Solex Thermal Science

What Solex Thermal Science does

Solex Thermal Science, headquartered in Calgary, Canada, designs, engineers and manufactures high-efficiency indirect heat exchangers for heating, cooling, drying, conditioning and energy recovery of bulk solids. Its core technology is a proprietary vertical-plate moving-bed heat exchanger in which bulk solids flow by gravity between hollow stainless steel plates while heating or cooling water flows counter-current through them, eliminating air as the heat transfer medium and delivering up to 90% lower energy consumption versus direct methods. The portfolio spans heating (up to 700°C), cooling (up to 2,000°C), drying and conditioning units, plus heat-pipe heat exchangers (HPHE) for waste heat recovery added through the 2023 acquisition of Econotherm Ltd. Each unit is custom-designed using proprietary ThermaPro Quantum thermal modeling software.

Solex serves industrial enterprises across fertilizer, oilseeds, sugar, foundry sand, chemicals, polymers, minerals, cement, biosolids, and increasingly the energy-transition vertical (industrial waste heat recovery, concentrated solar power, carbon capture). The customer base includes Cargill, Bunge, ADM, BASF, Glencore, NASA, Michigan Sugar, Azomures, Compass Minerals, Waupaca Foundry and others. The company has installed more than 1,300 units in 50+ countries.

The business model is enterprise direct sales with quote-based custom equipment pricing, supported by a global agent network, regional offices in Calgary (HQ), Haaksbergen (EMEA), Sao Paulo (LATAM) and Bridgend (UK R&D), and a full technical-service wrap including lab/pilot testing, engineering studies, start-up, training, retrofitting and spares. The company is private, owned by European investment firm Anders Invest following its 2022 acquisition, and has 51-100 employees.

Name

Solex Thermal Science

Legal name

Solex Thermal Science Inc.

Website

https://solexthermal.com

Company type

Private

Founded year

1994

Operating status

Operating

Headcount range

51–100 employees

Short description

Solex Thermal Science designs and manufactures custom indirect heat exchangers for heating, cooling, drying and energy recovery of bulk solids, serving industrial customers in fertilizer, oilseed, sugar, foundry, chemicals, polymers and energy-transition sectors across 50+ countries.

Ownership category

akta.pro rank

Product category

Industrial Heat Exchangers

NAICS

Power Boiler and Heat Exchanger Manufacturing (33241), Heating Equipment (except Warm Air Furnaces) Manufacturing (333414)

SIC

Air-Cond & Warm Air Heatg Equip & Comm & Indl Refrig Equip (3585), Industrial Process Furnaces & Ovens (3567)

akta.pro primary industry

Heat Transfer Equipment (Heat Exchangers, Boilers, Condensers) (IMAHAEAC)

akta.pro secondary industry

Waste Heat Recovery & Heat Integration (HRSG/ORC, Pinch Analysis, Heat Exchangers) (EUABAJAF)

Keywords

• Industrial heat exchangers
• Bulk solids cooling
• Indirect heat exchange
• Waste heat recovery
• Thermal processing equipment

Headquarters

HQ city

Calgary

HQ country

Canada

HQ region

North America

Offices4 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Operations, Personnel, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Heat Exchanger Equipment Sales: Solex designs, manufactures, and sells custom high-efficiency indirect heat exchangers for industrial bulk solids processing applications. Each unit is custom-designed based on customer's thermal performance requirements using proprietary modeling software. Equipment includes heaters, coolers, dryers, and conditioners.
2. Technical Services and Support: Comprehensive service offerings including start-up and commissioning assistance, personnel training, performance evaluation, equipment optimization, retrofitting and upgrades, and custom stainless steel fabrication services.
3. Waste Heat Recovery Solutions: Following the acquisition of Econotherm, Solex now offers heat pipe heat exchangers for waste heat recovery applications, helping industries capture and repurpose thermal energy that would otherwise be lost.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels7 records

Core offering

Solex Thermal Science designs, manufactures, and sells custom high-efficiency indirect heat exchangers for the heating, cooling, drying, and energy recovery of bulk solids, liquids, and gases. Its core technology uses vertical plate heat exchangers where bulk solids flow by gravity between hollow stainless steel plates while heating/cooling water flows counter-current, eliminating the need for air as a heat transfer medium. The company also offers heat pipe heat exchangers for waste heat recovery and ThermaPro Quantum thermal modeling software for custom design.

Product overview

Solex Thermal Science offers a unified portfolio of indirect heat exchange technology for bulk solids, liquids and gases. The core offering consists of vertical plate-based moving bed heat exchangers (MBHE) for heating, cooling, drying and conditioning applications, along with heat pipe heat exchangers (HPHE) acquired through Econotherm for waste heat recovery. Products include heating technology (up to 700°C), cooling technology (up to 2,000°C), drying technology, and vertical plate conditioning technology. The company also provides ThermaPro Quantum software for thermal modeling and custom design. These products share common vertical plate technology foundations and are applied across diverse industries including fertilizer, oilseeds, sugar, foundry sand, polymers, chemicals, cement, metals, and energy transition applications.

