(OTCBB:TMEN) ThermoEnergy Corp.

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ThermoEnergy Corp Reports Second Quarter 2008 Financial Results and Business Highlights
Wednesday August 20, 10:31 am ET
- Strengthens CASTion Pipeline
- Expands Infrastructure for Future Contracts
- Additional Investment by Affiliate

LITTLE ROCK, Ark., Aug. 20 - ThermoEnergy Corporation recently announces the Company's second quarter 2008 financial results and provides a business update to shareholders.

Key Business Highlights and Corporate Developments
- CASTion received a follow on order from long time client, General Metal Finishing for CASTion's ZLD and CAST system.
- CASTion continues to expand the current pipeline for its industrial business, which now stands at approximately $8 million. CASTion defines their pipeline as order with a probability greater than 50% to be started in the next 12 months.
- CASTion expects to close on approximately $1-3 million of the current pipeline in the second half of 2008.
- ThermoEnergy is in contract discussions with two large internationally known Architect and Engineering Companies to provide the necessary construction and engineering services for the New York City 26th Ward ARP Wastewater project.
- Discussions continue with Babcock Power, Inc. to form a symbiotic relationship utilizing the Company's proprietary TIPS process. The Memorandum of Understanding has been extended and the Company expects to enter into a joint venture agreement during the third quarter of 2008
- Large Shareholder makes an additional investment as a bridge loan until the Quercus Trust $7 million commitment closes.

"The first half of 2008 has been a milestone building period for ThermoEnergy and our subsidiaries. We have continued to make strides in our contract negotiations with New York City and believe we are within 60-90 days of announcing the finalization of the contract for the 26th Ward ARP project. Additionally, we continue to move closer to a finalized agreement structure with Babcock Power, Inc. relating to our TIPS process. Finally, CASTion continues to excel at winning new business opportunities and should move towards break even on an annualized basis in the second half of 2008 as our backlog continues to grow to more than $8 million of which we expect to close $1-3 million by year end 2008," stated Dennis Cossey, CEO of ThermoEnergy Corporation.

Second Quarter and Six Month 2008 Financial Results
ThermoEnergy reported $776,000 in operating revenue for the second quarter of 2008 compared to $108,000 in the second quarter of 2007. The increase was the results of increasing demand for products in the CASTion water division. Gross profit for the second quarter was $54,000 or 6% gross margins as compared $72,000 or 66% in the prior year's comparable period. The margin compression is related to expenses related to the staffing and to improving customer relationships at CASTion. Management expects margins to improve in the second half of 2008.

Operating expenses for the second quarter increased to $3.6 million from $1.3 million in the second quarter of 2007. The majority of the increase in operating expenses relates to the expansion of the CASTion sales force, infrastructure expansion to support future large contracts and non-cash option and warrant expenses. Overall, the Company recognized a net loss of $ million or $ per share in the second quarter of 2008 as compared to a net loss of $ million or $ per share in the prior year period.
For the first six months of 2008, ThermoEnergy posted revenues of $1.18 million compared to $182,000 in the year ago period. Loss from operations increased to $ million as compared to $ million for the first six months of 2007. Through the first six months of 2008, ThermoEnergy has sustained a net loss of $ million as compared to $ million through the same period in 2007.

About ThermoEnergy:
Founded in 1988, ThermoEnergy is a diversified technologies company engaged in the worldwide commercialization of patented and/or proprietary municipal and industrial wastewater treatment and power generation technologies. The economic and environmental matrix of the Company's technologies represents a significant advancement in these key infrastructure industries. The Company currently has offices in Little Rock, AR, Worcester, MA, Hudson, MA, and New York, NY. Additional information on the Company and its technologies can be found on its website at www.thermoenergy.com.

ABOUT CASTion: We are a fast growing developer and manufacturer of innovative wastewater treatment and recovery systems for industrial and municipal clients. Our systems are unique because they meet environmental regulations and provide a rapid rate of return on investment by recovering and reusing expensive feedstocks, reducing contaminated wastewater discharge and reusing wastewater in process operations. Our proprietary products CAST and RCAST are combined with off-the shelf technologies to provide systems that are inexpensive, easy to operate and reliable. Our wastewater treatment systems have application in aerospace, food processing, metal finishing, refineries, manufacturing and municipal wastewater. With recovery of feedstocks, avoidance of wastewater and contaminate discharge fees and the reuse of wastewater in your process our systems can deliver cost effective solutions to environmental problems. From our 20,000 square foot manufacturing facility in Worcester, Massachusetts we have the ability to assemble and ship our systems worldwide. Additional information on the Company and its technologies can be found on its website at www.castion.com.

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