ThermoEnergy Corporation Announces Second Quarter 2012 Results
WORCESTER, Mass., Aug. 14, 2012 /PRNewswire/ -- ThermoEnergy Corporation (OTCBB: TMEN), a diversified technologies company engaged in the development and sale of patented and/or proprietary wastewater treatment and power generation technologies in global markets, today announced revenue increased 32% to $1.9 million for the three month period ended June 30, 2012 and 51% to $3.6 million for the six-month period ended June 30, 2012. The company expects revenues in the second half of the year to accelerate as the company delivers its new water recovery product lines to the oil and gas industry.
Mr. Cary Bullock, President and Chief Executive Officer of ThermoEnergy commented, "After a series of successful tests in our labs, as well as in the field, the Company has begun to focus on providing solutions to the water challenges confronting hydraulic fracturing in the oil and gas industry. We have recently added two new product offerings, FracGen™ and TurboFrac™, both of which are advancements of other water technologies we have delivered. FracGen™ upgrades brackish water that can be used for fracking, and is an advancement of our African project which became operational last year. TurboFrac™ is an advancement of our patented CAST ® platform, will be used in the treatment of produced waters and flowback waters. Both technologies are extremely important as we face the worse draught conditions in over 100 years. As previously announced, we have already sold a FracGen™ unit, which will be delivered this quarter. We believe there will be a strong market for the FracGen™ and TurboFrac™ product lines going forward. We expect to book our first sale of TurboFrac later this year and expect these transactions to provide recurring service revenue as well."
Mr. Bullock continued, "We are also pleased about UPA's recent selection for a $1 million grant award by the U.S. Department of Energy to fund further R&D on our patented pressurized oxy-combustion technologies for the production of clean electric power from coal. This is a monumental achievement for the company, as it provides strong validation of our carbon recovery technology, and the potential for substantial revenue production."Company Highlights:
- Second quarter 2012 revenue increased to $1.9M compared to $1.4M during the same period in 2011.
- Six-Month revenue increased to $3.6M compared to $2.4M during the same period in 2011.
- Successfully completed field trials for its new line of water treatment products for the oil and gas industry.
- Signed a contract to deliver ThermoEnergy's first commercial hydrofracking water production system, FracGen™, to an oil and gas services company.
- ThermoEnergy's Unity Power Alliance (UPA) joint venture was selected by the U.S. Department of Energy (DOE) for a $1 million grant that will fund further R&D on the company's patented pressurized oxy-combustion technologies for the production of clean electric power from coal.
- ThermoEnergy Corp. and ITEA S.p.A. announced that they will work together to promote, finance, design and construct a 50 Megawatt (MW) pilot plant and a 320 MW commercial facility in the United States using a clean coal technology called pressurized oxy-combustion.
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