Raser Technologies, Inc announced that is has secured funding for a geothermal power project to be installed near Beaver, Utah. Once complete, the geothermal plant will use PureCycle® geothermal power systems to produce 10 MW of electrical power, enough to supply electricity to 9,000 homes. Since the plant is geothermal, the power produced will be emissions-free.

The terms of the funding agreement are as follows:

"The funding arrangement provides non-recourse debt financing and tax equity capital to construct the company’s thermo geothermal power plant. Under the terms of the agreement, the tax equity capital is provided by a tax equity partner in exchange for the majority of the tax benefits provided by the renewable energy project."