Raser Believes Renewable Energy Initiatives in Stimulus Package Legislation Will Greatly Benefit Geothermal Industry
Raser Technologies, Inc. (NYSE: RZ), a leader in geothermal power generation, applauded President Barack Obama and the 111th US Congress for moving quickly to assemble and pass the American Recovery and Reinvestment Act that was signed into law yesterday.
The stimulus package contains key investment incentives and tax reductions to help jumpstart the economy and to create millions of “green” jobs. Raser identified the following specifics in the economic stimulus law, which are expected to help the Company accelerate its renewable energy development efforts:
* Grants for up to 30% of the development cost of renewable energy power plants * Extension of the production tax credits for geothermal power plants for an additional 3 years, now through 2013 * Loan guarantees for debt funding of renewable energy development projects * New investment tax credit for renewable energy projects * Research and development investments for renewable energy * Smart Grid Investment Program to help modernize the electrical grid and provide broader access for renewable energy projects * Renewable energy bonds for state and local governments
“We applaud the vision of our leaders in supporting the development of our vast renewable resources,” said Brent M. Cook, CEO of Raser Technologies. “Many of the provisions in this bill open up new sources of funding for our geothermal projects and energy infrastructure. Not only will new funding channels open, but the geothermal industry may also be able to utilize new structures and funding instruments.
“We remain focused on meeting the growing demands for clean renewable energy while helping our country become more energy independent. We pledge our support to use the financial incentives and investments contained in this legislation to create green jobs and produce clean renewable geothermal power for our country,” said Mr. Cook.
About Raser Technologies
Raser (NYSE: RZ) is an environmentally focused ET (energy 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.
This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, including, but not limited to, statements regarding: our beliefs about preliminary drilling results; our beliefs about the potential for geothermal power generation on our leased properties and its qualification for certain federal tax credits; our beliefs about our ability to exploit the available geothermal resources; our beliefs about the expected timing relating to the testing and commissioning of our geothermal power project; our beliefs about local utility’s ability to complete their work in a timely manner; our beliefs about our ability to obtain adequate development funding; our beliefs about our ability to utilize our technology and other available technologies to produce electric power from the available resources; and our beliefs about the geothermal market in general. These forward-looking statements involve certain risks and uncertainties that could cause actual results to differ, including, without limitation, the competitive environment and our ability to compete in the industry; our ability to adapt our technology and third-party technology for the intended applications; our ability to secure necessary permits; the strength of our intellectual property; our ability to attract, train and retain key personnel; and such other risks as identified in our quarterly report on Form 10-Q for the quarter ended September 30, 2008, as filed with the Securities and Exchange Commission, and all subsequent filings.
All forward-looking statements in this press release are based on information available to us as of the date hereof, and we undertake no obligation to update forward-looking statements to reflect events or circumstances occurring after the date of this press release.
Raser Technologies, Inc. (NYSE: RZ), a leader in geothermal power generation, announced today that it has completed final preparations needed to transmit power to the city of Anaheim beginning as early as next week.
The commissioning date was extended while the local utility in Utah completed the installation of the SCADA equipment needed to monitor transmissions on the grid. Raser has already been supplying about 3.5 megawatts (MW) of sustained power generated at the plant to the local utility while final preparations were completed. Raser plans to ramp up the amount of power delivered to Anaheim over the next few weeks.
“We are very pleased with the progress that we have made to date and believe that commissioning of the plant has gone very much in line with expectations,” said Steven Brown, Executive Vice President of Raser. “While there may be minor modifications needed from time to time, the plant is now ready to complete its ramp up. We have operated all of the UTC units over an extended period and I have been very pleased with their performance as well as the level of dedication the team has shown to complete the work on the project. Once we have the final production well linked to the plant, we expect to be able to ramp up to the 10 to 11 MW net capacity. We expect to be ramped up to about 7 MW and begin sending the power to Anaheim by the end of next week.”
Brent M. Cook, CEO of Raser, said, “Raser is achieving something that has never been done before in the power generation industry, and in record time. Steve and his team have done a terrific job in putting together the first truly modular commercial geothermal power plant in such a short period of time. All of the generators and components within the plant have now been proven-out in operation and performed above our expectations. We look forward to completing the ramping up process and expect to be at full capacity within the next few weeks.”
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