Source: Streetwise Reports
October 25, 2023 (Investorideas.com Newswire) ATI Airtest has a installed its new product, IAQEye, in the Ontario food retailer, Rabba Food. Read on to see why analysts like this company's stock.
ATI Airtest Technologies Inc. (AAT:TSX.V; AATGF:OTC) has announced in a press release that it has been cleared to install its new product, IAQEye (Indoor Air Quality Eye), at a Canadian food retailer, Rabba Foods, located in Toronto.
The company has stated that its partner, Star Energy, will manage the installation and that the customer was motivated to install the technology by potential energy savings.
According to Lorne Stewart, the President of Airtest, "the initial pilot installation of our equipment in the Spring/Summer had verified that without any CO2 sensors inside the store, the HVAC system was over ventilating. With our DCV hardware and strategy added to the system, both energy savings and better climate control will be achieved. Local utility providers will be providing a subsidy towards the project, and the ROI for Rabba Foods will be realized even faster."
A Growing Industry
Grand View Research estimated that the market size of the HVAC industry would grow by 6.5% by 2030 from US$17.15 billion in 2022. It identified rising temperatures due to climate change and the cost-saving effects of energy-efficient technologies as drivers in the industry.
The report commented that "the U.S. government also offers rewards to promote low power consumption or the use of renewable energy sources," further supporting the market.
Markets and Markets also identified the HVAC market as a growing industry with several critical growth drivers. Their report identifies the demand for smart home technology as a driver of new HVAC technology that falls into the Internet of Things (IoT) category.
Markets and Markets states, "IoT-enabled HVAC systems provide real-time data on energy consumption, temperature, humidity, and other environmental factors, enabling more accurate and efficient HVAC system control."
Business Roaring Higher
Chris Temple of The National Investor reviewed Airtest positively in March of this year, especially following the company's approval for a subsidy meant for companies with energy-saving technology.
Temple commented that the news "suggests ... business is going to be even more so roaring higher."
Newsletter Writer Ron Struthers also commented on Airtest's performance earlier this year, providing a breakdown of some of the company's recent business.
He highlighted that the company has had its products "installed in 600 Lowes stores. Installation was 100% funded by rebates from energy" and that the company's products were also placed in "65 Canadian Tire stores in Ontario Canada," and "12 new IKEA stores with a greater than 50% reduction in ventilation costs."
Ownership and Share Structure
Reuters provided a breakdown of the company's ownership and share structure, where management and insiders own 15.26%.
Director Robert Bruce Mebruer owns 12.26% of the company with 27.30 million shares. Founder George Burton Graham owns 2.55% of the company with 5.67 million shares, and President Lorne Kendall Ogden Stewart owns 0.45% of the company with 1.00 million shares.
Reuters listed no significant institutional investors.
The rest is with retail investors.
There are 222.67 million shares outstanding, with 188.7 free-float traded shares. The company has a market cap of CA$2.45 million, according to Reuters.
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