Raser Technologies, Inc. (NYSE: RZ) announced that it has entered into an agreement with Merrill Lynch for the structuring and financing of up to 155 megawatts (MW) of Raser’s geothermal power plants, including a commitment letter from Merrill Lynch to provide funding for the construction of Raser’s first geothermal power plant.
This agreement provides the required up-front capital to complete their initial projects and keep them on pace to fulfill their goal to initiate the development of 100 MW per year for the first three years of their geothermal power production effort, and 150 MW each year thereafter.
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.