November 15, 2011
Losses Mount For ThermoEnergy
By Brandon Butler
Losses for Worcester-based wastewater treatment and power generation company ThermoEnergy spiked to more than $6 million in the third quarter compared to less than $1 million in the same quarter last year.
Quarterly revenues for the company nearly doubled to $1.2 million, but that wasn't enough to offset the losses.
Through the first nine months of the year, the company has a net loss of $11.9 million on $3.6 million in revenues.
The company said it's seeking substantial working capital through equity or debt financing.
The company signed two commercial contracts in the third quarter and reduced its debt by $8.1 million, it said.
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