ThermoEnergy Secures $1.25M In Financing
Worcester-based ThermoEnergy Corp. has landed $1.25 million in bridge loans, less than a month after reporting a $6 million loss in the third quarter.
The wastewater treatment and power-generation company, which moved its headquarters to Worcester earlier this year from Little Rock, Ark., said the financing was secured from investment funds managed by Empire Capital Management of Westport, Conn., and from investor Robert S. Trump, the brother of real estate mogul Donald Trump.
The financing will be converted into a new series of ThermoEnergy preferred stock on terms that have yet to be negotiated, the company said in a statement.
"We believe that most of our long-time shareholders share our belief in the huge potential of our disruptive technologies and the tremendous market opportunities they offer," said ThermoEnergy Chairman and CEO Cary Bullock. "We are delighted that some of them have continued to fund the company toward positive cash flow, expressing their trust and confidence in the management team's ability to succeed on behalf of all the shareholders."
Third-quarter revenues for the company nearly doubled to $1.2 million. But through the first nine months of the year, the company had a net loss of $11.9 million on $3.6 million in revenues.
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