Raser just announced that it has extended the agreement with its Thermo No. 1 financing partners to extend the final deadline for the completion of the plant from September 15 to October 1st. In addition to this extension agreement, other amendments are expected over the next couple of weeks to accommodate tax law changes in the American Recovery and Reinvestment Act of 2009.
In a press release, Richard Clayton, Raser’s Principal Executive Officer, commented on … Read the rest
Raser just announced an updated geothermal strategy. At this point, assuming they can secure adequate funding, the company expects to add 40 megawatts of electricity from geothermal power per year over the next three years. By the end of 2012, they will have 130 megawatts.
Raser has also made some improvements to their plant design. Specifically, they will now use larger binary cycle generators in their plants,instead of using many smaller generators. The company expects … Read the rest
Raser just announced that the Department of Energy has denied the company a loan for its East Thermo project. Once complete, the East Thermo project would be located about 6 miles away from Raser’s existing Thermo No. 1 plant. In denying loan, the Department of Energy stated that “we believe that the East Thermo project possesses
fundamental strength, but would benefit from continued development….”
Raser has other financing options available, such as prepaid power purchase … Read the rest
Raser Technologies (RZ) is another development stage company, possibly on the verge of great things in the geothermal space. Despite the beating the stock has taken, I still think the long term picture looks great. The company reported record revenues with a whopping $410,000 in sales (it’s a start!) as the company begins selling power to Anaheim. They beat on EPS posting a loss of .06/share vs the estimate of .10/share
Some highlights of the … Read the rest
Ormat (ORA), the geothermal gorilla, continues to post very strong quarters despite a tough economy. The company beat both EPS and revenues estimates with about 20% quarter over quarter growth on both. EPS came in at .35/share vs the estimate of .28/share on revenues of $100 million vs the estimate of $92.5 million. 115% revenue growth in the Product Segment drove the quarter’s positive results while the Electricity Segment saw a small decline in revenue … Read the rest
Yesterday in the Washington Post, General Electric (GE) CEO Jeff Immelt and famed venture capitalist John Doerr wrote an op ed piece highlighting the failure of the US to take the lead in green energy and the emergence of China as the leader.
Some interesting facts:
– China cars are 35% more fuel efficient
– they spend 10x what the US does as a % of GDP on green energy
– China on track to … Read the rest
Raser Technologies just announced that it has restructured its existing $15 million credit line. It paid off some of the balance and got an extended repayment date for the rest. As part of the new agreement terms, Raser paid off $2.9 million of the principal and $0.4 million worth of accrued interest. The company got an extension of the maturity date on the remaining $10.5 million to July 31, 2010. However, the main lenders can … Read the rest
Hat tip to StreetInsider.com for the following upgrade/downgrade notes:
Hapoalim downgrades Suntech Power (STP) to Sell with a $9 price target, citing escalating solar module price war.
The firm said, “Evidenced by Ersol’s recent decision to adjust the mid-point of its CY09 EBIT guidance to “negative” vs. +12% before (due to a “sig. drop in prices of solar modules”), we believe “Tier 1” module vendors are beginning to react to price aggression by Chinese solar … Read the rest
The US government announced today that they’ll soon begin accepting applications for around $3 billion in government funds to spur development in renewable energy across the country. Previously, companies could file for a tax credit to cover a portion of development costs, but this provides an immediate infusion of cash to help meet the government’s goal of doubling renewable energy production over the next 3 years.
“This partnership between Treasury and Energy will enable both … Read the rest
Raser Technologies (RZ) has entered into a term sheet with Southern California Public Power Authority to provide 110 MW of geothermal power to some SCPPA municipalities. The SCPPA would pay an up front cost, then additional monthly payments to Raser at a reduced cost. A term sheet isn’t a contract and non binding, so either party may end discussions at any time. Financials have not been disclosed either, so this isn’t news that has any … Read the rest