ThermoEnergy Corp. announced that James F. Wood has been named chairman and CEO, effective January 2, 2013. Wood succeeds Cary G. Bullock who will remain a member of ThermoEnergy's board of directors.
ThermoEnergy's board of directors also announced that the company has raised $3.7 million in capital from inside investors Robert S. Trump, Empire Capital Partners, Focus Fund and The Quercus Trust.
ThermoEnergy Corp. is a diversified technologies company engaged in the development and sales of wastewater recovery and clean power generation technologies.
"We are delighted that Jim Wood has accepted our offer to take the helm of ThermoEnergy's board and management team," said board director, Shawn R. Hughes. "This new round of financing is a vote of confidence from the Board that Jim will bring the leadership skills and experience to ramp up market share in the energy sector and guide the company toward a profitable future."
Jim Wood said "Oil, gas, and electric power production require tremendous quantities of clean water, a precious commodity that is becoming increasingly scarce every year. ThermoEnergy offers the energy industry sustainable water lifecycle management solutions that preserve water, lower operating costs, and protect the environment. Also, ThermoEnergy's efforts in commercializing pressurized oxy-combustion (POXC) may hold the key to viable clean coal power generation. I am pleased to be part of a team with the potential to make such a valuable contribution to our energy future."
Prior to his appointment at the DOE, Wood was president and CEO of Babcock Power Inc., one of the major U.S.-based designer/manufacturers of environmental, pressure part, heat exchanger, combustion equipment and after-market services for the power generation industry.
From 1996 to 2001, Wood was president of Babcock & Wilcox (B&W), a $1.5 billion integrated worldwide provider of boiler-systems and after-market services to the power industry.
He also was executive vice president of McDermott International Inc., the former parent of B&W. From 1988 to 1996, Wood was president of WTI International Inc. and managing director of Wheelabrator Environmental Systems, both subsidiaries of Wheelabrator Technologies.
Wood has international experience, including periods of residency in Italy, India, Belgium, Colombia and Ecuador and was responsible for B&W's foreign subsidiaries and ventures in China, Turkey, Egypt and Indonesia.
He was appointed to the National Coal Council by three administrations, and was a member of the U.S.-Egypt President's Council — both federal advisory committees. Wood is an ASME Fellow and Trustee of Clarkson University.
Wood holds a B.S. in chemical engineering from Clarkson University and an MBA with a focus on international economics from Kent State University.