Geothermal

Raser Gains $12.5 M for Geothermal Drilling

Provo, Utah [RenewableEnergyAccess.com] Raser Technologies, Inc. has raised $12.5 million and intends to accelerate its geothermal drilling program by securing needed equipment, supporting growth initiatives and other purposes. Raser operates in both the Transportation and Industrial Technology segment (its Symetron technology improves the efficiency and power density of electric motors and other applications) and the Power Systems segment, which seeks to develop new geothermal electric power plants and bottom-cycling operations. Last week, Raser announced that the US Treasury and Internal Revenue Service released the 2006 Inflation Adjustment Factor (IAF) as it relates to Section 45 of the Internal Revenue Code. This annual adjustment increases the amount of tax credit available for geothermal and other qualified energy projects from 1.9 cents per kWh to 2.0 cents per kWh. The IAF adjustments are implemented annually.