John Harnage Joins MultiSensor AI as Director of Business Development for MSAI Inspection Services

Rhea-AI Summary

MultiSensor AI Holdings (NASDAQ:MSAI) has appointed John Harnage, founder of Kentucky Thermal Institute (KTI), as Director of Business Development for MSAI Inspection Services. The appointment, effective November 5, 2024, brings KTI's contracts, intellectual property, brands, and web presence to MSAI. Harnage, a Level II thermographer who has trained over 800 professionals, will focus on developing enterprise-level inspection contracts across industrial, commercial, educational, and hospitality sectors. MSAI Inspection Services, launched in April 2024, has shown rapid growth partly due to new National Fire Protection Association Rule 70B requirements for annual electrical infrastructure inspections.

Positive

• Acquisition of KTI's contracts, intellectual property, and brand assets
• Integration of established industry expert with extensive client network
• Expansion into new market verticals (industrial, commercial, educational, hospitality)
• Growth driven by mandatory NFPA Rule 70B compliance requirements

Negative

• None.

Insights

Market Research Analyst

The appointment of John Harnage represents a strategic move for MSAI's inspection services division, particularly given the new annual inspection requirements by the National Fire Protection Association's Rule 70B. His extensive experience, including training over 800 thermographers and developing accredited courses, brings significant intellectual capital to MSAI. The acquisition of KTI's contracts, IP and brand assets should accelerate MSAI's market penetration in industrial inspections.

The timing is opportune as regulatory requirements drive increased demand for inspection services. With MSAI's $59.7M market cap, this strategic hire and asset acquisition could meaningfully impact revenue growth through enterprise-level contracts in multiple verticals. The integration of KTI's inspection business assets provides immediate market presence and customer relationships.

Founder of Kentucky Thermal Institute Expects to Drive Demand for Inspection Services and Predictive Maintenance Solutions

HOUSTON, TX / ACCESSWIRE / November 12, 2024 / MSAI Inspection Services, a business unit of MultiSensor AI Holdings, Inc. (NASDAQ:MSAI) today announced that John Harnage, the founder of Kentucky Thermal Institute (KTI), has joined as Director of Business Development.

MSAI Inspection Services was launched in April 2024 to provide a range of on-site inspections and predictive maintenance solutions for MSAI's industrial clients. Under the leadership of Carl Schultz, the business unit's Vice President, MSAI Inspection Services has experienced rapid organic growth. This growth has been fueled in part by the adoption of new annual inspection requirements by the National Fire Protection Association's Rule 70B, which requires annual inspections of the electrical infrastructure in many facilities. In addition to providing on-site inspections employing multiple sensor modalities, MSAI Inspection Services works with its clients to develop enterprise-level demand for MSAI's core predictive-maintenance business.

Having founded KTI in Bowling Green, Kentucky in 2008, John Harnage is well established as a leader in the inspection services and training industries. He has experience and certifications in multiple sensor modalities (including as a Level II thermographer) and has focused primarily on providing services in the industrial, education, and construction sectors. Through KTI, Mr. Harnage is also a leader in technical training, having trained more than 800 thermographers over the last 7 years, and having developed accredited thermography courses through the University of Louisville, Western Kentucky University, and the Kentucky Fire Commission.

At MSAI, John Harnage will be responsible for developing enterprise-level inspection contracts with customers in the industrial, commercial, educational and hospitality verticals. He will also support the technological and commercial development of MSAI's core solutions business. As part of Mr. Harnage's appointment, all of the contracts, intellectual property, brands, social-media and web presence associated with KTI's inspections business will also be transferred to MSAI.

David Gow, MSAI's Executive Chairman, said: "John Harnage is a leading and respected figure in the on-site inspections business. We are very excited to have John join the MSAI Inspection Services team, and to bring his wealth of expertise and relationships to our growing business. The intellectual property and market presence that KTI brings will also help us further accelerate that growth."

Carl Schultz, the Vice President responsible for MSAI Inspection Services, said: "John and I have known each other and worked well together for many years. I have tremendous respect for his technical knowledge and his reputation in our industry. To have John full time on the MSAI team is a major step forward for our business."

John Harnage, the founder of KTI, said: "Joining MSAI Inspection Services is an exciting next step in my career. I look forward to having the resources of MSAI behind me as we bring on-site inspections and other asset-protection services to a new group of customers."

John Harnage's appointment became effective on November 5, 2024.

