Kontrol Technologies Corp (OTCQB:KNRLF, NEO:KNR) said it has secured a $16 million HVAC and Automation project, through its wholly-owned subsidiary, Global HVAC and Automation for a new high-rise building in the Greater Toronto Area.
The company said, as revealed in a release on December 28, 2021, it has been quoting and bidding on various opportunities and this represents the awarding of one of those opportunities and follows the $9.7 million project award that was announced by the company on March 9, 2022.
Kontrol Technologies noted that it has executed on the contract and has commenced initial site preparations for the anticipated commencement of the project in Q3 2022, with estimated completion in Q4 2023.
"We continue to make advancements on large project opportunities with our Global team," said Paul Ghezzi, CEO of Kontrol Technologies in a statement. "This project originates from an existing customer who has selected us for their next flagship multi-residential building, reflecting our ability to expand the scope of our current relationships."
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Kontrol Technologies noted that the customer for the 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, it added, the customer will not be named.
The project includes government-subsidized affordable rental housing units which represents a new opportunity for the company.
Kontrol Technologies is a leader in smart buildings and cities through IoT, Cloud and 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