Raser Technologies, Inc. (NYSE Arca: RZ) and Cummins & Barnard, Inc. (C&B), a full service engineering consulting company, announced the execution of two agreements, a Geothermal Project Alliance Agreement and a Consulting Services Agreement. Under the Project Alliance Agreement, C&B will provide program management and construction services in the development of a series of geothermal plants.
The Consulting Services Agreement between C&B and a Raser subsidiary assigns to C&B the specific project management responsibilities for the construction of Raser’s first power plant. It is expected that C&B will provide these services for Raser well beyond the construction of Raser’s first three announced power plants.
C&B furnishes a full range of mechanical, electrical, instrumentation and control, and civil/structural engineering services as well as procurement and construction management services. C&B’s major focus is on providing construction management and design services for power generation for the electricity transmission and distribution industry.
James Connell, President of Cummins & Barnard, stated, “We are excited to enter into this alliance agreement with Raser. We believe the geothermal industry will experience incredible growth in the coming years and believe Raser is extremely well positioned to benefit from this growth. We look forward to working with them on these exciting initiatives.”
About Raser Technologies
Raser is a technology licensing and development company operating in two business segments. Raser’s Transportation and Industrial Technology segment focuses on using Raser’s Symetron(TM) technology to improve the efficiency of electric motors and other applications. Raser’s Power Systems segment is seeking to develop new geothermal electric power plants and bottom-cycling operations, incorporating licensed heat transfer technology and Raser’s Symetron(TM) technology.
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