Raser Technologies just announced that it has chosen Barbour Well, Inc., of Henderson, Nevada as its drilling contractor for the Lightning Dock, New Mexico project. Drilling is expected to begin next month, in May. They will start by re-entering an old well drilled in 1984 and left idle waiting for development that never happened.
Raser expects the Lightning Dock project to qualify for a grant of approximately $22 million under the American Recovery and Reinvestment … Read the rest
Raser just announced that is has a new agreement with Evergreen Clean Energy, LLC that will finance the development of up to 100MW of geothermal power. Per the agreement, Evergreen will provide up to $30 million for each project, with the exact amount of financing depending on the project’s scope. Here’s how Evergreen’s funding should break down for a typical $30 million project: $25 million to fund the project, $5 million for participation rights.
In … 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
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
Prez Obama spoke at Nellis Air Force base today discussing the importance of renewable energy and announcing funding efforts for solar and geothermal. Nellis Air Force base is home to the largest solar installation in the Western hemisphere and provides 25% of the electricity for the 12000 who live and work at the base, saving the military about $1 million a year.
Here are some highlights of the speech..
“America produces less than 3 percent … Read the rest
When you think of renewable energy leadership at the state level, you typically think of California but Utah is making some announcements this morning indicating they want to join the party.
At Raser Technologies (RZ) Hatch geothermal plant in Thermo, Utah governor Jon Huntsman signed two renewable energy bills that will aim to upgrade the electrical grid and provide tax incentives to green projects.
Senate Bill 76 establishes a Renewable Energy Transmission Authority which will … Read the rest
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 … Read the rest
There’s a good video over at Fortune taking a look at the technology behind Raser Technologies (RZ) geothermal system in Utah which is expected to ship power to Anaheim, CA soon. The plant is expected to serve 11000 customers and took just 6 months to build. … Read the rest
Raser Technologies (RZ) is busy finding land to lease where it can tap into the power of geothermal. The company recently announced that it acquired 17 new lease parcels covering more than 50K acres in Utah as part of the Bureau of Land Management geothermal auction. The land deal increases Raser’s holdings to over 300K acres in 5 states where the company has rights to geothermal resources and some surface rights for construction related to … Read the rest
Late yesterday, Raser Technologies (RZ) inaugurated its first commercial scale geothermal power plant (called Thermo) in Beaver County, Utah and the 10MW plant (enough to power 7000 homes) is expected to begin supplying energy to Anaheim. The plant was built in just 6 month using Raser’s revolutionary modular construction design.
Raser is using technology developed by United Technologies (UTX) to generate electricity from underground water at temperatures much lower than other technologies allowing the company … Read the rest