Kontrol Technologies Corp (OTCQB:KNRLF, NEO:KNR) said it has been awarded a $9.7 million heating, ventilation, and air conditioning (HVAC) and automation project for a new high-rise building in the Greater Toronto Area.
The project was won through Kontrol’s wholly-owned subsidiary Global HVAC and Automation, which it acquired in August last year. A binding Letter of Intent (LOI) has been signed and a contract is in process of being drafted, with completion of the contract expected in the second quarter of this year, Kontrol said.
The project is anticipated to commence in the third quarter of 2022 with estimated completion in the fourth quarter of 2023.
"We are pleased that we are able to win these larger opportunities with our Global team," said Paul Ghezzi, CEO of Kontrol Technologies in a statement. "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."
READ: Kontrol Technologies says its BioCloud technology identifies influenza virus during testing in Japan
Kontrol said the customer for the high-rise building project is a leading Canadian developer in the multi-family high rise sector with a significant number of projects in various stages of development. For industry competitive purposes the customer will not be named, it added.
Following the acquisition of Global, Kontrol has been focused on vertically integrating in-house capabilities around the inclusion of more energy-efficient solutions such as heat pumps and variable refrigerant volume (VRV) technology.
In addition, Global now offers ongoing service and asset management capabilities which Kontrol said it seeks to grow over time.
"We seek to lead the building efficiency market by offering our customers advanced solutions as part of our overall building integration and service platform," explained Ghezzi. "Now more than ever, energy savings in buildings and the corresponding reduction in GHG [greenhouse gas] emissions is critical to lower operating costs and improved sustainability."
Kontrol Technologies is a leader in smart buildings and cities through internet of things (IoT), cloud and software as a service (SaaS) technology. The company provides solutions and services to its customers to improve energy management, monitor continuous emissions and accelerate the sustainability of all buildings.
Contact the author at jon.hopkins@proactiveinvestors.com