Forward Looking Statements

This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. In some cases, forward-looking statements can be identified by words such as "will," "believe," "anticipate," "expect," "estimate," "intend," "plan," or their negatives or variations of these words, or similar expressions. All statements contained in this press release that do not strictly relate to matters of historical fact should be considered forward-looking statements, including, without limitation, statements regarding the expected benefits of MSAI's employment of John Harnage and the timing for realizing such benefits. These forward-looking statements are subject to risks, uncertainties and assumptions, some of which are beyond MSAI's control. In addition, these forward-looking statements reflect MSAI's current views with respect to future events and are not a guarantee of future performance. Actual outcomes may differ materially from the information contained in the forward-looking statements as a result of a number of factors, including, the risk that MSAI and its collaborators are unable to successfully develop and commercialize MSAI's products or services, or experience significant delays in doing so; the risk that MSAI may never achieve or sustain profitability; the risk that MSAI will need to raise additional capital to execute its business plan, which may not be available on acceptable terms or at all; the risk that MSAI experiences difficulties in managing its expected growth and expanding operations; the risk that third party suppliers and manufacturers are not able to fully and timely meet their obligations; the risk that MSAI is unable to secure or protect its intellectual property; and other risks and uncertainties discussed under the "Risk Factors" section of MSAI's quarterly report on Form 10-Q filed with the Securities and Exchange Commission ("the SEC") on August 14, 2024, and MSAI's other periodic filings with the SEC. Because forward-looking statements are inherently subject to risks and uncertainties, you should not rely on these forward-looking statements as predictions of future events. Any forward-looking statement made in this press release is based only on information currently available and speaks only as of the date on which it is made. Except as required by applicable law, MSAI expressly disclaims any obligations to publicly update any forward-looking statements, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.

About MultiSensor AI (MSAI)

MultiSensor AI's SmartIR is an AWS-powered software platform that leverages MSAI-built thermal imaging, acoustic imaging, and vibration sensing devices for condition-based monitoring of critical mechanical and electrical assets and manufactured outputs. MSAI's solutions are deployed by organizations to protect critical assets across a wide range of industries including data centers, distribution and logistics, manufacturing, utilities, and oil & gas. MSAI's sensing solutions are built around high resolution thermal imaging along with visible, acoustic, vibration and laser spectroscopy imagers and sensors. This full-stack solution measures heat, sound, and gas in the surrounding environment, helping companies gain insight to efficiently manage their most important assets and infrastructure. MSAI designs and manufactures digital thermal sensing solution platforms with edge and cloud-based software.

For more information, please visit https://multisensorai.com/.

About Kentucky Thermal Institute (KTI)

Kentucky Thermal Institute (KTI) has grown from a regional provider to a nationally recognized leader in thermology training and consultation services. Since its founding in 2008, KTI has consistently advanced the standards of thermographic education and professional consultation, offering top-tier training programs designed to equip practitioners with cutting-edge knowledge in thermal imaging and infrared technology. Kentucky Thermal Institute will be advancing standards of practice and protocols at a state legislative level in multiple states. These states will lead the nation in mandating electrical inspections utilizing thermal imaging for numerous entities and help reduce insurance costs.

KTI's commitment to excellence is reflected in its comprehensive curriculum, crafted by industry experts to deliver hands-on, in-depth knowledge in various thermology applications, from medical diagnostics to industrial inspection. In recent years, KTI has expanded its services to include customized consulting for clients across sectors, helping businesses and medical professionals adopt best practices in thermal imaging.

For more information on Kentucky Thermal Institute and its services, please visit www.kythermal.institute or www.wku.edu/cpd/kythermal/institute.php.

MSAI Contact:
Michael Cummings
Alpha IR
Phone: +1 (617) 461-1101
e-mail: michael.cummings@alpha-ir.com
website: www.multisensorai.com

KTI Contact:
John Harnage
Founder
Kentucky Thermal Institute
Phone: +1 (270) 282-3194
e-mail: john.harnage@multisensorai.com
website: www.kythermal.institute

SOURCE: MultiSensor AI Holdings, Inc.

View the original press release on accesswire.com

FAQ

When did John Harnage join MultiSensor AI (MSAI) as Director of Business Development?

John Harnage joined MultiSensor AI (MSAI) as Director of Business Development effective November 5, 2024.

What assets did MSAI acquire from Kentucky Thermal Institute (KTI)?

MSAI acquired KTI's contracts, intellectual property, brands, social-media and web presence associated with their inspections business.

When was MSAI Inspection Services launched?

MSAI Inspection Services was launched in April 2024.

How many thermographers has John Harnage trained through KTI?

John Harnage has trained more than 800 thermographers over the last 7 years through KTI.