Raser Technologies Inc. (fka RZTQE)

[califax]

U.S. Department of Energy Clears Raser Application for Loan Guarantee Program to Proceed

http://www.finanznachrichten.de/nachrichten-2009-06/14124894-u-s-department-of-energy-clears-raser-application-for-loan-guarantee-program-to-proceed-004.htm

09.06.2009 14:03
Raser Technologies Moves One Step Closer to Receiving Loan Guarantees from the Department of Energy

Raser Technologies, Inc. (NYSE: RZ), a leading energy technology company, announced today that the Department of Energy (DOE) has notified the company that its loan guarantee application has been approved to proceed to the next stage of due diligence. The application is for loan guarantees to help finance up to 80% of the expected $190 million project. The guaranteed loan is expected to be used for the construction of approximately 42 MW of gross binary-cycle geothermal power plant capacity near the company’s existing Thermo No. 1 project in Beaver County, Utah. Raser anticipates that, pending completion of additional due diligence by the DOE, drilling and construction will begin later this year.

On February 26, 2009 Raser submitted an application for a project on the Thermo resource to the DOE’s Energy Efficiency, Renewable Energy and Advanced Transmission and Distribution Solicitation loan guarantee under Title XVII of the Energy Policy Act of 2005. The DOE issued notification that our project application was complete and that the power plant technology choice qualifies as new or improved under the program, and the project has been selected to proceed in the project loan guarantee process.

Raser CEO Brent M. Cook said, ”This announcement from the DOE demonstrates that Raser Technologies is well positioned to take advantage of government stimulus programs targeted for renewable energy. The funds obtained with the loan guarantee program would enable us to develop our current geothermal resources in southern Utah. It would be a great step forward for the company.”

Raser’s Thermo No. 1 geothermal power plant recently began selling power to Anaheim, California under a long-term power purchase agreement. Raser’s unique power plant design, coupled with state-of-the-art generators similar to those used in its Thermo No. 1 plant, allow Raser to utilize low temperature resources and build power plants substantially faster than typical power plants.