Raser Technologies (RZ) Obtains $7 Million Refund From UTC

Raser Technologies just announced that it has restructured a purchase agreement with United Technologies Corp., resulting in a $7 million refund from UTC to Raser. The $7 million came from a deposit made for an order of United Technologies’ PureCycle(R) power systems. Under the new purchase agreement, Raser will continue to buy PureCycle Units from UTC, and UTC has agreed to keep at least 50 on hand at all times to make sure they are available when Raser needs them. The $7 million refund will give Raser more cash to pursue its aggressive business strategy.

In an article on ThinkGeoEnergy.com, Brent M. Cook, CEO of Raser said, “We are grateful for our strong partnership with PWPS and appreciate their commitment to helping us develop these geothermal power plants. They continue to be very supportive and stand behind their modular units, which continue to perform at higher levels than expected.”

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