Raser Technologies, Inc. (NYSE Arca: RZ) announced today that they held
a groundbreaking ceremony for beginning the construction phase of the
first geothermal power plant built in Utah in 20 years. Senator Orrin
Hatch participated in the groundbreaking ceremony in Beaver County,
Utah, along with many other state and county government officials. The
planned geothermal power plant is anticipated to produce up to 11
megawatts (MW) of clean renewable energy this year.
Commenting at the groundbreaking ceremony, Senator Hatch said, “Today
marks a turning point in our energy future. I believe geothermal power
will play an increasingly significant role in our nation’s
renewable energy plan. New geothermal technology, combined with Raser’s
innovative development strategy, can unlock this nation’s
vast reserves of geothermal power. If our goal is to reduce greenhouse
gases, then increasing our renewable energy production is a must. Utah
has one of our nation's largest geothermal resources, and I'm pleased
Raser is setting the pattern for our future with today's groundbreaking.”
Jason Perry, Executive Director, Utah Governor’s
Office of Economic Development, also discussed Utah’s
efforts to increase the amount of renewable power produced and used in
Utah. Mr. Perry said, "As one of the leading economies in the country
and a progressive energy producing state, Utah is proud to be on the
forefront of new cutting-edge technologies such as is being demonstrated
today with this geothermal power plant."
Dianne Nielson, Energy Advisor to the Governor, also spoke at the
groundbreaking and said, “Renewable energy is
a key component in helping to grow Utah's economy. By developing Utah’s
vast geothermal resources using new technology, Raser is helping to
create an important new renewable energy industry in Utah. This type of
clean renewable power is ideally suited to meet our needs for a diverse
energy supply. At the same time, we are making our own renewable
resources much more economically competitive. Most importantly, by
developing low impact resources like geothermal, we not only protect our
beautiful environment here in Utah, but we help revitalize our rural
economies as well.”
“Today we have attained another milestone
toward our goal of generating clean renewable electricity from the earth’s
substantial geothermal resources, which will reduce carbon emissions and
produce healthier air for homes and families,”
said Brent Cook, Raser’s Chief Executive
Officer. “We are grateful for the support and
service of Senator Hatch and the State of Utah. We will continue to
endeavor to exceed our goals and meet the growing demand for clean
renewable energy.”
About Raser Technologies
Raser (NYSE Arca: RZ) is a publicly traded, environmentally focused
technology licensing and development company operating in two business
segments. Raser’s Power Systems segment is
seeking to develop clean, renewable geothermal electric power plants and
bottom-cycling operations, incorporating licensed heat transfer
technology and Raser’s Symetron™
technology developed internally by its Transportation and Industrial
Technology segment. Raser’s Transportation
and Industrial Technology segment focuses on extended-range
plug-in-hybrid vehicle solutions and using Raser’s
award-winning Symetron™ technology to improve
the torque density and efficiency of the electric motors and drive
systems used in electric and hybrid-electric vehicle powertrains and
industrial applications. Further information on Raser may be found at: www.rasertech.com.
Cautionary Note Regarding Forward-Looking Statements
This press release contains certain forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933 and Section 21E
of the Securities Exchange Act of 1934. These forward-looking statements
involve certain risks and uncertainties that could cause actual results
to differ, including, without limitation, the risks identified in our
quarterly report on Form 10-K for the year ended December 31, 2007, as
filed with the Securities and Exchange Commission, and all subsequent
filings.
All forward-looking statements in this press release are based on
information available to us as of the date hereof, and we undertake no
obligation to update forward-looking statements to reflect events or
circumstances occurring after the date of this press release.
