Raser Technologies with company and project update
Raser Technologies nearing completion of bottom cycle project at Thermo No.1 plant in Utah, and provides company updates in new release.
In a release, “Raser Technologies, Inc. announced that it is nearing completion and start-up of the bottom cycle project at its Thermo No. 1 plant in southern Utah.
The changes re-direct a portion of the geothermal water coming out of the top cycle units and run it through PureCycle units currently sitting idle, allowing additional temperature to be pulled out of the geothermal water and converted to electricity. Installation of the bottom cycle is expected to be complete by May 1, two weeks ahead of schedule. Commissioning and start up are expected to be complete in the first two weeks of May. Raser is also replacing the recirculation pumps on each of the 50 PureCycle units with more efficient pumps, with full replacement of all pumps expected by the end of May. The two projects should enhance overall plant output.
“We are pleased this project is wrapping up ahead of schedule,” said Raser CEO Nick Goodman. “As the new CEO, I am committed to making sure our future projects are tightly managed from both a resource and construction stand point.”
In addition, Raser has engaged a placement agent to monetize the remaining tax benefits from the Thermo No. 1 project with a new tax equity partner, replacing Merrill Lynch who was redeemed out of the project in December of 2009. The tax benefits result primarily from accelerated depreciation the Company is not in a position to fully utilize in the near term. These proceeds would be in addition to the $33 million the project received early this year as part of the U.S. Treasury grant program for the benefit of Raser and its financing partners.
Raser also announced an update on its Controlled Equity Offeringsm. Since the Offering was announced on April 6, 2010, Raser has raised approximately $1.7 million or 7.8% of the total volume of shares trading during that period.
Raser also advises that its 30 trading day average closing share price on the New York Stock Exchange (“NYSE”) has fallen below the NYSE’s continued listing standard relating to minimum share price. The NYSE standard requires a minimum average closing price of $1.00 per share over a consecutive 30 trading-day period.
Under NYSE rules, the Company has notified the NYSE of its intent to cure the deficiency and has six months to bring its average share price back above $1.00. Raser’s common stock will remain listed on the NYSE, subject to compliance with other applicable NYSE continued listing requirements. Raser continues to be in full compliance with all other requirements of the NYSE and does not anticipate any changes in such compliance.
In addition, Raser also announced today that it will hold its 2010 annual meeting of stockholders on June 9, 2010 for stockholders of record as of April 19, 2010. The meeting will be held at 2:30 p.m. at the Provo Marriott Hotel and Conference Center, 101 West 100 North, Provo, Utah. Raser management continues to be confident it will enhance share price appreciation by executing its business plan.”
Source: release via Marketwatch