|Drilling Rig at Raser Technologies’ Thermo 1 Geothermal Power Plant.|
Based on the evaluation of its existing construction and advances in technology, Raser Technologies, an energy technology company, has updated its geothermal power generation strategy, assumptions, and anticipated timelines. Raser now plans to add 40 megawatts of electricity available for sale in each of 2010, 2011, and 2012, bringing the total megawatts available for sale by the end of 2012 to 130.
These projects are dependent on the availability of funding. If Raser does not secure adequate funding for well field development within the next few months, it will have to adjust this plan. Raser has updated its approach to now use larger binary cycle generators, along with the smaller units currently in operation at Raser’s first power plant, the Thermo No. 1 Plant (Hatch Plant). Raser expects to use anywhere from two to eight of the larger generators per plant, in some cases coupled with smaller units as Raser deems appropriate.
Raser’s current geothermal power plant uses 50 smaller generators. Raser projects each power plant will provide up to 20 megawatts of electricity available for sale to the utilities compared to 10 megawatts of electricity, which will be the total for sale from Raser’s first power plant, once at full capacity.
“These changes should improve the overall economics of our power plants moving forward,” said Richard Clayton, Principal Executive Officer. “Throughout Raser’s development planning, we had intended to utilize larger generating units as they became available. Our current supplier has made significant advances in making larger units available. We are also reviewing similar equipment from other manufacturers.”
Raser Technologies is an environmental energy technology company focused on geothermal power development and technology licensing. Raser’s Power Systems segment is seeking to develop clean, renewable geothermal electric power plants and bottom-cycling operations, incorporating licensed heat transfer technology. Raser’s Transportation and Industrial segment focuses on extended-range plug-in-hybrid vehicle solutions and using Raser’s award-winning Symetron™ 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.