What Thermolec does

Thermolec Ltd. designs and manufactures custom electric heating, modulating control, and steam humidification solutions for commercial, industrial, and residential HVAC applications. Founded in 1973 in Montreal, the company's product portfolio spans electric duct heaters (open coil and tubular element), plenum heaters for dual-energy conversions, make-up air units, electric boilers, and a full line of steam humidifiers (AcuSteam Pro, AcuSteam, Split Steam). The technical backbone of the product line is the patented electronic Air-Flow Sensor, introduced in 1998, which modulates heater capacity according to air quantity and is integrated into the proprietary D21/D22/D35/D36/D46 electronic controller family. Thermolec also markets a patented Electric Vehicle Energy Management System (DCC-9 through DCC-12), co-branded with RVE, that allows EV chargers to be connected to multi-unit residential buildings with limited electrical capacity. The company holds CSA, CSA/US, UL, H-Stamp, and National Board certifications for its heating and boiler products.

The company's business model is project- and specification-driven industrial manufacturing: products are built to order in standard and custom configurations and sold to OEMs, distributors, contractors, and building owners through a direct regional sales organization (Quebec, Canada, US/International) and channel partners, including long-tenured US representative EP Sales Inc. Pricing is not publicly disclosed and is quoted based on customer requirements and product specifications. Revenue is generated primarily through one-time hardware sales of equipment and components, with the Air-Flow Sensor and electronic controller family creating a recurring spec-in relationship with OEM and engineering customers. Thermolec operates four manufacturing plants in the Montreal area, having acquired its second plant in 2001 and two additional plants in 2019. The company employs approximately 200 people and generates roughly US$35 million in annual revenue.

In January 2026, Thermolec was acquired by SPX Technologies (NYSE: SPXC) for CA$195 million (approximately US$140 million) and now operates as part of SPX's HVAC segment within the Electric Heat business platform alongside Marley Engineered Products and ASPEQ. Prior history includes the 2003 acquisition of main competitor PM Wright Heating, expansion into international markets in 2004, and landmark projects such as heating systems for the Montreal Olympic Stadium and the CN Tower in 1985.

Name

Thermolec

Legal name

Thermolec Ltd.

Website

https://thermolec.com

Company type

Private

Founded year

1973

Operating status

Acquired

Headcount range

101–250 employees

Short description

Thermolec, a Montreal-based manufacturer founded in 1973 (acquired by SPX Technologies in January 2026), designs and produces custom electric heating, modulating control, and steam humidification equipment — including duct heaters, plenum heaters, boilers, EVEMS products, and patented Air-Flow Sensor controllers — for commercial, industrial, residential, and OEM customers across North America.

Ownership category

akta.pro rank

Product category

Electric Heating Equipment for HVAC

NAICS

Ventilation, Heating, Air-Conditioning, and Commercial Refrigeration Equipment Manufacturing (33341), Heating Equipment (except Warm Air Furnaces) Manufacturing (333414), Air-Conditioning and Warm Air Heating Equipment and Commercial and Industrial Refrigeration Equipment Manufacturing (333415)

SIC

Air-Cond & Warm Air Heatg Equip & Comm & Indl Refrig Equip (3585)

akta.pro primary industry

HVAC Equipment (Heating, Cooling & Air Handling) (IMAHAKAB)

akta.pro secondary industries

Heat Exchangers, Coils & Hydronic HVAC Components (IMADANAF), Heat Transfer Equipment (Heat Exchangers, Boilers, Condensers) (IMAHAEAC)

Keywords

• Electric heating equipment
• HVAC components
• Steam humidification systems
• Electric boilers
• Air flow sensors

Headquarters

HQ city

Montréal

HQ country

Canada

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

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

Revenue model

1. Custom Electric Heating Equipment: Manufacture and sale of custom electric duct heaters, plenum heaters, electric boilers, steam humidifiers, and make-up air systems to OEMs, distributors, contractors, and building owners. Products include both standard and custom configurations.
2. Components and Controls: Sale of electronic controllers, sensors, contactors, transformers, and other HVAC components as standalone products or bundled with heating equipment.
3. Electric Vehicle Energy Management Systems: Patented DCC EVEMS products (DCC-9 through DCC-12) enabling EV charging infrastructure in multi-unit residential buildings.

Go-to-market motion1 record

Distribution channels5 records

Marketing channels4 records

Core offering

Thermolec designs and manufactures custom electric heating, control, and steam humidification solutions for HVAC applications. Its portfolio includes electric duct heaters (Open Coil, Tubular Element, Thermo-Zone, Thermo-Air), plenum heaters, make-up air units, electric boilers, steam humidifiers, a line of electronic modulating controllers and sensors (including the patented Air-Flow Sensor), and Electric Vehicle Energy Management Systems (DCC-9 through DCC-12). Products are sold to OEMs, wholesale distributors, HVAC contractors, and building owners across North America and select international markets.

