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Raser Technologies Orders 110 More UTC Power Geothermal Systems
South Windsor CT (SPX) Apr 14, 2008 UTC Power and Raser Technologies have announced UTC Power will provide 110 PureCycle geothermal power systems to Raser in addition to 90 ordered last year. In total, these 200 systems will have the capability to generate approximately 40 to 45 megawatts (MW) per hour of renewable electrical power. The agreement provides for downpayments by Raser or its associated project entities to UTC Power. Other financial terms of the transaction were not disclosed. Raser began taking delivery of the UTC Power systems ordered last year in the fourth quarter of 2007 and all 200 units will be delivered by the end of this year. UTC Power also will maintain these units. The geothermal power plants are expected to qualify for Renewable Energy Credits and are also anticipated to be placed in service in time to qualify for Production Tax Credits and other tax benefits provided under the Internal Revenue Code. "The existing federal Production Tax Credit for geothermal energy resources created a valuable incentive for the purchase and deployment of these units during this calendar year," said UTC Power President Jan van Dokkum. UTC Power and Raser Technologies both support legislation that would provide a long-term extension of the Production Tax Credit to increase use of a clean, renewable energy resource that provides power on a continuous 24/7 basis. "Accelerated development of domestic geothermal resources will produce electricity in an environmentally friendly way and contribute to U.S. energy independence," said Brent M. Cook, chief executive officer of Raser. "We are delighted to be associated with a company like UTC Power with its unique capabilities to help us meet our rapid deployment goals." Related Links Raser
First Annual Blue Planet Summit Report
Honolulu HI (SPX) Apr 14, 2008The first annual global Blue Planet Summit (BPS 2008) convened a world class team of 75 participants in Hawaii from April 3-5 for an intensive dialogue on clean, renewable energy and the environmental, economic and political imperatives demanding immediate and collaborative action on a global level. |
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