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Raser just announced that it has been chosen as the sole-source contractor for an Indonesian geothermal feasibility study by Indonesia Power (IP). Indonesia Power was awarded a grant of $934,308 by the United States Trade and Development Agency for the study, which will examine the feasibility of developing geothermal power in the Tangkuban Perahu geothermal concession.
The grant covers about 70% of the cost of the … Read the rest
Raser Technologies (RZ) is moving higher in premarket trading after reporting better than expected results last night. The company reported a loss of .07/share which beat the estimate of -.11/share and is a big improvement over the year ago quarter when the company reported a loss of .17/share. That’s in large part due to the company now selling power from its Thermo plant to Anaheim, CA which is giving revenues a boost. The company reported … Read the rest
Raser Technologies (RZ) received another life line today, this time in the form of the U.S. Treasury for $33 million as part of the American Recovery & Reinvestment Act. Raser is expected to receive the funds in about a week and will be used to retire debt and obligations related to its Thermo No. 1 geothermal project which has so far been a money pit. The company will continue to seek additional financing to … Read the rest
It’s been a mighty rough year for Raser Technologies (RZ). With broken promises and financing concerns weighing on the stock, it trades down around a buck while many of its green stock peers move to new 52 week highs. It’s still a mighty speculative play, but the reward vs risk may be improving down here (a break below the buck level would change that view point).
After the bell yesterday Cantor Fitzgerald initiated coverage of … Read the rest
Raser just announced that is has a new agreement with Evergreen Clean Energy, LLC that will finance the development of up to 100MW of geothermal power. Per the agreement, Evergreen will provide up to $30 million for each project, with the exact amount of financing depending on the project’s scope. Here’s how Evergreen’s funding should break down for a typical $30 million project: $25 million to fund the project, $5 million for participation rights.
In … Read the rest
Raser just announced that they have come to yet another extension agreement with the financing partners for their Thermo No. 1 Plant. The extension gives Raser until November 30th to redo its financing agreements so that they conform to changes in tax law caused by the stimulus. Once the agreements have been restructured, Raser will apply for a Section 1603 renewable energy tax credit grant. Raser will use the proceeds to pay off some of … Read the rest
According to this press release, Raser Technologies just entered into an agreement with 3 of its major lenders that will allow Raser to repay some of its loan obligations in the form of stock. The total principal and interest that Raser owes is 5.4 million. Under the terms of the agreement, Raser will sell the lenders 3,201,526 shares of common stock priced for $1.68 per share. Raser will also provide the lenders warrans to … Read the rest
Raser Technologies (RZ) is getting a pop here on news that it has signed an additional extension with its financing partners for its Thermo plant which allows the parties time to finalize amendments to financing agreements. The previous deadline was today and this extension allows for another two weeks to amend financing agreements due to recent tax law changes under the American Recovery and Reinvestment Act of 2009.
The company issued the following statement: “Finalizing … Read the rest
Raser just announced that they have signed a new extension agreement with their financing partners that once again extends the deadline for completion of their Thermo No. 1 plant. The new agreement extends the final completion date to October 16th from October 1st, and provides Raser with an opportunity to further restructure its financing agreements in according with the American Reinvestment and Recovery Act.
In a press release, Richard Clayton, Raser’s Principal Executive Officer, explained … Read the rest
Raser Technologies (RZ) has always been a company looking for a good press release or PR opportunity. From the ceremonial ribbon cutting announcements at its Utah plant to the Hybrid Hummer, the press releases continue to flow. But is the hype justified at least in terms of its geothermal operations? Maybe not.
According to an article in the Salt Lake Tribune, the company is buying almost as much power (4MW) to keep the lights … Read the rest