Raser Delivers More Power to Anaheim

Raser Technologies Inc. announced that the Hatch Geothermal Power Plant in Beaver County, Utah, began delivering renewable electricity to the City of Anaheim, California this week. The Hatch Plant, named after U.S. Senator Orrin Hatch, is expected to produce 10-11 megawatts (MW) of geothermal power. The City of Anaheim signed a 20-year power purchase agreement to receive electricity from the plant.

“We are very pleased to have achieved yet another milestone in the development of this giant innovation in power plant design,” said Brent Cook, CEO of Raser.

Raser also announced that it has restructured its purchase agreements with subsidiaries of United Technologies Corporation (UTC). As part of the restructured agreements, Raser obtained a refund of more than US $7 million that had previously been deposited in connection with orders of UTC’s PureCycle power systems.

Raser will continue to have a preferred relationship for the generating units with United Technologies’ Pratt & Whitney Power Systems (PWPS), which recently assumed the management of the PureCycle power system product line from UTC Power.

PWPS said that it will maintain a minimum inventory of 50 of the modular units for Raser’s planned geothermal power projects through 2009. The restructured agreements should help Raser to continue to pursue its rapid deployment strategy and reduce cash committed to deposits for equipment, the company said.

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