Raser Technologies Signs Term Sheet with Ormat Nevada to Provide Engineering, Procurement & Construction for Raser's Lightnin...
20 10월 2010 - 9:19PM
Business Wire
Raser Technologies Inc. (NYSE:RZ), an energy technology
company, announced today that its subsidiary project company,
Lightning Dock Geothermal No. 1, HI-01, LLC, signed a term sheet
with Ormat Nevada, Inc., a subsidiary of Ormat Technologies, Inc.
(NYSE:ORA), to provide the Engineering, Procurement and
Construction (EPC) of the Lightning Dock, New Mexico geothermal
project.
“We are excited to work with a veteran in the geothermal
business,” said Project Manager Mike Hayter. “Ormat is a known
leader in manufacturing binary-cycle geothermal equipment and we
recognize the benefits Ormat would bring to the Lightning Dock
project. We are also pleased to announce that, in conjunction with
Evergreen and FE Clean Energy, we found a solution that will
provide the financing needed for this project.”
The term sheet names Ormat the provider of equipment for the
project. The broad scope of work includes the installation of two
large Ormat binary turbo generators and all associated above-ground
plant equipment including, but not limited to, well field pumps,
pipelines, cooling towers, electric interconnection equipment and
transmission equipment.
Ormat President and COO Yoram Bronicki said, “We are pleased to
work with Raser Technologies on their Lightning Dock geothermal
development and we look forward to contributing to the success of
this project with our best-in-class, bankable power plant
technology and proven execution skills.”
The current project schedule slates the above ground
construction to be completed within 24 months from the issuance of
the notice to proceed.
About Ormat Technologies
Ormat Technologies, Inc. is the only vertically integrated
company primarily engaged in the geothermal and recovered energy
power business. The company designs, develops, owns and operates
geothermal and recovered energy-based power plants around the
world. Additionally, the Company designs, manufactures and sells
geothermal and recovered energy power units and other
power-generating equipment, and provides related services. The
Company has more than four decades of experience in the development
of environmentally sound power, primarily in geothermal and
recovered-energy generation. Ormat products and systems are covered
by 75 U.S. patents. Ormat has engineered and built power plants,
that it currently owns or has supplied to utilities and developers
worldwide, totaling approximately 1300 MW of gross capacity.
Ormat's current generating portfolio includes the following
geothermal and recovered energy-based power plants: in the United
States - Brady, Brawley, Heber, Mammoth, Ormesa, Puna, Steamboat,
OREG 1, OREG 2, OREG 3 and OREG 4; in Guatemala - Zunil and
Amatitlan; in Kenya - Olkaria III; and, in Nicaragua -
Momotombo.
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 the
proposed Lightning Dock geothermal power project; our beliefs about
our ability to negotiate definitive agreements with Ormat relating
to its proposed engineering, procurement and construction of the
Lightning Dock geothermal power plant; our beliefs about the
strength and enforceability of our agreements; our beliefs about
our ability to obtain financing and 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 June 30, 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)
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Raser Technologies, Inc. (NYSE:RZ)
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