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Canadian Tech Awarded $9.7 Million HVAC Contract for Multi-Family High Rise

Stockhouse Editorial
1 Comment| March 10, 2022

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A unique NEO stock engaged in smart buildings and cities through IoT, Cloud and SaaS technology awarded a $9.7 million (CAD) HVAC and Automation project for a new high rise building in the Greater Toronto Area.

Through its wholly owned subsidiary Global HVAC and Automation, Kontrol Technologies Corp. (CSE: KNR, Forum) has been quoting and bidding on various opportunities and this represents the awarding of one of those opportunities.

Following the award of the project to Global, a binding Letter of Intent as been signed and a contract is in process of being drafted, with completion of that contract expected to take place in Q2 2022. The project is anticipated to commence in Q3 2022, with estimated completion in Q4 2023.

Speaking in a media release on this news for investors, Kontrol Technologies’ CEO Paul Ghezzi explained that the company had been focused on vertically integrating in-house capabilities around the inclusion of more energy efficient solutions such as heat pumps and VRV technology following the acquisition of Global in August 2021. Global now offers ongoing service and asset management capabilities which the company seeks to grow over time.

“Now more than ever, energy savings in buildings and the corresponding reduction in GHG emissions is critical to lower operating costs and improved sustainability.”

CEO Ghezzi called this large opportunity a win for the Global team.

“Global provides us with a larger project footprint and capability that we seek to expand while we also focus on adding recurring revenues through an integrated building technology and service platform.”

Since late December 2021, the company issued a monthly record of approximately $23 million in new request for quotations, driven by continued growth across its operating platform. Kontrol is quoting more than $35 million in new potential revenue opportunities.


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