ORA Ormat Technologies Inc

PROVO, Utah, Jan. 13, 2011 /PRNewswire/ -- Raser Technologies, Inc. (OTC Bulletin Board: RZTI), a renewable energy company, announced today that it has begun drilling its first production well at the Company's second geothermal power project, Lightning Dock, NM.  Once complete, Raser expects the Lightning Dock project will produce 15 MW available for sale.

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Director of Project Development, Mike Hayter said, "We are excited to move forward with our development plans for Lightning Dock, a joint venture between FE Clean Energy Group and Raser Technologies.  We have spent the last several months studying data from a well we recently re-entered and from several additional surveys, including a magnetotellurics (MT) survey, which is an electromagnetic geophysical method used to image the Earth's subsurface.  We feel confident that the data collected thus far indicates a promising geothermal resource."

Raser recently announced that its subsidiary project company, Lightning Dock Geothermal No. 1, HI-01, LLC, signed an agreement with Evergreen-FE Lightning Dock, LLC, a collaboration between the FE Clean Energy Group and Evergreen Clean Energy, LLC to fund the development of the project and a term sheet with Ormat Nevada, Inc., a subsidiary of Ormat Technologies, Inc. (NYSE: ORA), to provide the Engineering, Procurement and Construction (EPC) services to the Lightning Dock geothermal project.  

The Lightning Dock project company also recently partnered with John Hancock to apply for a Department of Energy (DOE) loan guarantee through the Financial Institutional Partnership Program (FIPP) under Section 1705 of the American Recovery & Reinvestment Act as an option for long term financing of the Lightning Dock project.  

About Raser Technologies

Raser Technologies (OTCBB: RZTI) is a renewable energy company focused primarily on geothermal power development.  Raser develops clean, renewable geothermal electric power plants with one operating plant in southern Utah and eight active and early stage projects in four western United States: Utah, New Mexico, Nevada and Oregon, as well as a concession for 100,000 acres in Indonesia. Raser is also exploring the development of solar and wind power on its existing land portfolio.  Further information on Raser may be found at: www.rasertech.com.

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 proposed Lightning Dock geothermal power project; our believes about the Lightning Dock geothermal resource and our ability to develop a commercially viable project;  our beliefs about the strength and enforceability of our agreements; our belief about our ability to obtain financing and develop future geothermal projects and the geothermal industry 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 attract, train and retain key personnel; and such other risks as identified in our quarterly report on Form 10-Q for the quarter ended September 30, 2010, 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.

SOURCE Raser Technologies, Inc.