- Thermal Energy International (TSXV:TMG), an energy efficiency and emissions reduction technology stock, has signed a C$2.8 million heat recovery contract with a top multinational pharmaceutical company
- The contract marks the third heat recovery project over the past 15 months for the client under a global master services agreement
- Thermal Energy International supplies energy efficiency and emissions reduction solutions to Fortune 500 and other large multinational companies
- Thermal Energy stock has given back 13.04 per cent year-over-year but remains up by 185.71 per cent since 2019
Thermal Energy International (TSXV:TMG), an energy efficiency and emissions reduction technology stock, has signed a C$2.8 million heat recovery contract with a top multinational pharmaceutical company. This marks the third heat recovery project under the companies’ global master services agreement over the past 15 months.
The contract will see the company provide indirect contact HeatSponge and direct contact FLU-ACE heat recovery systems, as well as an integrated heat pump, helping the client to cut carbon emissions by an estimated 728 tons or 11 per cent per year. Thermal Energy expects to complete the project and collect all revenue within the next 12 months.
Thermal Energy grew revenue by 68.5 per cent from C$15.35 million in fiscal 2021 to C$25.88 million in fiscal 2024. Management kept this growth in line with shareholder value by turning a net income profit in the fiscal years ended May 2021, May 2023 and May 2024, as well as in each of the past five quarters.
Leadership insights
“We are thrilled to announce our third heat recovery project with this customer within the last 15 months,” William Crossland, Thermal Energy International’s chief executive officer, said in a statement. “This continued partnership, facilitated by our global master services agreement, is a testament to the trust this industry leader places in our innovative energy efficiency solutions. The three projects announced thus far will play a fundamental role in helping them meet their 2030 emission reduction targets as cost-effectively as possible. With approximately 40 of their sites identified as opportunities for our technology, we are excited about the significant potential to further support their sustainability journey.”
About Thermal Energy International
Thermal Energy International supplies energy efficiency and emissions reduction solutions to Fortune 500 and other large multinational companies. The company’s portfolio is highlighted by proprietary and proven technology that can recover up to 80 per cent of energy lost in typical boiler plant and steam system operations.
Thermal Energy stock (TSXV:TMG) is up by 5.26 per cent trading at C$0.20 per share as of 9:59 am ET. The stock has given back 13.04 per cent year-over-year but remains up by 185.71 per cent since 2019.
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(Top photo of the FLU-ACE system at a Canadian food and beverage plant: Thermal Energy International)