Raser Technologies, Inc. (NYSE Arca: RZ) announced today that it has initiated the development of two new geothermal projects–one in Utah and one in Oregon. This brings Raser’s total projects under development to seven, representing 70-75 megawatts (MW) of power projects initiated since April, 2007.
Raser announced in April, 2007 that it would initiate the development of approximately 100 MW per year over the following three years and then ramp up to 150 MW per year for each year thereafter. The two additional projects announced today include a second 10 MW plant in Utah and the company’s first 10 MW plant in Oregon.
The company’s projects under development now include three projects in Nevada, two in Utah, one in New Mexico and one in Oregon.
In conjunction with the announced initiated project in Oregon, Raser announced that it had previously signed leases in Oregon representing the company’s first geothermal properties in that state. Raser currently has 970 acres under geothermal lease agreements in Oregon in addition to the 73,000 acres of International Paper property on which Raser holds an exclusive geothermal option in the state. Raser continues its evaluation under the International Paper option and anticipates that it will ultimately enter into additional geothermal leases in Oregon under that agreement.
Raser also announced today that it has been notified by another Southern California utility as being selected, or short-listed, for a 10 MW power purchase agreement (PPA) for delivery of power in 2009. Being selected in the proposal bid process allows power generators to enter into contract negotiations to finalize terms and conditions with the requesting utility. Raser is currently in various stages of negotiations with several utilities with respect to agreements to purchase a total of 140 MW of power. Raser expects to complete these negotiations in 2008.
About Raser Technologies
Raser (NYSE Arca: RZ) is a publicly-traded, green-focused technology licensing and development company operating in two business segments. 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 SymetronTM technology developed internally by its Transportation and Industrial Technology segment. Raser’s Transportation and Industrial Technology segment focuses on using Raser’s SymetronTM technology to improve the efficiency of electric motors and other applications.
Loading...