Thermofin

What Thermofin does

Thermofin is a privately-held Canadian designer and manufacturer of industrial heat exchangers, founded in 1993 and headquartered in Candiac, Quebec. The company operates three manufacturing facilities across Quebec (Candiac HQ, a second Candiac site dedicated to aluminum finned tube extrusion, and a Lévis plant producing plate-and-frame, steam coil, and ICOIL lines), plus a Sainte-Catherine office, and sells into eight primary verticals: hydropower, electrical substations, petrochemicals, pulp and paper, HVAC, thermal power, naval, and mining, primarily across Canada and the United States. Its portfolio comprises ten branded product lines — POWERFIN (aluminum extruded finned tubes), ELECTRA (generator and motor coolers), HYDROCOOL (bearing oil coolers), T-REX (transformer oil coolers in OFAF/ONAN/ONAF/OFWF/ONWF configurations), ITEX (gasketed plate-and-frame), EOLIA (air-cooled), CALEOS (shell-and-tube), ISTEAM (steam coils including the AFZ condensate-evacuation model), ICOIL (heating and cooling coils), and CRISTOPIA (thermal energy storage) — supported by in-house engineering for custom, application-specific designs and on-site measurement, performance diagnosis, and repair services (including work on competitor brands).

The business model is sales-led and quote-based: customers submit specifications through a structured online form, a dedicated Sales/Engineering/Quotations department issues custom quotations, and projects run on multi-year contract cycles. Thermofin's competitive position rests on three pillars: (1) in-house scale manufacturing of POWERFIN aluminum extruded finned tubes, making it one of the largest producers in North America and a tier-1 OEM component supplier to most major North American heat exchanger manufacturers; (2) a comprehensive certification stack (ISO 9001, ASME U and UM Stamp, CSA B51, National Board, R stamp, ABS for naval, and a People's Republic of China Special Equipment Manufacture License) that gates participation in regulated pressure vessel, transformer cooling, and naval bidding; and (3) speed-based service differentiation, with stated 24-hour delivery for new exchangers and weekend repair turnaround backed by large component stocks.

Named enterprise customers disclosed via on-record testimonials include Hydro-Québec (hydropower cooling), Metso-THU (pulp and paper, 18+ year preferred supplier across Canada, USA, and Mexico), and Weidmann Electrical Technology (power transformer and utility, multi-year US/Canada project partner). Distribution is direct enterprise sales with no resellers or channel intermediaries identified; the company operates a trilingual (English, French, Spanish) website and maintains an active booth presence at industry exhibitions, indicating outreach intent beyond the established North American base. Ownership is private and undocumented in the available source data.

Name

Thermofin

Legal name

Thermofin

Website

https://thermofin.net

Company type

Private

Founded year

1993

Operating status

Operating

Headcount range

101–250 employees

Short description

Thermofin is a privately-held Canadian designer and manufacturer of custom industrial heat exchangers serving hydropower, electrical substations, petrochemicals, pulp and paper, HVAC, thermal power, naval, and mining industries across North America from three Quebec manufacturing facilities.

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), Air-Conditioning and Warm Air Heating Equipment and Commercial and Industrial Refrigeration Equipment Manufacturing (333415)

SIC

Heating Equipment, Except Electric & Warm Air Furnaces (3433), Air-Cond & Warm Air Heatg Equip & Comm & Indl Refrig Equip (3585)

akta.pro primary industry

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

akta.pro secondary industries

Heat Exchangers & Thermal Transfer Equipment (IMAHAKAC), Heat Exchangers, Coils & Hydronic HVAC Components (IMADANAF)

Keywords

• Industrial heat exchangers
• Heat transfer products
• Aluminum finned tubes
• Transformer oil coolers
• Thermal energy storage

Headquarters

HQ city

Candiac

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, Infrastructure, Marketing or Sales

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels5 records

Core offering

Thermofin designs and manufactures custom industrial heat exchangers and heat transfer products, including aluminum extruded finned tubes, plate-and-frame heat exchangers, shell-and-tube exchangers, air-cooled exchangers, steam coils, generator and transformer oil coolers, and thermal energy storage systems. Products are custom-engineered for hydropower, electrical substations, petrochemical, pulp & paper, HVAC, thermal power, naval, and mining applications, supported by in-house design, manufacturing at facilities in Quebec, and on-site repair, measurement, and engineering diagnosis services.

Product overview

Thermofin is an industrial heat exchanger manufacturer offering a comprehensive portfolio of heat transfer products. The company produces 10 distinct product lines: POWERFIN (aluminum extruded finned tubes, a foundational component), ELECTRA (generator and motor coolers for power generation), HYDROCOOL (bearing oil coolers for hydropower), T-REX (transformer oil coolers with multiple configurations for electrical substations), ITEX (gasketed plate and frame exchangers for liquid-to-liquid heat transfer), EOLIA (air cooled heat exchangers), CALEOS (shell and tube exchangers), ISTEAM (industrial steam coils), ICOIL (heating and cooling coils), and CRISTOPIA (thermal energy storage systems). The products serve diverse industries including hydropower, electrical substations, petrochemical, pulp and paper, HVAC, thermal power, naval, and mining. Founded in 1993 and headquartered in Candiac, Quebec, Thermofin has become one of the largest aluminum extruded finned tube manufacturers in North America.

