Raser Technologies (RZ) Loan Guarantee Cleared By DOE

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09:21:58 am on June 9, 2009

Raser Technologies just announced that its loan guarantee application has been cleared by the DOE and can move on to the next step in the due diligence process. If approved, the loan guarantees would finance 80% of a geothermal project near Raser’s existing Beaver Co facility, allowing the company to expand its geothermal capacity by 42 MW.

In a press release, Raser CEO Brent M. Cook  said “This announcement from the DOE demonstrates that Raser Technologies is well positioned to take advantage of government stimulus programs targeted for renewable energy. The funds obtained with the loan guarantee program would enable us to develop our current geothermal resources in southern Utah. It would be a great step forward for the company.”

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