SOUTH WINDSOR, Conn. and PROVO, Utah, April 10 /PRNewswire-FirstCall/ -- UTC Power, a United Technologies Corp. company, and Raser Technologies of Provo, Utah , 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. 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 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: http://www.rasertech.com/.
Contact: Peg Hashem
(860) 727-2093
Peg.hashem@utcpower.com
Richard Putnam
Raser Technologies
(801) 765 1200
investorrelations@rasertech.com
UTC Power; Raser Technologies
