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Thermal Energy International Receives C$1.8 Million Heat Recovery Order

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Thermal Energy International (TMG.V) on Tuesday said it received an order for a turnkey heat recovery project worth about C$1.8 million from an international premium beer and beverage company.

The company expects the project to be complete and revenue earned within 7 to 8 months. Thermal Energy expects the gross margin for this project to be in line with historical amounts for its turnkey projects, it said.

"We're excited to announce our latest heat recovery order from one of the world's largest brewers," chief executive William Crossland said in a release. "This is our second turnkey project with them, building directly on the success of our 2019 turnkey project at another of their sites and supported by GEM Trap deployments across several of their European sites."

Shares of the company were last seen down C$0.01, or 5.9% to C$0.16 on the TSX Venture Exchange.

Price: $0.16, Change: $-0.01, Percent Change: -5.88%

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Thermal Energy International Receives C$1.8 Million Heat Recovery Order | FINWIRES