Raser Technologies just announced that it will be delivering the first of its extended range electric fleet trucks to PG&E next year. The electric trucks use a combination of lithium-ion batteries and an onboard, gasoline powered generator called a “range extender.”
Raser also plans to offer the E-REV powertrain used in these vehicles in popular GM and Ford trucks and SUVs.
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In a press release, … Read the rest
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
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Raser just announced that it has been chosen as the sole-source contractor for an Indonesian geothermal feasibility study by Indonesia Power (IP). Indonesia Power was awarded a grant of $934,308 by the United States Trade and Development Agency for the study, which will examine the feasibility of developing geothermal power in the Tangkuban Perahu geothermal concession.
The grant covers about 70% of the cost of the … 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 they have come to yet another extension agreement with the financing partners for their Thermo No. 1 Plant. The extension gives Raser until November 30th to redo its financing agreements so that they conform to changes in tax law caused by the stimulus. Once the agreements have been restructured, Raser will apply for a Section 1603 renewable energy tax credit grant. Raser will use the proceeds to pay off some of … Read the rest
According to this press release, Raser Technologies just entered into an agreement with 3 of its major lenders that will allow Raser to repay some of its loan obligations in the form of stock. The total principal and interest that Raser owes is 5.4 million. Under the terms of the agreement, Raser will sell the lenders 3,201,526 shares of common stock priced for $1.68 per share. Raser will also provide the lenders warrans to … Read the rest
Raser just announced that they have signed a new extension agreement with their financing partners that once again extends the deadline for completion of their Thermo No. 1 plant. The new agreement extends the final completion date to October 16th from October 1st, and provides Raser with an opportunity to further restructure its financing agreements in according with the American Reinvestment and Recovery Act.
In a press release, Richard Clayton, Raser’s Principal Executive Officer, explained … Read the rest
According to the Salt Lake Tribune, Raser has run into a roadblock at its Hatch Geothermal Plant. Initially, the company believed that new technology would allow it to harvest power from wells with water temperature of 180 degrees Celsius or higher. However, even though the water in Raser’s wells is hotter than that, it’s still not hot enough to generate power efficiently, and the company has been using almost as much electricity to keep … Read the rest
Raser just announced an updated geothermal strategy. At this point, assuming they can secure adequate funding, the company expects to add 40 megawatts of electricity from geothermal power per year over the next three years. By the end of 2012, they will have 130 megawatts.
Raser has also made some improvements to their plant design. Specifically, they will now use larger binary cycle generators in their plants,instead of using many smaller generators. The company expects … 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