Thursday, December 29, 2011

ThermoEnergy Corp. (TMEN) Expands Facility in Anticipation of 2012 Revenue Growth

Yesterday, ThermoEnergy Corp. announced that the company has completed a new expansion at its corporate headquarters in Worcester, MA. This expansion more than doubles the manufacturing space, adding 28,000 square feet.

ThermoEnergy is focused on developing and distributing sustainable technologies and equipment for the treatment of industrial wastewater and clean power generation. ThermoEnergy was founded in 1988, and is currently led by chairman and CEO Cary Bullock. The company also has offices in Little Rock, AR and New York, NY.

ThermoEnergy also announced the completion of the engineering phase of a New York City based Ammonia Recovery Process project. This is part of a project to improve the health of Jamaica Bay, under Mayor Bloomberg’s Jamaica Bay Watershed Protection Plan; the company is now in the process of constructing the project’s components. Upon completion, the facility will be able to potentially prevent as many as 2.4 million pounds of ammonia from entering the waters of Jamaica Bay yearly.

Cary Bullock, ThermoEnergy Corporation’s Chairman and CEO, said, “The [Worcester, MA] expansion allows us to complete the manufacturing stage of our $27 million contract with the City of New York to deploy an ammonia recovery system at the 26th Ward wastewater treatment plant by Jamaica Bay. The manufacturing stage of the contract is valued at $13.7M and we expect much of that to be earned in 2012. We estimate that we now have manufacturing space capacity to support at least $25 million dollars of sales revenue, and have begun preliminary steps to prepare for additional capacity expansion when needed.”

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