Local article on the growth ahead for U.S. Geothermal
In a recent article on U.S. Geothermal, ThinkGeoEnergy’s Alexander Richter comments on the company and its successful Neal Hot Springs project.
A local news source provides a very interesting story on recent development and the significant growth that US Geothermal has experienced lately.
According to the article, US Geothermal had a tough time trying to make profits on its first decade and it struggled to achieve growth and in 2011, when new CEO Dennis Gilles took over the firm started reporting profits after a strong expansion of operations. It is stated in the news source that “The company reported a $4.1 million profit in 2013 after having lost $20 million since 2010 developing power plants near Vale, Ore., and San Emidio in northern Nevada.”
In words from Mr. Gilles, “Now that we’re profitable, we don’t have to go out and sell shares – and further dilute our shares – in order to keep the lights on,” Gilles said. “We’re not in that boat anymore.”
The article goes deeper into what are the challenges that geothermal companies face when doing business and what are the hurdles that they must overcome to be successful and early stage development, citing the principal of our company, Mr Alexander Richter on the successful Neal Hot Spring project from US Geothermal.
To read the full article, please follow this link,
Source: Idaho Statesman Website