SOUTH WINDSOR, Conn. and PROVO, Utah, April 10 /PRNewswire-FirstCall/ --
UTC Power, a United Technologies Corp. (NYSE: UTX) company, and Raser
Technologies of Provo, Utah (NYSE: RZ), today announced UTC Power will provide
110 PureCycle(R) geothermal power systems to Raser in addition to 90 ordered
last year. In total, these 200 systems will have the capability to generate
approximately 40 to 45 megawatts (MW) per hour of renewable electrical power.
The agreement provides for downpayments by Raser or its associated project
entities to UTC Power. Other financial terms of the transaction were not
disclosed.
Raser began taking delivery of the UTC Power systems ordered last year in
the fourth quarter of 2007 and all 200 units will be delivered by the end of
this year. UTC Power also will maintain these units. The geothermal power
plants are expected to qualify for Renewable Energy Credits and are also
anticipated to be placed in service in time to qualify for Production Tax
Credits and other tax benefits provided under the Internal Revenue Code.
"The existing federal Production Tax Credit for geothermal energy
resources created a valuable incentive for the purchase and deployment of
these units during this calendar year," said UTC Power President Jan van
Dokkum. UTC Power and Raser Technologies both support legislation that would
provide a long-term extension of the Production Tax Credit to increase use of
a clean, renewable energy resource that provides power on a continuous 24/7
basis.
"Accelerated development of domestic geothermal resources will produce
electricity in an environmentally friendly way and contribute to U.S. energy
independence," said Brent M. Cook, chief executive officer of Raser. "We are
delighted to be associated with a company like UTC Power with its unique
capabilities to help us meet our rapid deployment goals."
UTC Power, a United Technologies Corp. (NYSE: UTX) company, is a
full-service provider of environmentally responsible power solutions. With 50
years of experience, UTC Power is the world leader in developing and producing
fuel cells for on-site power, transportation, space and defense applications,
as well as a leader in innovative, renewable energy solutions and combined
cooling, heating and power solutions for the distributed energy market.
Raser (NYSE: RZ) is a publicly-traded, green-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(TM) 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(TM)
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.
SOURCE UTC Power; Raser Technologies
