ThermoEnergy closes on equity to allow Long Island Sound cleanup
ThermoEnergy raises $7 million and signs its first commercial contract for a 500,000 gpd ammonia recovery process facility for New York City to assist in cleanup of Long Island Sound by limiting amount of nitrogen discharged into the Upper East River. It also quotes on similar project in Orange County, Calif...
LITTLE ROCK, AR, July 15, 2005 -- ThermoEnergy Corp. completed a private equity placement raising about $7 million, issuing 5,590,337 shares at a price of $1.20 each.
"ThermoEnergy's corporate dynamic will be significantly affected as a result of this equity investment, enabling management to expedite its immediate and long-term growth strategy," said Dennis C. Cossey, ThermoEnergy president and CEO. "In addition, we were exceptionally pleased with the level of interest and participation by institutional investors who were responsible for over eighty percent of the total amount invested," said Cossey.
"We will be adding several new engineers to our soon-to-be-opened New York City office," said Cossey, "as well as expanding our Little Rock-based management team."
At the end of May, ThermoEnergy signed its first commercial contract, for a 500,000 gallon-per-day Ammonia Recovery Process (ARP) facility for New York City, designed to assist in the cleanup of Long Island Sound by limiting the amount of nitrogen (in the form of ammonia) that gets discharged into the Upper East River every day. The $7 million contract by the New York Department of Environmental Protection will employ the company's ARP technology at the Bowery Bay Water Pollution Control Plant in Queens. The large-scale environmental project is a culmination of seven years of developing this patented technology to remove 90% of the ammonia in the liquid discharged from the wastewater treatment facility into the East River. It's considered a significant step in eliminating a major source of the harsh pollutants and high nitrogen levels that now suffocate the delicate marine ecosystems of both the Long Island Sound and Jamaica Bay.
The company has since quoted a second ARP system for a new privatized wastewater treatment facility currently in the design and construction phase in Orange County, Calif.
The core business of ThermoEnergy (www.thermoenergy.com) is the design, fabrication and operation of renewable energy and power generation facilities based on its patented and/or proprietary technologies. The ThermoFuel Process converts municipal and industrial wastewaters into a high-energy biofuel. The Ammonia Recovery Process (ARP) technology converts ammonia nitrogen into a commercial grade fertilizer. The TIPS process is a totally new thermodynamic method of converting fossil fuels, including oil, natural gas or coal, and most biomass into energy with zero air emissions. In addition, TIPS removes and recovers carbon dioxide (CO2) in liquid form which can be reused in a number of commercial applications, including a low-cost alternative for desalinating water, secondary and tertiary oil recovery, and methane production.