Raser Technologies (RZ) Will Begin Booking Geothermal Revenues Next Quarter

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10:11:04 am on May 12, 2009

Raser Technologies (RZ) reported earnings this morning a bit better than expectations with a loss of .10/share vs expectations of a .12/loss.  The financial results this quarter aren’t all that important in my opinion since the company won’t begin booking revenues for its Hatch plant until next quarter.  Here are some comments from the CEO..

“We are now delivering clean, renewable power from our Hatch geothermal power plant to the City of Anaheim as part of our 20-year power purchase agreement and we began recognizing geothermal-related revenue early in the second quarter. We developed, constructed, and put this plant into service in record time and built a tremendous base of working knowledge which will benefit our team as we exploit additional geothermal resources and bring more plants online in the future. In addition, we publicly unveiled our revolutionary, electric Hummer H3 garnering widespread media acclaim.”

Mr. Cook concluded, “We anticipate being at or near full capacity at our Thermo No. 1 plant early in the third quarter, generating as much as 14 MW on a gross basis. As we move forward during 2009, Raser is well-positioned to develop a substantial and expanding portfolio of geothermal resources to provide power to several of the Western States. We continue to add to our vast resource holdings and believe we have the largest portfolio of undeveloped geothermal resources in the United States.

I still have a small position in Raser and will add to it if it can break out above the 200 day moving average around 5.  I like the longer term prospects and  think once revenues are realized for the Hatch plant Wall St will take notice and bid it up.

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Comments  

Couldn’t agree more with the Wall St. devaluation of the geothermal prospects Raser has been talking about for years.

 
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