Raser Technologies, Inc. (NYSE Arca:RZ), a Utah-based geothermal power developer, has been cleared by the New York Stock Exchange (NYSE) to file an application to move its stock listhing from the NYSE Arca to the New York Stock Exchange.
Upon approval of its application and satisfaction of the NYSE listing requirements, Raser expects to begin trading on the NYSE "Big Board" under the ticker symbol RZ in the first quarter of 2009.
Until that time, Raser will continue to trade on the NYSE Arca under the ticker symbol RZ.
"The New York Stock Exchange remains the world’s premier market for publicly traded companies," said Brent M. Cook, CEO of Raser Technologies. "We believe the increased exposure to a broader investment community provided by the NYSE will be in the best long-term interests of our stockholders."
Raser is an environmentally 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. Raser’s Transportation and Industrial Technology segment focuses on extended-range plug-in-hybrid vehicle solutions and using Raser’s SymetronTM technology to improve the torque density and efficiency of the electric motors and drive systems used in electric and hybrid-electric vehicle powertrains and industrial applications.
The company began operations at its first commercial-scale geothermal power plant in November and has an announced goal of developing roughly 100 megwatts of geothermal power a year.
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