Rasers Geological Report in Utah Identifies Three Drilling Targetsadmin
Raser Technologies, Inc. announced that an independent geological study has identified three target drilling areas located on portions of Raser’s leased properties in Southern Utah. The geologists judge the sites to be suitable for developing geothermal power plants for the production of clean, renewable electric power.
The identified sites are believed by the geologists to hold sufficient geothermal resources to support 80 to 165 megawatts of electric power generating capacity, enough to power approximately 100,000 homes. In completing the study, the geologists conducted on-site geological assessments and analyzed geological maps and models, satellite photography, well logs, temperature and chemical analyses of existing hot springs and mineral mining activity. In the regions encompassed by the study, there are several known hot springs, warm springs, seeps and wells.
Brent Cook, Raser’s CEO, stated, “The geothermal resources at these sites appear to have temperatures and other characteristics that fit very nicely into our strategy to build clean, renewable electric power plants using advanced binary cycle technology. The geologists have validated our beliefs about these Southern Utah sites. We look forward to developing these sites as part of our goal to initiate the development of approximately 100 megawatts of power generating capacity per year for the first three years and 150 megawatts per year thereafter.”
The advanced binary cycle technology that Raser intends to employ in the development of geothermal power plants uses water-based geothermal resources of generally lower temperature, ranging from approximately 200 to 360 degrees F. In the advanced binary system, warm geothermal fluid is pumped to the surface and channeled into a heat exchanger. The geothermal water is then used as a source to heat another “working fluid,” which then vaporizes to turn a turbine generator. After the heat transfer process is complete, the cooler water is returned to the reservoir in the Earth. The advanced binary method efficiently converts more commonly found low temperature water resources into power through the use of working fluids that have a low boiling point; the binary method also produces zero emissions. If properly managed, a geothermal resource is sustainable and renewable.
About Raser Technologies
Raser (NYSE Arca: RZ) is a publicly-traded, green-focused technology licensing and development company operating in two business segments. Raser’s Transportation and Industrial Technology segment focuses on using Raser’s Symetron(TM) technology to improve the efficiency of electric motors and other applications. Raser’s Power Systems segment is seeking to develop clean, renewable geothermal electric power plants and bottom-cycling operations, incorporating licensed heat transfer technology and Raser’s Symetron(TM) technology. 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 potential for geothermal power generation on our leased properties; our belief about our ability to exploit the available geothermal resources; our beliefs about the strength and enforceability of our agreements; and our beliefs about the geothermal market generally. 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 adapt our technology for geothermal applications; our ability to secure necessary permits; our ability to obtain financing, establish partnerships or other arrangements that will enable us to develop geothermal power projects; the strength of our intellectual property; our inability 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, 2007, 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. Investor Relations 801-765-1200 firstname.lastname@example.org or Porter, LeVay & Rose, Inc. Andrew Berlin, Account Executive Jeffrey Myhre, VP – Editorial
Source: Raser Technologies, Inc.