Energy technology company Raser Technologies Inc. (RZ) continues to progress with its Lightning Dock geothermal power plant project in New Mexico. The company started drilling on this 15 megawatt project in late May 2010.
The Renewables Energy Group of Raser Technologies has contracted Barbour Well Inc. of Henderson, Nevada for drilling wells in its geothermal project near Lordsburg in southern New Mexico. Barbour is a Nevada-based firm licensed to drill geothermal and domestic water wells in New Mexico.
The drilling and initial operations at the well lasted for about ten days, followed by the test phase of the project, where a series of tests to determine water flow and temperature are performed. Raser’s management believes the company is on track with the Lightning Dock project and looks forward to positive test results.
Following the success of the tests, the company is set to proceed with efforts to arrange funds for additional drilling to develop the well field for the project. Furthermore, the company expects to qualify for a 30% U.S. Treasury grant under the American Recovery and Reinvestment Act of 2009. Earlier this year, the company received a grant of $33 million from the U.S. Treasury for its Thermo No. 1, Utah project.
Provo, Utah-based Raser Technologies operates as a geothermal power development and technology licensing company in the United States. The company operates in two segments – Power Systems, and Transportation and Industrial Technology. Going forward, the company expects to add 40MW annually to its geothermal capacity over the three-year period 2010–2012 to take its total annual geothermal power generation capacity to 130MW.
Read the full analyst report on “RZ”
Zacks Investment Research
