Raser Technologies, Inc. (NYSE Arca: RZ) announced today that two additional geothermal power production facilities have received certification as Qualifying Facilities from the Federal Energy Regulatory Commission (FERC). Raser also announced the signing of additional leases in Southern Utah.
Provo, Utah, November 7, 2007 -- Raser Technologies, Inc. (NYSE Arca: RZ) announced today that two additional geothermal power production facilities have received certification as Qualifying Facilities from the Federal Energy Regulatory Commission (FERC). Raser also announced the signing of additional leases in Southern Utah.
QF status is awarded to qualifying renewable power production facilities and provides significant flexibility to Raser in its power sales because it grants Raser the option to require the host utility to purchase the power plant’s electrical output. It also gives the QF certain privileges regarding interconnection and access to the transmission grid. Geothermal QFs are also exempt from various provisions of the Public Utility Holding Company Act of 2005 (PUHCA), certain state laws and regulations respecting the rates and other financial and organizational aspects, and most sections of the Federal Power Act.
“The awarding of QF status is an important event in the development of these geothermal resources,” stated Brent M. Cook, Raser’s CEO. “We continue to see increasing demand for renewable, green electric power, and we are well positioned to take advantage of these favorable market dynamics. These certifications continue our progress along our expected timeline for putting a number of our power plants into production in 2008. Our goal is to initiate the construction of approximately 100 megawatts of geothermal power generation capacity per year for the first three years and 150 megawatts per year thereafter.”
Raser also announced today that it has secured additional geothermal rights in Utah under the terms of three newly signed lease agreements. Raser has secured the rights to the geothermal resources on 5,000 acres located in two counties in Southern Utah. The lease terms are 10 years and are renewable for additional periods based on development activity or upon the payment of minimum rental payments. The financial terms of the leases are undisclosed. Raser now has over 57,000 acres under lease in Utah alone for geothermal development.
