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 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 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 power plants and bottom-cycling operations. The company’s Transportation and Industrial Technology segment focuses on extended-range, plug-in-hybrid vehicle solutions and the use of Raser’s award-winning Symetron™ technology to improve the torque density and efficiency of the electric motors.

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