Raser Technologies and UTC Power to Work Together to Tap Geothermal Resources
UTC Power, a United Technologies Corp company, and Raser
Technologies of Provo, Utah, today announced they have entered
into a series of agreements for UTC Power to provide up to 135 PureCycle
geothermal power systems for three Raser power plants. In total, these
systems will generate approximately 30 megawatts (MW) of renewable
The agreements contemplate a long-term relationship in tapping
geothermal resources to provide renewable power and in continuing to
improve organic Rankine cycle power generation technology. They also allow
for testing with respect to the possible adoption of motor technologies
owned and licensed by Raser. The agreements further provide for certain
down payments by Raser to UTC Power, and the financial terms reflect
consideration for the technology development and field demonstration
anticipated by Raser and UTC Power. Other financial terms of the
transaction were not disclosed.
Delivery of the first 45 units begins in the fourth quarter of 2007 to
the first of Raser's three initial geothermal sites. UTC Power has also
signed a service agreement with Raser for maintenance of these units.
"We believe these types of renewable energy-producing power plants will
be a significant part of the U.S. power production portfolio in the
future," said Brent M. Cook, chief executive officer of Raser
development of domestic geothermal resources will produce electricity in an
environmentally friendly way and contribute to energy independence. We are
delighted to be associated with UTC Power
, whose entry into geothermal
power generation is a significant step in our nation's push toward energy
According to UTC Power President Jan van Dokkum, "The PureCycle system
will make it possible to tap into a significant new domestic renewable
energy resource because it operates at previously unusable low temperatures
-- from 165 to 300 degrees Fahrenheit. These units will provide renewable
power around the clock from a 'free' fuel source. The PureCycle system is
an important addition to UTC Power's environmentally responsible product
offerings and we look forward to working with Raser in aggressively
deploying and advancing this technology."
Raser expects the geothermal resources for its first three smaller, 10
MW power plants to be low-grade reliable heat sources of approximately 265
degrees F. All three geothermal plants are expected to be built on the
company's leased properties. Heat sources may vary among locations, but
plant designs are expected to be similar. The plants should qualify for
Renewable Energy Credits (RECs) and are also anticipated to be placed in
service in time to qualify for Production Tax Credits (PTCs) and other tax
benefits provided under the Internal Revenue Code.
The PureCycle geothermal system results from more than six years of
research and development work involving UTC Power, United Technologies
Research Center and the U.S. Department of Energy. The organic Rankine
cycle- based power system is an advanced binary cycle system that is driven
by a simple evaporation process and is entirely enclosed, which means it
produces no emissions. The only byproduct is electricity, and the system's
"fuel" -- geothermal hot water -- is a renewable resource.
PureCycle geothermal systems have been in operation since 2006 at Chena
Hot Springs Resort in Alaska, as a U.S. Department of Energy Geothermal
Technologies demonstration project. It is the first geothermal project in
Alaska and the lowest temperature geothermal resource (165° F) ever used
for commercial power generation.
"United Technologies is a great company that stands behind their
products with significant capabilities both in personnel and in
manufacturing resources," continued Cook. "We anticipate working with UTC
Power for many years in the future."
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