Product overview

Thermolec is a manufacturer of custom electric heating solutions for the HVAC industry, founded in 1973 and headquartered in Montreal, Canada. The company operates as a subsidiary of SPX Technologies as of January 2026. Thermolec's product portfolio centers on electric duct heaters (including Open Coil Heaters, Tubular Element Heaters, Thermo-Zone zone heaters, and Thermo-Air fresh air heaters), plenum heaters for dual-energy conversions, and make-up air systems (Thermo-X-Air, Mini Make Up Air, and NER Fanless units). The company also produces electric boilers (Mini Boiler and Standard Boiler), steam humidifiers (AcuSteam Pro commercial, AcuSteam residential, and Split Steam ductless units), and a comprehensive line of electronic controllers (D21-P through D46 series) with patented Air-Flow Sensor technology for modulating heating capacity. Additional offerings include pneumatic-electronic transducers, electronic sequencers, duct sensors, and Electric Vehicle Energy Management Systems (DCC-9 through DCC-12). The company serves commercial, industrial, and residential markets through a network of OEMs, distributors, and contractors across North America.

Differentiator

Problem solved

Functional benefit

Products and services

• Electric Duct Heaters (Open Coil, Tubular Element, Thermo-Zone, Thermo-Air) Electric duct heaters designed for forced air commercial and industrial HVAC systems, ranging from partial/auxiliary to principal heat source applications. Variants include Open Coil Heaters (general-purpose), Tubular Element Heaters (high humidity, combustible dust, or corrosive atmospheres), Thermo-Zone (per-room temperature control with extremely low air flow), and Thermo-Air (fresh air preheating). For OEMs, distributors, contractors, and building owners.
• Plenum Heater (including RETRO model) Electric plenum heaters for conversions to electricity or dual-energy systems, featuring automatic and manual-reset high temperature cut-outs, magnetic relays, and electronic controllers. Includes RETRO model for adding electric heat to existing fossil fuel furnaces. Targeted at residential, commercial, and dual-energy conversion projects.
• Make-Up Air Units (Thermo-X-Air, Mini Make-Up Air, NER Fanless)
• Electric Boilers (Mini Boiler, Standard Boiler)
• Steam Humidifiers (AcuSteam Pro, AcuSteam, Split Steam)
• Electronic Controllers and Components (D21/D22/D35/D36/D46 series, P37, TH34)
• Safety Sensors (Air-Flow Sensor, ACE Sensor, DS600 Duct Sensor)
• Electric Vehicle Energy Management Systems (DCC-9, DCC-10, DCC-11, DCC-12)

Named customers2 records

Segments4 records

Ideal customer profiles5 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

Three partnerships are on record, tiered core and minor.

• SPX TechnologiescoreStrategic or Co-development Partner · 20 January 2026Thermolec was acquired by SPX Technologies for CA$195 million (approximately US$140 million) in January 2026. Thermolec now operates within SPX's HVAC segment as part of its Electric Heat business alongside Marley Engineered Products and ASPEQ. This acquisition extends SPX's presence into Canada and creates a more complete platform for serving OEMs, distributors, and contractors across North America.
• EP Sales Inc.minorChannel Partner/ Reseller/ DistributorEP Sales Inc. is a US manufacturer's representative that has been representing Thermolec in the US market for over 20 years. They sell Thermolec products including plenum heaters, steam humidifiers, makeup air units, and electric boilers through US wholesale distributors.
• PM Wright HeatingminorStrategic or Co-development PartnerIn 2003, Thermolec acquired PM Wright Heating, its main competitor in the duct heating industry, consolidating its market position.

Scale indicators5 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Marley Engineered Products: Now a sister brand within SPX's Electric Heat business, Marley manufactures electric unit heaters, infrared heaters, and related HVAC heating products. Highly comparable product portfolio and OEM/distributor channels to Thermolec.
• TPI Corporation: TPI manufactures electric baseboard, unit, duct, and forced-air heaters for commercial and residential HVAC, with comparable distribution through wholesalers and reps. Directly overlaps Thermolec's plenum and duct heater lines.
• Stelpro: Stelpro is a Canadian manufacturer of electric heating solutions (baseboards, convectors, duct heaters, controls) headquartered in Quebec. Competes head-to-head with Thermolec in the Canadian and US electric heating market.
• Indeeco: Indeeco designs and manufactures electric heating products including duct heaters, unit heaters, and process heaters for commercial and industrial HVAC. Direct competitor in the North American custom electric duct heater category.
• Chromalox: Chromalox manufactures electric heating elements, duct heaters, boilers, and heat transfer equipment for industrial and commercial HVAC. It is the closest direct competitor to Thermolec in custom electric heating solutions for OEM and process applications.
• ASPEQ Heating Group: ASPEQ manufactures electric heating products (baseboards, unit heaters, convectors) and now sits alongside Thermolec within SPX's Electric Heat business. Closely comparable in product mix, OEM/distributor go-to-market, and North American commercial/residential focus.
• King Electric: King Electric produces electric heaters, thermostats, and controls for residential, commercial, and light industrial HVAC applications. Overlaps with Thermolec in duct, plenum, and unit heaters and component-level controls.

Broad incumbents

• Watlow: Watlow manufactures electric heaters, sensors, controllers, and thermal systems for industrial and commercial applications. Comparable in electric heating and controls IP, but skewed toward process industries rather than commercial HVAC.
• Modine Manufacturing: Modine is a diversified HVAC and thermal management manufacturer serving commercial, industrial, and data center markets. Overlaps Thermolec in commercial unit heaters and make-up air equipment, though its portfolio spans far beyond electric heating.

Emerging players

• RVE (DCC / EV Charging Load Management): RVE is a co-branding partner with Thermolec on the DCC EVEMS product line. Comparable niche overlap in EV charger energy management for multi-unit residential buildings, with broader offerings in EV chargers themselves.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

Compliance5 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Subsidiaries1 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 Thermolec