SmartHeat, a Nevada-based company that manufactures heat energy saving devices for the Chinese market, has applied to list its common stock on the NASDAQ under the ticker symbol "SMHT". The company sells heat meters and plate heat exchangers (PHE) -- units that capture and recycle waste heat -- for industrial, commercial and residential applications.
The firm claims a 20 - 36 percent efficiency for its devices, which it says also provide better control over processing temperatures and pressures than rival products. SmartHeat is the leading PHE manufacturer in China, where the heat transfer market is currently estimated at $2.4 billion. It has signed several major contracts with local governments, including a recent $3 million deal with a Mongolian municipality.
The company's sales and net income grew by a healthy 61.8 percent and 150.7 percent, respectively, last year. The heat transfer sector is expected to see double digit annual growth over the coming years, according to the China Heating Association, as the country's coal-intensive energy industry continues to grow.
As utilities increasingly look for cost-effective emission reducing measures, many are turning to energy efficiency and waste heat capture. Companies like GMZ Energy, Advanced Power Projects and MicroPlanet have received some high-profile cash infusions in recent years to pursue efficiency-boosting and energy-saving technologies.