New York City, United States [RenewableEnergyWorld.com] Arrow Resources Development Inc. has entered into a Memorandum of Understanding with Four Crystal Funding Inc. and GTherm Inc. for Four Crystal to invest US $10 million at a price of $1.00 per share of Arrow common stock. Arrow has further agreed to have geothermal power plants, employing GTherm’s technology, built and operated on its properties in Indonesia.
GTherm has agreed to build and maintain a 50-megawatt (MW) geo-thermal power plants using its Single Well Engineered Geothermal System (SWEGS). The plant will be in Kendari, Southeast Sulawesi and electricity will be used by PT. Tiga Daun Nusantara, Arrow’s joint venture partner.
The site for the 50-MW plant was chosen to coincide with the site of Arrow and PT. Tiga Daun Nusantara’s large scale plantation/farming and ethanol plants in Indonesia.
GTherm technology uses proven components developed and tested at the U.S. Department of Energy and by United Technologies Corporation and is cost competitive with conventional fossil fuel electric power generation technologies. the company said.