ThermoEnergy Moves Headquarters To Worcester
Wastewater treatment and power-generation company ThermoEnergy Corp. is now calling Worcester home.
ThermoEnergy announced the shift of its headquarters to the city from Little Rock, Ark., along with plans to acquire an additional 28,000 square feet of space in Worcester to support part of its $27 million contract with New York City to build and deploy a state-of-the-art ammonia recovery system at a wastewater treatment facility. The company said the acquisition will result in five to 10 new jobs. Cary Bullock, ThermoEnergy's chairman and CEO, said the company will be looking for experience in mechanical and chemical engineering, as welll as manufacturing with electrical, pipe-fitting and mechanical fitting to fill those new roles.
ThermoEnergy has maintained offices on New Bond Street in the city since 2007, when it bought CASTion Corp.
"Relocating our corporate headquarters to Worcester allows us to consolidate senior management, (research and development), and manufacturing all in the same location," said Bullock. "This will enhance our ability to respond to new project opportunities by better integrating our engineering, sales and business development teams. Additionally, we expect to realize cost savings by consolidating our operations to a central facility."
Public officials applauded the move. Gov. Deval Patrick called ThermoEnergy a "welcome addition to Worcester's burgeoning economic cluster." And U.S. Rep. James McGovern, D-Worcester, said the company is on the "cutting edge of clean technology. In order to compete effectively in the 21st century economy, we must invest in new, green technology. Massachusetts can and should be at the forefront of that effort."
In its most recent quarterly financial report, ThermoEnergy Corp. said year-over-year revenues more than quadrupled to $1.4 million. Meanwhile, it pared its net losses down to $2.9 million, a 46.5 percent drop from a loss of $5.5 million during the second quarter of 2010.
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