Canadian energy solutions provider Thermal Energy International Inc. has announced the signing of two heat recovery contracts worth a combined CAD1.5mn ($1.09mn) with a multinational nutrition company. The two projects concern a single industrial site in the United States and are part of the client’s broader energy efficiency strategy.
A lasting and expanding partnership
These new orders bring the total number of turnkey projects delivered by Thermal Energy to this group to eight since the start of their cooperation. Since 2019, the Canadian firm has generated approximately CAD13.6mn ($9.85mn) in revenue from this client, including heat recovery systems and optimisation technologies such as GEM and HeatSponge. These solutions are installed at 27 sites across nine countries in North America, Europe, and Asia.
Thermal Energy Chief Executive Officer William Crossland stated that the company “continues to see significant growth potential” with this global customer, highlighting the opportunity to expand solutions to additional industrial locations. This business relationship illustrates Thermal Energy’s ability to retain major international accounts through integrated and recurring service delivery.
Projects to be delivered within twelve months
The two projects are expected to be completed within twelve months, during which time the company plans to recognise the full revenue. Thermal Energy anticipates gross margins consistent with those historically recorded on its turnkey contracts, according to recent financial disclosures.
Based in Ottawa, Thermal Energy International designs industrial heat recovery systems, a technology often associated with geothermal generation and large-scale thermal processes. These solutions aim to convert residual thermal energy into a reusable resource, improving the energy competitiveness of industrial players.
