Raser Technologies, Inc. (NYSE Arca:RZ) announced that it has initiated the development of another geothermal project in Utah, bringing the company’s total projects under development to eight.
Raser has initiated 80-85 megawatts (MW) of geothermal power projects since April, 2007, when the company announced 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 additional project announced today includes a second 10 MW plant accessing the same geothermal resource that had been previously announced for Utah’s Escalante Desert. The company’s projects under development now include three projects in Nevada, three in Utah, one in New Mexico and one in Oregon.
"We continue to move forward in building a pipeline of geothermal projects," stated Brent M. Cook, Raser’s CEO. "The results from the first Escalante Desert project in Utah were encouraging. Based upon preliminary results of the wells on the first project as well as data from other wells in the area, we are moving forward on a second 10 MW power project at this time. This may also give us some economies of scales for the well field development and accelerate the rapid deployment for both projects."
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.
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