Raser Secures 50-Year Geothermal Lease

Raser Technologies, Inc. secured geothermal rights to certain Nevada properties owned by Truckee River Ranches, LLC, under the terms of a 50-year lease agreement. While the company is expanding into geothermal power generation, it plans to continue its current business in transportation, industrial and military sectors.

In exchange for $25,000 in cash and 25,000 shares of restricted Raser common stock, Raser may begin development and construction of geothermal power plants on Truckee’s three major ranches north of Las Vegas. These ranches contain approximately 3 million acres of owned and leased properties, much of which lies within the US Geological Survey’s “known geothermal resources area” (KGRA). “This lease offers Raser an excellent starting point to launch into the geothermal power generation spaces utilizing our recently acquired heat-transfer technologies,” said Brent M. Cook, CEO of Raser. “We expect to move rapidly into the development phases.” In the future, Raser’s Symetron motor and drive technology could help power the geothermal stations that the company builds.