Micro Cap Lands $4.1M Follow-Up Deal with Fortune 500 Pharma Giant, Shares Soar
There’s no stronger endorsement than follow-on or repeat orders—especially when they come from a Fortune 500 company. Today, a micro-cap firm received exactly that kind of validation with a substantial follow-up order, sending its shares soaring on the news.
Shares of Thermal Energy International Inc. (TSX-Venture: TMG)(OTCQB: TMGEF) are on the move higher as the company announced this morning that it has secured an additional $4.1 million contract to design, implement, and commission a turn-key heat recovery project at a Fortune 500 pharmaceutical company’s U.S. facility, bringing the total value of the project to $5.6 million CAD.
"This implementation and commissioning contract follows a series of key achievements and deepening collaboration between Thermal Energy and this customer," said William Crossland, CEO of Thermal Energy International. "Originally stemming from a Project Development Agreement, we signed a Master Services Agreement with the customer in December 2024. On February 11th of this year, we announced a $500 thousand contract to complete the detailed engineering for this project – representing the largest engineering contract in our history. On June 26th, we announced the $1 million custom equipment order for this project. We are excited to now be asked to bring this project to completion and operational launch."
When completed, the heat recovery system is projected to cut the facility’s natural gas use and CO₂ emissions by 12.5%, eliminating up to 2,038 metric tons of CO₂ each year. Revenue from this contract is anticipated within the next twelve months.
Shares of TMG were last up 17.86% at $0.165 while U.S. listed shares (TMGEF) rallied 17.41% to $0.1221 in early-afternoon trading.
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