Renewable Energy Development in Utah
Renewable Energy Development in Utah
New Legislation Will Promote Renewable Energy Development in Utah and Create a Blueprint for Other States
Provo, UT, April 23, 2009 -Raser Technologies, Inc. (NYSE: RZ), a leading energy technology company, celebrated Earth Week with Utah’s Governor Jon Huntsman at Raser’s Hatch geothermal power plant near Thermo, UT, and ceremonially signed two important renewable energy bills: House Bill 430 and Senate Bill 7
Senate Bill 76 establishes a Renewable Energy Transmission Authority, or UGREEN Authority (Utah Generated Renewable Energy Electricity Network Authority), which will provide financial incentives and State support to upgrade the electrical grid, making it possible for Utah’s abundant supply of geothermal, wind, solar and other renewable energy resources to be developed to help meet the nation’s energy needs. UGREEN is designed to help renewable energy projects gain appropriate transmission access to the markets where power is needed. The second bill, House Bill 430 provides major tax incentives to renewable projects, including a refundable certificate up to the amount of the economic benefit realized by the State from new state revenues.
Noting that Utah has natural resources that can be economically developed and managed responsibly to provide much of the West’s renewable energy demands, Governor Huntsman said, “I am pleased to see home-grown businesses, like Raser, take a leadership role in developing our geothermal resources for the benefit of us all.”
Brent M. Cook, CEO of Raser, said, “We are proud to be one of the inaugural renewable energy projects up and running in the state’s new renewable energy zone. In signing this legislation, Governor Huntsman is marking the dawn of Utah’s renewable energy era through the support that our State government is providing.”
He added that Raser’s Hatch geothermal plant in Beaver County, UT, began to deliver electrical power to the City of Anaheim, CA last week.
The Hatch geothermal power plant was constructed in just six months. This rapid development was made possible by Raser’s innovative modular power plant design. In addition, this low-temperature technology can produce power from the nation’s vast reserves of geothermal resources that were previously thought to be not hot enough for commercial power production.
“This legislation,” Cook concluded, “will promote the development of Utah’s substantial geothermal resources to produce clean, renewable energy for the State and launch many more facilities like the Hatch plant in Utah and throughout our nation.”
A video news report along with B-roll and sound bites of the event can be viewed at:
http://www.rasertech.com/geothermal/geothermal-multimedia/utah-governor-signs-bills
About Raser Technologies
Raser (NYSE: RZ) is an environmental Energy Technology company focused on geothermal power development and technology licensing. 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 SymetronTM technology developed internally by its Transportation and Industrial segment. Raser’s Transportation & Industrial segment focuses on extended-range plug-in-hybrid vehicle solutions and using Raser’s award-winning SymetronTM 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.
