Utah, United States [RenewableEnergyWorld.com] Raser Technologies Inc. announced that the company has signed an extension agreement with the financing partners of Thermo No. 1 for the final completion of the plant.
The contract extension pushes out the date by which Raser is required to achieve final completion of the Thermo No. 1 plant. The previous deadline was September 15, 2009, and with the new agreement, the date has been reset to October 1.
Over the next few weeks, the company intends to amend the Thermo No. 1 financing agreements in order to be consistent with recent tax law changes under the American Recovery and Reinvestment Act of 2009. The company also expects to amend other provisions and deadlines for bringing the plant to full capacity.
“This extension is in anticipation of a broader amendment to the financing agreements to reflect updated plant economics and the US Treasury grant proceeds available to the project,” said Richard Clayton, Raser’s principal executive officer. “It also provides the funds for our well field completion plan. We are pleased with the confidence our partners have shown in Raser and the Thermo project, and believe these anticipated amendments will strengthen the financial position of Thermo No. 1 and Raser.”