Raser Technologies Announces Agreement and Substantial Payment of Thermo No. 1 Debt Obligations
13 7월 2010 - 9:00PM
Business Wire
Raser Technologies, Inc. (NYSE: RZ), an energy technology
company, announced today that it has entered into an agreement with
the senior secured lender that provided the debt financing for the
Thermo No. 1 geothermal power plant to repay a substantial portion
of the debt.
Under the arrangement, the lender will receive an immediate
payment of $27 million out of project escrow accounts and will
waive compliance with applicable debt-related covenants and
obligations for the next year. In addition, Raser will make an
additional payment of up to $6 million before June 29, 2011. Over
the next 12 months, Raser will follow its plan to sell certain
assets which will help establish the value of the Company’s
portfolio. As part of this process, Raser will satisfy the
remaining obligation to the Thermo lender from the sale proceeds of
a part or all of its interest in Thermo No. 1 or another asset.
Alternatively, Raser can satisfy this obligation using cash from
other sources. After providing for the initial payment to the
lender, approximately $3 million of currently escrowed funds will
remain in a project escrow account to provide for the operation of
the plant and other related expenses.
The Thermo No. 1 plant is currently producing a little over six
megawatts of electricity that is available for sale. While this is
below the original anticipated output level, several unaffiliated,
geothermal equipment manufacturers have indicated to Raser that, in
their judgment, significant improvement in the electrical output of
Thermo No. 1 is possible. They have represented to Raser that the
addition of larger, more efficient generators at the Thermo No. 1
project would enable the generation of between 9-11 megawatts of
electricity, based on current geothermal flow and temperature
conditions.
Nick Goodman, Raser’s CEO, commented, “Raser would need
additional capital to install larger generating units at our Thermo
No. 1 project. Therefore, instead of upgrading the units ourselves,
we are considering the sale of equity interests in the Thermo No. 1
project while maintaining ownership in the remaining Thermo field -
a resource that GeothermEx reports has the potential to produce an
additional 150-200 megawatts of geothermal power. If we are able to
sell our interests in Thermo No. 1 to a third party with the
capital to upgrade the generators at the Thermo No. 1 project, we
believe it will further validate the larger Thermo area,
demonstrating the viability of the Thermo area resource for
additional power plants.”
About Raser Technologies
Raser (NYSE: RZ) is an environmental energy technology company
focused on geothermal power development and technology licensing.
Raser’s Power Systems segment develops clean, renewable geothermal
electric power plants with one operating plant in southern Utah and
eight active and early stage projects in four western United
States: Utah, New Mexico, Nevada and Oregon, as well as a
concession for 100,000 acres in Indonesia. 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.
Further information on Raser may be found at:
www.rasertech.com.
Cautionary Note Regarding Forward-Looking Statements
This press release contains certain forward-looking statements
within the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934, including, but
not limited to, statements regarding; our beliefs about our ability
to sell all or a portion of our interests in Thermo No. 1; our
beliefs about our ability to make the remaining $6 million payment
to the lender that provided the debt financing for the Thermo No. 1
plant; our beliefs about the anticipated improvement in output
level if larger generators are used at the Thermo No. 1 plant; our
beliefs regarding the strength and enforceability of our
agreements; our belief about our ability to develop future
geothermal projects and the geothermal industry in general. These
forward-looking statements involve certain risks and uncertainties
that could cause actual results to differ, including, without
limitation, the competitive environment and our ability to compete
in the industry; our ability to attract, train and retain key
personnel; and such other risks as identified in our quarterly
report on Form 10-Q for the quarter ended March 31, 2010, as filed
with the Securities and Exchange Commission, and all subsequent
filings.
All forward-looking statements in this press release are based
on information available to us as of the date hereof, and we
undertake no obligation to update forward-looking statements to
reflect events or circumstances occurring after the date of this
press release.
Raser Technologies, Inc. (NYSE:RZ)
과거 데이터 주식 차트
부터 11월(11) 2024 으로 12월(12) 2024
Raser Technologies, Inc. (NYSE:RZ)
과거 데이터 주식 차트
부터 12월(12) 2023 으로 12월(12) 2024