Raser to Hold Groundbreaking Ceremony and Press Conference for Utah Geothermal Power Project
Monday May 5, 8:45 am ET
Raser to Construct First Utah Geothermal Power Plant in 20 Years
Senator Orrin Hatch to Participate in Ceremonies for Renewable Energy Project
PROVO, Utah--(BUSINESS WIRE)--Raser Technologies, Inc. (NYSE Arca:RZ) announced today that they will hold a groundbreaking ceremony for beginning the construction phase of the first geothermal power plant built in Utah in 20 years. The groundbreaking ceremony in Beaver County, Utah will be followed by a press conference at the Energy and Geoscience Institute (EGI) building on the University of Utah campus in Salt Lake City, Utah. Senator Orrin Hatch, US Senator from Utah, has accepted Raser’s invitation along with state and county government officials to participate in the groundbreaking ceremony and press conference and will be available to discuss Utah’s efforts to reduce emissions from power production facilities and its efforts to meet the state’s newly legislated renewable portfolio standard to increase the amount of renewable power. The groundbreaking ceremony is scheduled for May 9, 2008, at the power plant project site in Beaver County at 11:00 a.m. local time. The press conference is scheduled for 2:00 p.m. local time at the offices of EGI on the University of Utah’s campus at 423 Wakara Way, Salt Lake City, Utah.
ADVERTISEMENT
Raser previously announced the initial results of drilling the geothermal production well on the site and stated that the results suggested sufficient heat and flow of geothermal fluids to produce the planned 11 megawatts of geothermal power. Raser also recently announced a power purchase agreement to sell the power produced by the plant to the City of Anaheim and anticipated delivery of the power before December 15, 2008.
“We are pleased with the progress we have made on this geothermal power project and anticipate the completion of the project within the next six months,” stated Brent M. Cook, Raser’s Chief Executive Officer. “Our geothermal power plant is designed to provide baseload renewable energy with virtually no harmful emissions. We have already begun to take delivery of the UTC power generation units and expect that the remainder will be ready once site preparations are completed.”
About Raser Technologies
Raser (NYSE Arca:RZ) is a publicly-traded, environmentally-focused technology licensing and development company operating in two business segments. Raser’s Power Systems segment is seeking to develop clean, renewable geothermal electric power plants and bottom-cycling operations, incorporating licensed heat transfer technology and Raser’s Symetron™ technology developed internally by its Transportation and Industrial Technology segment. Raser’s Transportation and Industrial Technology segment focuses on extended-range plug-in-hybrid vehicle solutions and using Raser’s award-winning Symetron™ technology to improve the torque density and efficiency of the electric motors and drive systems used in electric and hybrid-electric vehicle powertrains and industrial applications. Further information on Raser may be found at: www.rasertech.com.
