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
Tag Archives: RZ
Raser (RZ) Extends Agreement With Financing Partners of Thermo No. 1 Plant
Raser just announced that it has extended the agreement with its Thermo No. 1 financing partners to extend the final deadline for the completion of the plant from September 15 to October 1st. In addition to this extension agreement, other amendments are expected over the next couple of weeks to accommodate tax law changes in the American Recovery and Reinvestment Act of 2009.
In a press release, Richard Clayton, Raser’s Principal Executive Officer, commented on … Read the rest
Raser (RZ) Updates Its Geothermal Strategy
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
DOE Denies Loan For Raser’s (RZ) Project East Thermo
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
Raser’s (RZ) Electric Hummer Drives 50 Miles On Batteries Only In Test
Raser just announced that its electric Hummer was able to 50 miles on its battery only in a driving test. The course used included both simulated highway and city driving conditions, and speeds of up to 60 mph.
In a press release, Jim Spellman, Vice President of Business Development, explained the test results and their significance:
“I am very proud of our team and their work to reach this important milestone. Battery range of … Read the rest
Raser Technologies (RZ) Beats Estimates, CEO Resigns For Health Reasons
Raser Technologies (RZ) is another development stage company, possibly on the verge of great things in the geothermal space. Despite the beating the stock has taken, I still think the long term picture looks great. The company reported record revenues with a whopping $410,000 in sales (it’s a start!) as the company begins selling power to Anaheim. They beat on EPS posting a loss of .06/share vs the estimate of .10/share
Some highlights of the … Read the rest
Raser (RZ) Restructures Existing Line of Credit
Raser Technologies just announced that it has restructured its existing $15 million credit line. It paid off some of the balance and got an extended repayment date for the rest. As part of the new agreement terms, Raser paid off $2.9 million of the principal and $0.4 million worth of accrued interest. The company got an extension of the maturity date on the remaining $10.5 million to July 31, 2010. However, the main lenders can … Read the rest
Raser Technologies (RZ) Potentially Adds 110 MW To Geothermal Power Pipeline
Raser Technologies (RZ) has entered into a term sheet with Southern California Public Power Authority to provide 110 MW of geothermal power to some SCPPA municipalities. The SCPPA would pay an up front cost, then additional monthly payments to Raser at a reduced cost. A term sheet isn’t a contract and non binding, so either party may end discussions at any time. Financials have not been disclosed either, so this isn’t news that has any … Read the rest
Raser Technologies (RZ) Loan Guarantee Cleared By DOE
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 … Read the rest
Obama At Nellis Touts Solar, Geothermal (Video)
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