Differentiator

Problem solved

Functional benefit

Brands

• POWERFIN: Aluminum extruded finned tubes
• ELECTRA
• HYDROCOOL
• T-REX
• ITEX
• EOLIA
• CALEOS
• ISTEAM
• ICOIL
• CRISTOPIA

Products and services

• POWERFIN Aluminum Extruded Finned Tubes Aluminum extruded finned tubes manufactured in-house and used as a foundational heat transfer component across Thermofin's heat exchanger product lines and sold to other heat exchanger manufacturers in North America.
• ELECTRA Generator and Motor Coolers (TEWAC) Generator coolers and TEWAC (Totally Enclosed Water-to-Air Cooled) motor coolers designed for hydropower and thermal power generation applications.
• HYDROCOOL Guide and Thrust Bearing Oil Coolers Guide and thrust bearing oil coolers designed for hydropower turbine applications, addressing fouling issues such as zebra mussels, barnacles, and corrosion in cooling water circuits.
• T-REX Power Transformer Oil Coolers Power transformer oil coolers available in OFAF, ONAN, ONAF, OFWF, and ONWF configurations for electrical substation applications.
• ITEX Gasketed Plate and Frame Heat Exchangers Gasketed plate and frame heat exchangers for liquid-to-liquid heat transfer, applied across HVAC, petrochemical, naval, and general industrial applications.
• EOLIA Industrial Air Cooled Heat Exchangers Industrial air cooled heat exchangers (aerorefrigerants) for applications requiring air-based cooling in industrial settings.
• CALEOS Shell and Tube Heat Exchangers Shell and tube heat exchangers for industrial applications requiring robust heat transfer for liquids and gases.
• ISTEAM Industrial Steam Coils Industrial steam coils with VC and AFZ models that minimize steam coil failure from condensate freezing, water hammer, and acid corrosion, primarily used in pulp & paper drying applications.
• ICOIL Industrial Heating and Cooling Coils Industrial heating and cooling coils for transferring heat between liquids and air, used in HVAC, energy recovery, mining, and general industrial process applications.
• CRISTOPIA Thermal Energy Storage Solution Thermal energy storage system for refrigeration and air conditioning that stores cooling energy during off-peak periods for use during peak demand, commonly deployed in LEED-accredited buildings.
• On-Site Repair and Maintenance Services Field service for routine maintenance and break/emergency repair of heat exchangers, including units made by other manufacturers, delivered by Thermofin's qualified technicians using specialized tools.
• Engineering and Performance Diagnosis Services Engineering service offering reverse engineering, on-site instrumentation, thermal performance measurement, and accurate diagnosis of heat exchanger underperformance, supported by specialists in thermal, mechanical, and materials engineering.
• On-Site Measurement Service Specialized technicians perform on-site dimensional measurement to support heat exchanger replacement sizing, and on-site instrumentation to determine current heat performance of existing heat exchangers.

Quantifiable outcome

• 24-hour delivery capability for new heat exchangers
• +3 more outcomes

Named customers3 records

Segments7 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature6 records

Scale indicators4 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Xchanger Inc. North American manufacturer of heat exchangers and pressure vessels serving refining, petrochemical, and power generation. Directly comparable to Thermofin's CALEOS shell-and-tube offerings and industrial customer segments.
• Graham Corporation: US-based designer and manufacturer of heat transfer and condensation equipment for defense, nuclear, and industrial markets. Comparable in custom-engineered, certification-heavy industrial heat exchanger work, with stronger naval/nuclear tilt.
• Tranter (part of FUNKE Group): Established plate heat exchanger specialist (Tranter brand) serving HVAC, district heating, and industrial markets. Directly comparable to Thermofin's ITEX gasketed plate-and-frame line in both technology and end markets.
• Kelvion: Specialist industrial heat exchanger manufacturer offering plate, shell-and-tube, and finned-tube products across power, oil & gas, marine, and HVAC — overlapping nearly one-for-one with Thermofin's product matrix and verticals (hydropower, petrochem, naval, HVAC).
• API Heat Transfer: North American manufacturer of shell-and-tube, plate, and air-cooled heat exchangers serving power generation, petrochemical, and HVAC. Closely comparable to Thermofin's CALEOS, ITEX, and EOLIA lines with similar industrial customer base.

Broad incumbents

• Alfa Laval: Global leader in heat transfer, separation, and fluid handling with a massive portfolio of plate, gasketed, brazed, and shell-and-tube heat exchangers. Directly comparable to Thermofin's ITEX, CALEOS, and EOLIA product lines across HVAC, industrial, and power markets, but at significantly larger scale and global reach.
• SPX Heat Transfer (SPX Technologies): Large industrial heat exchanger maker (formerly SPX Dry Cooling) with strong power generation and petrochemical exposure. Competes with Thermofin on transformer, generator, and air-cooled exchanger offerings in North America.
• Chart Industries: Industrial equipment manufacturer with significant heat exchanger and cryogenic cooling offerings serving power, petrochem, and LNG. Comparable on shell-and-tube and transformer cooling categories where Thermofin's T-REX and CALEOS compete.
• Holtec International: US manufacturer of heat transfer equipment for power generation, including transformer oil coolers and air-cooled exchangers. Directly comparable to Thermofin's T-REX and EOLIA product lines targeting electrical substations and thermal power.

Emerging players

• HRS Heat Exchangers: Specialty heat exchanger manufacturer focused on hygienic, industrial, and energy-recovery applications. Comparable on energy-recovery and specialty coil product lines (ICOIL, CRISTOPIA) though with stronger food/beverage tilt.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/Thermofin
• YouTubeyoutube.com/thermofinvideos
• Facebookfacebook.com/Thermofin
• LinkedInlinkedin.com/company/thermofin
• Instagraminstagram.com/thermofin

Compliance6 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds

Investors

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

M&A

Investments

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

Frequently asked questions about Thermofin