Raser Technologies, Inc. (NYSEArca: RZ) has begun drilling on a geothermal production well in Central Utah for use in a 10 megawatt binary-cycle geothermal power plant. The project will be the first geothermal power facility built in Utah in 17 years.
The site, located in Utah’s Escalante Desert, abuts an existing exploration well that was drilled several years ago. This well exhibited temperatures in excess of 300 degrees Fahrenheit. There are a series of hot springs in the immediate vicinity of the site, which is located within a few miles of the transmission grid, allowing for economical interconnection.
Raser is currently in negotiations with a California utility to purchase the power that would be generated at the site. Raser also announced that the project has received certification as a Qualifying Facility from the Federal Energy Regulatory Commission (FERC).
Brent Cook, Raser’s CEO, said, “We are very excited about the potential power generation at this site. If all goes as we expect, the site will generate up to 10 megawatts of green power. This combined with the 30 megawatt potential that we are developing on our Nevada sites and the recently announced New Mexico site, which we believe holds up to 20 megawatts of capacity, would bring us well along our way to our total goal of 100 megawatts of geothermal energy.”
Raser is a green-focused technology licensing and development company operating in two business segments. Raser’s Transportation and Industrial Technology segment focuses on using Raser’s Symetron” technology to improve the efficiency of electric motors and other applications. Raser’s Power Systems segment is seeking to develop clean, renewable geothermal electric power plants and bottom-cycling operations, incorporating licensed heat transfer technology and Raser’s Symetron” technology.
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