Raser Completes Setting All of First 50 Geothermal Generating Units at Thermo
Raser Technologies, Inc. (NYSE Arca:RZ) announced today that it has completed setting all of the first 50 geothermal generating units at its Thermo plant in Beaver County, Utah. Raser had previously announced the commencement of placing the units on August 12, 2008, and has continued its rapid deployment, completing the work late last week. The plant is on schedule and Raser expects to have the UTC Power PureCycle(R) units producing power by October 2008, five months after holding a groundbreaking ceremony to begin the construction phase of the development. The Company is nearing completion of its well field at the Thermo site and announced the close for its construction and permanent financing yesterday for the geothermal project.
“We appreciate all those that have worked with us on this project and look forward to completing it with their continued help,” stated Brent M. Cook, Raser’s Chief Executive Officer. “The modular technology implemented with our unique design has allowed us complete the setting of these units in just a few weeks. We are well on our way towards completing the first of many potential projects unlocking this vast resource. We invite you to visit our website www.rasertech.com/updates/ to see additional photos and video of the ongoing progress at the project site.”
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(TM) 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 Symetron(TM) 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.
Cautionary Note Regarding Forward-Looking Statements
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; our belief about our ability to exploit the available geothermal resources; our beliefs about the strength and enforceability of our agreements; our beliefs about our ability to successfully negotiate power purchase agreements; our beliefs about our ability to obtain project financing for the geothermal power plants we intend to develop; our understanding of accounting treatments for financial reporting of tax treatment of our geothermal projects; and our beliefs about the geothermal market generally. 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 for geothermal 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 June 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.