Raser Technologies, Inc. (NYSE: RZ), an energy company,
announced today that the United States Trade and Development Agency
(USTDA) awarded Indonesia Power (IP) grant funding in the amount of
$934,308 for a feasibility study of the Tangkuban Perahu geothermal
concession. IP has selected Raser as the sole-source contractor to
perform the study, which will assess the technical, economic, and
financial feasibility of the geothermal resource, including the
potential impact and opportunity the project will have for Raser
and other U.S. suppliers in the Indonesian market. Raser will
receive payments from the grant funds directly from USTDA as study
milestones are completed. The grant will cover approximately 70% of
the study, with Raser, as sole-source contractor, contributing a
cost share of approximately $400,000.
Raser and IP entered into a consortium agreement in 2007 to
jointly pursue geothermal development in Indonesia. In 2008, IP and
Raser were awarded a 100,000 acre concession surrounding the
Tangkuban Perahu volcano, approximately 15 miles north of Bandung,
the capital of the West Java Province. Raser and IP have agreed to
a 50/50 development arrangement for potential future projects
within the 100,000 acre concession. IP is Indonesia’s largest
electricity generation company, with nearly 9,000 MW of total
capacity, including 375 MW of geothermal power generation, which
makes it the second largest geothermal generation company in
Indonesia.
Djoko Hastowo Budihardjo, Chief Executive Officer of Indonesia
Power, said, “We are grateful for the support of the U.S.
Government via the USTDA and believe this grant money will help us
with our commitment to unlock more of the great geothermal
resources in Indonesia. We also look forward to working with Raser
Technologies.”
Tim Bridgewater, Chairman of Interlink Capital Strategies, which
played a key role in the USTDA grant application process, added,
“This grant will result in U.S. jobs and will create opportunity
for potentially hundreds of millions of dollars in U.S. exports and
services to Indonesia. We applaud the USTDA and Raser for moving
forward on this kind of job creation opportunity.”
The USTDA and IP signed the grant agreement during a ceremony in
Indonesia, March 29, 2010 in advance of U.S. President Barack
Obama’s visit to Indonesia.
“We are pleased to support Indonesia Power and Raser
Technologies as they commit to help Indonesia draw upon its
extensive geothermal reserves,” said USTDA Director Leocadia I.
Zak. “We hope that the U.S.-Indonesia Geothermal Energy Initiative
will reinforce the importance of maintaining a strong commercial
relationship between the U.S. and Indonesia.”
Due to growth and rising fuel costs, Indonesia is experiencing
an energy crisis and is actively pursuing a plan to grow geothermal
power capacity. With over 24,000 MW of total estimated capacity,
Indonesia is considered to have the world’s largest geothermal
power generation potential outside of the United States.
“We’re excited to be a part of the USTDA’s U.S.-Indonesia
Geothermal Development Initiative,” said Nick Goodman, Raser Chief
Executive Officer. “We look forward to beginning the study and
supporting IP’s commitment to expanding Indonesia’s renewable
energy footprint through geothermal resource development.”
The feasibility study is expected to begin in May 2010 and be
completed in 2011.
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.
Raser’s Transportation and Industrial segment focuses on
extended-range plug-in-hybrid vehicle solutions and using Raser’s
award-winning Symetron™ 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.
About Indonesia Power (IP)
Indonesia Power, a subsidiary of PT PLN (Persero), was
established on October 3, 1995, formerly known as PT Pembangkitan
Jawa Bali I (PT PJB I). After 5 years operations, PT PJB I
changed its name to Indonesia Power. Over its 10 years of
operations, Indonesia Power has shown its existence by enhancing
business performance. Through its 127 power plants, with a total
capacity of 8,888 MW, Indonesia Power becomes the largest
electricity Power Generating Company in Indonesia.
About Interlink Capital Strategies
Interlink Capital Strategies (ICS), established in 1994, is a
Washington, DC-based consulting firm specializing in emerging
market finance and business development. ICS provides critical
financial advisory services to mobilize financing in regions
outside Western Europe and North America. The type of financial
support includes: business development seed money, export working
capital, vendor financing, direct foreign investment support,
insurance, bonding, and guarantees. Over the years its principals
have been active in a number of renewable energy projects ranging
from geothermal to hydropower and solar. They have also been active
in independent power development. (www.i-caps.com)
About United States Trade & Development Agency
(USTDA)
The U.S. Trade and Development Agency advances economic
development and U.S. commercial interests in developing and
middle-income countries. The agency funds various forms of
technical assistance, early investment analysis, training,
orientation visits and business workshops that support the
development of a modern infrastructure and a fair, open trading
environment. USTDA's strategic use of foreign assistance funds to
support sound investment policy and decision-making in host
countries creates an enabling environment for trade, investment and
sustainable economic development. In carrying out its mission,
USTDA gives emphasis to economic sectors that may benefit from U.S.
exports of goods and services.
Cautionary Note Regarding Forward-Looking Statements
This press release contains certain forward-looking statements
within the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934, including, but
not limited to, statements regarding: our beliefs about the
potential for geothermal power generation on our leased properties;
our beliefs about our ability to exploit the available geothermal
resources; our beliefs about our ability to construct power plants;
our beliefs about the strength and enforceability of our
agreements; our beliefs about the ability of the parties to meet
the conditions imposed in the funding agreements; our beliefs about
our ability to utilize our technology and other available
technologies to produce electric power from the available
resources; our beliefs about our ability to secure the equipment
and services, on acceptable terms, required to complete our power
projects; our ability to attract alliance, monetization or
financial partners for the power projects we intend to develop; our
beliefs about our ability to successfully conclude contract
negotiations with our financing partners on acceptable terms; our
beliefs in the ongoing financial stability of our financing
partners; our beliefs that the conditions necessary to fund the
development of our geothermal projects can be satisfied; and our
beliefs about the geothermal market in general. These
forward-looking statements involve certain risks and uncertainties
that could cause actual results to differ, including, without
limitation, the competitive environment and our ability to compete
in the industry; our ability to adapt our technology and
third-party technology for the intended applications; our ability
to secure necessary permits; the strength of our intellectual
property; our ability to attract, train and retain key personnel;
and such other risks as identified in our quarterly report on Form
10-Q for the quarter ended December 31, 2009, as filed with the
Securities and Exchange Commission, and all subsequent filings.
All forward-looking statements in this press release are based
on information available to us as of the date hereof, and we
undertake no obligation to update forward-looking statements to
reflect events or circumstances occurring after the date of this
press release.
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