- IST’s core technology of Once Through Heat Recovery Steam Generators (OTSGs) was developed by a researcher from Solar Turbines in the late 80s named Tom Duffy.
- Tom believed that there was a better way to make steam than using conventional boiler technology which was largely unchanged for 100 years. This provided the start for IST.
- In 1992, two Ontario entrepreneurs, Nichols and Radtke entered into a deal to acquire the technology.
IST’s current president, Bob Dautovich was hired as engineering manager to transfer technology and start building a team. Key members of the current management team joined shortly after.
- In 2000, IST established a European sales office and booked its first European order.
- In 2009, IST expanded its product line to include Enhanced Oil Recovery (EOR) OTSGs and filed for a patent on an improvement to existing technology to produce 90% quality steam (SQ90™).
- In 2010, IST starts a new company, Found Energy, that will operate in the renewable energy sector whose mandate is to produce electricity from waste heat.
- In 2010, IST signed a fabrication partnership agreement with United Engineering Services in Oman to support the EOR business in the Middle East.
- In 2011, IST designs and manufacturers their 1st EOR 25 MMBtu trailer units and the 70th LM6000 application is completed.
- To date (2012), IST has sold over 190 units in 19 countries around the world.