Raser Technologies (RZ) Receives $33 Million DOE Grant, Shares Surge

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 take advantage of government incentives in the $15 – 20 million range.

CEO Kraig Higginson, commented, “The approval of our grant application is a positive step in our restructuring and will help us move ahead with additional geothermal projects. There is tremendous opportunity in our resource portfolio, and together with our technology and financing partners, we expect to play a significant role in the geothermal space going forward. I believe that geothermal power will prove to be a major component in the overall renewable energy expansion, and that those who take advantage of the available technologies and financing options, will be well positioned to capitalize on these opportunities.”

Shares of RZ are up over 15% in premarket trading and back above the buck level.

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