Differentiator

Problem solved

Functional benefit

Brands

• Econotherm: UK-based waste heat recovery technology brand retained after acquisition, specializing in industrial energy solutions for decarbonization

Products and services

• Heating Technology Heat exchanger systems that heat bulk solids up to 700°C using water, steam, air or thermal oil, with guaranteed thermal performance and the ability to use recovered energy. Used by industrial processors across fertilizer, oilseeds, minerals and chemicals sectors.
• Cooling Technology Indirect heat exchange systems that cool bulk solids from up to 2,000°C using water or air, with near-zero emissions and opportunities for waste heat recovery and reuse. Applied in sugar refining, fertilizer production, foundry sand, and other bulk solids cooling applications.
• Drying Technology Ultra-efficient bulk solids drying systems that eliminate product loss and contamination while reducing primary energy consumption, leveraging vertical plate indirect heat exchange to dry materials without air contact.
• Vertical Plate Conditioning Technology Vertical plate conditioning systems that heat and dry oilseeds (rapeseed, soybeans) to prescribed temperatures and moisture levels prior to oil extraction, with waste heat recovery capabilities.
• Moving Bed Heat Exchangers (MBHE) Plate-based moving bed heat exchangers using vertical plate technology for indirect heating, cooling and drying of bulk solids with high thermal efficiency. The foundational product family on which Solex's other offerings are built.
• Heat Pipe Heat Exchangers (HPHE) Proven heat pipe heat exchangers for complex heat recovery from particle-laden air streams discharged from direct-fired rotary and fluidized bed dryers, suited to automotive, metals, and power generation industries. Acquired through Econotherm Ltd.
• ThermaPro Quantum Proprietary thermal modeling and design software used to custom design each heat exchanger to meet unique thermal performance requirements of customers. Supports guaranteed thermal performance for every Solex installation.
• Service & Support Comprehensive service offering including start-up and commissioning assistance, personnel training, performance evaluation, equipment optimization, retrofitting and upgrades, spares and replacement parts, and custom stainless steel fabrication.

Quantifiable outcome

• Energy consumption reduced by up to 90% compared to direct heating methods
• +5 more outcomes

Named customers14 records

Segments7 records

Ideal customer profiles6 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Scale indicators8 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Tranter (a Chart brand): Producer of gasketed, brazed, and welded plate heat exchangers used in industrial heating, cooling, and energy recovery applications. Direct peer in plate-based heat exchange technology, but oriented more toward liquid-to-liquid duties than Solex's bulk solids focus.
• API Heat Transfer: Manufacturer of heat exchangers (plate, shell-and-tube, air-cooled) and thermal management products for industrial and process applications. Direct peer in custom industrial heat exchange equipment, though smaller in scale and with less focus on bulk solids.
• Kelvion: Specialist industrial heat exchanger manufacturer (formerly GEA Heat Exchangers) offering plate, shell-and-tube, and air-cooled designs across power, chemicals, oil & gas, and bulk solids. The closest direct competitor to Solex in custom-engineered industrial heat exchange equipment for process industries.

Broad incumbents

• Chart Industries: Specialty industrial equipment provider (formed via merger with SPX Heat Transfer / Howden) serving cryogenic, petrochemical, and process heat exchange markets. Comparable to Solex in process heat equipment but with a far larger portfolio and different end-market mix.
• ANDRITZ Separation: Global supplier of process equipment including separation, drying, and thermal systems for fertilizer, chemical, food, and environmental industries. Comparable to Solex in serving bulk solids processing industries with thermal/drying solutions, though at significantly larger scale.
• Alfa Laval: Global industrial leader in heat transfer, separation, and fluid handling, including a broad portfolio of heat exchangers (plate, shell-and-tube, brazed). Overlaps with Solex in industrial process heat exchange, but Alfa Laval serves a much wider set of industries and customer types than Solex's bulk-solids niche.
• GEA Group: Major supplier of equipment and process technology for food, dairy, fertilizer, and chemicals, with an extensive heat exchanger business serving bulk solids applications. Comparable to Solex in target verticals (sugar, fertilizer, dairy) but at much larger scale and with broader process-line offerings.
• Wessels Company (Xylem): Manufacturer of pressure vessels, heat exchangers, and fluid handling products serving HVAC, industrial, and commercial markets through Xylem's portfolio. Overlaps with Solex in industrial heat exchange equipment but with a broader, more commoditized product line.

Regional players

• Schmidt-Brettén (BÜSSER / FUNKE): German-based manufacturer of industrial plate heat exchangers with strong presence in Europe. Comparable to Solex in plate heat exchange technology but primarily serves European chemical, HVAC, and power markets rather than bulk solids processing.

Others

• Econotherm (subsidiary of Solex): UK-based specialist in heat pipe heat exchangers for industrial waste heat recovery, now wholly owned by Solex. Provides internal benchmarking on HPHE technology for particle-laden air streams, complementing Solex's vertical plate MBHE core.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/Solex_Thermal

Revenue estimate

Valuation estimate

Number of profiles

Profiles12 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Solex Thermal Science