March 31, 2011
Annual Loss Grows For ThermoEnergy
Worcester wastewater treatment company ThermoEnergy Corp. saw its revenues drop from $4 million in 2009 to $2.9 million in 2010, as it continued to move away from its legacy power business.
The company's loss also widened to $16.8 million, compared with $15.7 million in 2009.
Despite the declines, ThermoEnergy said it strengthened its position through getting its stock relisted on the OTC bulletin board, resolving IRS payroll tax issues, completing a private placement of $5 million in equity and reducing its debts by $14 million.
In 2011, ThermoEnergy said it will move forward with a $27.1-million wastewater treatment plant contract with New York City and pursue wastewater contracts in China.
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