Thermal Energy (
TSX: V.TMG,
Stock Forum) solidified its customer base when the company announced today that it had received a purchase order for additional GEM® Steam Traps worth approximately $135,000 from a global leading manufacturer of performance materials and specialty chemicals.
According to the
news release, the additional order is expected to be filled and revenue put in the bank over the next six months. This order now takes the company's backlog to an approximate total of $4.1 million of which ~$0.5 million belongs to long term contracts and is not anticipated to hit the books within the next 12 months.
Company CEO, William Crossland, commented on the purchase, “Including this order, we have received GEM orders totaling approximately $459,000 from this customer over the last 26 months.”
He then explained, “With this large multinational company we have demonstrated and proven the differences between our GEM steam traps and steam traps produced by other manufacturers.”
And summed up, “Importantly, even after these latest traps are installed, we will still have replaced only a small proportion of the steam traps at three of this customer's more than 40 manufacturing sites around the world.”
Thermal Energy was in the news recently when
the Ottawa, Ontario-based company reported revenue growth of 60% for fiscal 2014 at the end of September.
Shares were up 5.26% on the news to $0.10 per share.
Currently there are 161.0m outstanding shares with a market cap of $16.1 million.