Raser Technologies, Inc. (NYSE Arca: RZ), a publicly traded, environmentally focused technology licensing and development company operating in two business segments: Raser’s Power Systems segment and Raser’s Transportation and Industrial Technology segment, recently announced the closing of the initial funding under a definitive agreement that provides project financing for Raser’s 10 megawatt (MW) Thermo geothermal power project near Beaver, Utah.

The company’s proprietary geothermal plant is designed to produce 10 MW of electrical power, or enough to power approximately 9,000 homes, with zero emissions using PureCycle® geothermal power systems. The funding arrangement provides non-recourse debt financing and tax equity capital to construct the company’s thermo geothermal power plant. Under the terms of the agreement, the tax equity capital is provided by a tax equity partner in exchange for the majority of the tax benefits provided by the renewable energy project.

Raser’s Technologies Power Systems segment focuses on developing clean, renewable geothermal electric

Following completion of its initial funding phase, Raser Technologies is set to proceed with the construction of its 10 megawatt (MW) Thermo geothermal power project near Beaver, Utah. Tax equity capital has been provided in exchange for tax benefits provided by the renewable energy project.

The plant is designed to power approximately 9,000 homes with zero emissions and will utilize PureCycle® geothermal power systems from UTC Power, a subsidiary of United Technologies Corp. As the hands on general construction contractor, Raser has guaranteed the completion of the project by October. The life of the plant will be approximately 35 years. However, the useful life of the geothermal resource is to be renewable and to outlast the life of the power plant itself.

Raser believes that the power plant could eventually produce additional power through “cascading” or “bottom cycling.” This finding is based on the results of an independent study done by