Raser starts drilling first production well at Lightning Dock

Drilling start at Lightning Dock project, New Mexico (source: Raser Technologies)
Alexander Richter 13 Jan 2011

Raser Technologies announces drilling start pf its first production well at the Company's second geothermal power project, Lightning Dock, in New Mexico.

In a release by the company, “Raser Technologies, Inc. announced today that it has begun drilling its first production well at the Company’s second geothermal power project, Lightning Dock, NM. Once complete, Raser expects the Lightning Dock project will produce 15 MW available for sale.

Director of Project Development, Mike Hayter said, “We are excited to move forward with our development plans for Lightning Dock, a joint venture between FE Clean Energy Group and Raser Technologies. We have spent the last several months studying data from a well we recently re-entered and from several additional surveys, including a magnetotellurics (MT) survey, which is an electromagnetic geophysical method used to image the Earth’s subsurface. We feel confident that the data collected thus far indicates a promising geothermal resource.”

Raser recently announced that its subsidiary project company, Lightning Dock Geothermal No. 1, HI-01, LLC, signed an agreement with Evergreen-FE Lightning Dock, LLC, a collaboration between the FE Clean Energy Group and Evergreen Clean Energy, LLC to fund the development of the project and a term sheet with Ormat Nevada, Inc., a subsidiary of Ormat Technologies, Inc. (NYSE: ORA), to provide the Engineering, Procurement and Construction (EPC) services to the Lightning Dock geothermal project.

The Lightning Dock project company also recently partnered with John Hancock to apply for a Department of Energy (DOE) loan guarantee through the Financial Institutional Partnership Program (FIPP) under Section 1705 of the American Recovery & Reinvestment Act as an option for long term financing of the Lightning Dock project.”

Source: Company release via PR Newswire