Raser Technologies releases financial results for 2009
Thermo no. 1 plant of Raser Technologies, Utah (source: Raser)
Alexander Richter
20 Mar 2010
Raser Technologies, Inc. announced its financial results for the fourth quarter and full-year period ended December 31, 2009.
In a release, “Raser Technologies, Inc. announced its financial results for the fourth quarter and full-year period ended December 31, 2009.
The highlights mentioned are:
- $32.99 million renewable energy grant application was approved and funded by the U.S. Treasury for the Company’s Thermo No. 1 geothermal power plant. The grant is provided by the U.S. Treasury Department under the Section 1603 renewable energy grant program created by the American Recovery and Reinvestment Act of 2009.
- Nicholas (Nick) Goodman was named Chief Executive Officer. Mr. Goodman has 15 years of extensive experience growing companies through project development and acquisition. He most recently served as Chief Executive Officer of TDX Power, an electric utility holding company and power generation project developer. Under his leadership, TDX Power has grown from $3 million to over $60 million in annual recurring revenues.
- John T. Perry was named Chief Financial Officer of Raser Technologies. Mr. Perry began employment on March 10, 2010. His duties as Chief Financial Officer will begin on March 22, 2010. Mr. Perry has more than 20 years of experience in the mining and metals industry.
- Raser Chairman Kraig Higginson testified on February 21 before the United States Senate Appropriations Subcommittee on Energy and Water Development in Washington, D.C. The hearings were called by Subcommittee Chairman Senator Byron Dorgan (D-ND), to hear testimony from industry leaders and the Department of Energy regarding the opportunities and challenges presented in increasing the number of electric vehicles in the light duty automotive sector. Also testifying were Fred Smith, Founder and Chairman of FedEx, Dr. Henry Kelly, Deputy Assistant Secretary of the Department of Energy, Dr. Alan Taub, Vice President of Global Research and Development for General Motors and Mary Ann Wright, Vice President and Managing Director of Johnson Controls, a leading automotive battery supplier.
- Raser sold $5 million of convertible preferred stock plus an additional $14 million in certain investment rights to Fletcher International, Ltd. (“Fletcher”), an affiliate of Fletcher Asset Management, Inc., in a transaction that closed on February 3, 2010. The financing is part of a broader strategic relationship between Raser and Fletcher.
- Evergreen Clean Energy LLC agreed to structure and finance well field development for up to 100 MW of geothermal power projects. Under terms of the non-exclusive agreement, Evergreen is expected to provide approximately $30 million in financing for each power project funded, with final amounts for each project based on the expected capacity of the project.
- Raser recompleted four production wells at its Thermo 1 project as part of a broader strategy to ramp up the plant to full capacity. The recompletions involved casing deeper into the well to block cooler geothermal water from entering the plant. Raser is also in the process of making other Thermo modifications, including improving the efficiency of its generators and incorporating bottom cycling.
- Raser reached an agreement with Thermo project financing partners to extend the final performance test of the Thermo No. 1 Project to June 30, 2010.
“We continued to grow in the fourth quarter 2010 and signed key deals that will keep us moving in the right direction,” said Kraig Higginson, Raser Chairman. “We expect that the partnership with Evergreen will allow Raser to begin capitalizing on the abundant geothermal resources the Company has acquired. We are also pleased to see the output at Thermo 1 continue to increase as we make improvements and modifications. We have progressed from raw land to an operating power plant in just over two years at our Thermo Resource. Although behind our initial aggressive timeline, it is still far ahead of anyone else in our sector, which certainly validates our premise of a modular, rapid deployment strategy. I am confident we now have the team in place to further refine the process and complete future deployments in a more streamlined manner.”
For the full release see link below.
Source: Release via Marketwatch
