Thermal Energy receives record $27.3M worth of new orders in fiscal 2023

Boiler plant stock image

Ottawa cleantech firm Thermal Energy International booked a record $27.3 million worth of new orders in fiscal 2023, up 133 per cent from the previous year, the company announced this week.

The company said it received 25 signed project development agreements in its most recent fiscal year, including seven in the fourth quarter, compared with 10 in fiscal 2022.

Thermal Energy said the combined value of those agreements was 365 per cent higher than the combined total of the PDAs it received in 2022. 

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The company said that while there is no guarantee the signed agreements will result in completed turnkey projects, it considers PDAs to be a “key metric” in assessing the strength of its business development pipeline.

Thermal Energy specializes in products that capture and recycle energy from boiler plants and steam operations. The firm generated revenues of $5.6 million in its most recent quarter, up 60 per cent from a year earlier, with net income of $524,000.

“The past year has witnessed a remarkable surge in orders for Thermal Energy, reflecting the importance that multinational corporations are placing on reducing their environmental impact,” CEO William Crossland said in a statement. 

“Our record order intake in fiscal 2023 underscores our customers’ confidence in Thermal Energy’s expertise and ability to deliver impactful results. And while our custom equipment orders have been steadily on the rise for some time, we are excited to see a significant year-over-year increase in the number and value of signed project development agreements.”

Thermal Energy’s stock was unchanged this week at 12 cents on the TSX Venture Exchange.

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