Raser Technologies Announces Extension of Thermo No. 1 Final Completion Date
July 01 2010 - 8:00AM
Business Wire
Raser Technologies, Inc. (NYSE: RZ), an energy technology
company, announced today that it reached an agreement to extend the
Final Completion Date for the Thermo No. 1 project from June 30,
2010 to July 9, 2010, after which time Raser expects to provide an
update on the project, including final payment arrangements to the
financing parties from the U.S. Treasury grant proceeds received
earlier this year.
“This extension will give us time to work with our project
financing partners in evaluating the performance of the plant and
final distribution of the funds from the Treasury grant still in
escrow,” commented Raser’s Executive Vice President Dick
Clayton.
Construction on the Thermo No. 1 project began in July 2008 and
the plant began selling electricity to Anaheim, CA in April 2009.
In February 2010, Thermo No. 1 received $33 million dollars from
the U.S. Treasury Department under the Section 1603 renewable
energy grant program created by the American Recovery and
Reinvestment Act of 2009.
About Raser Technologies
Raser (NYSE: RZ) is an environmental energy technology company
focused on geothermal power development and technology licensing.
Raser’s Power Systems segment develops clean, renewable geothermal
electric power plants with one operating plant in southern Utah and
eight active and early stage projects in four western United
States: Utah, New Mexico, Nevada and Oregon, as well as a
concession for 100,000 acres in Indonesia. Raser’s Transportation
and Industrial 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.
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