, said Tuesday it received a $2.6-million order for a turnkey heat recovery system from a multinational dairy and nutrition company.

The deal brings the total value of new deals Thermal has signed in its 2024 fiscal year, which began June 1, to more than $13 million. The company is on pace to surpass the record $27.3 million in new orders it received last fiscal year as more customers look to reduce greenhouse gas emissions at manufacturing plants.

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Thermal Energy said the project, which is expected to be completed within 12 months, will reduce the dairy producer’s reliance on natural gas and lower its carbon footprint. Forecasts project it will save the customer an estimated $1.2 million a year in fuel costs while reducing its carbon dioxide emissions by more than 4,000 tonnes.

Thermal’s latest multimillion-dollar order comes a few weeks after CEO William Crossland praised the firm for a “banner” fiscal 2023.

In an open letter to shareholders, Crossland noted that last year’s 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.

On Tuesday, Crossland said the company continues to build on that momentum.

“Not surprisingly, we’re seeing strong demand for our solutions, as energy efficiency is the fastest, cheapest, and easiest way for manufacturing operations around the world to reduce their carbon emissions,” he said in a statement.

Thermal Energy’s stock value has risen more than 80 per cent over the past month. Its shares were trading at 20.5 cents on the TSX Venture Exchange Wednesday morning.

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