News
Jul 22, 2009Geothermal Power Companies Announce Intent to Combine Business to Raise $100MM in Equity Financing
Vancouver, Canada, July 15, 2009, GTO Resources Inc. (NEX:GTR.H) (“GTO”), Polaris Geothermal Inc. (“Polaris”; TSX:GEO), Western GeoPower Corp. (“Western”; TSX-V:WGP) and Ram Power, Inc., a private Delaware corporation (“Ram”) are pleased to announce that they have entered into a letter of intent dated July 14, 2009 (“LOI”) with respect to a proposed business combination to create a new, publicly-traded geothermal power company (the “Transaction”). The LOI is in addition to the letter of intent with Ram announced by GTO on June 30, 2009.
To read the full article: click here.
Jul 22, 2009
Dundee Capital Markets: Nevada Geothermal Power Equity Research
CanGEA Member Dundee Capital Markets has released an equity research report on Nevada Geothermal Power Inc.
To view the document: click here.
Jul 21, 2009
Foundation for Geothermal Innovation: “$10MM Prize for Geothermal Innovation”
The Foundation for Geothermal Innovation has announced a $10MM prize for geothermal innovation. The prize purse will be awarded to teams that design and build efficient and durable production-ready electric water pumps that can withstand the temperatures of the hottest geothermal wells, temperatures in excess of 400°F (200°C). This winner will also win a $75 Million sales contract for 100 next generation down hole geothermal pumps.
Endorsed by industry leaders like GRC, GEA and Google.org, it is also supported by the Australian contingency of the International Global Partnership for Technology, this project seeks to accelerate innovation and attention to “the forgotten renewable”. High temperature hydrothermal resources, and the commercialization of EGS is dependent on a robust down hole pump. In creating a global competition, innovation and lateral technology transfer will be focused on this discrete problem facing geothermal. Accomplishments to date include; technical analysis and validation as well as a market analysis. These findings have been published in a report following The Lemelson Meeting
(http://geothermalinnovation.org/wp-content/uploads/2009/06/the-lemelson-meeting.pdf).
Prize creator and Executive Director of the Foundation for Geothermal Innovation will be presenting an overview of the Challenge, with a short Q & A period. This talk is informal and largely non-technical. It is open to all. RSVPs are appreciated. Please direct them to .(JavaScript must be enabled to view this email address)
Jul 21, 2009
CanGEA Launches Online Store!
CanGEA is proud to announce the launching of their online store. The online store, run through cafepress.ca, features CanGEA branded clothing and accessories including; T-shirts, sweatshirts and coffee mugs. Support CanGEA and the renewable energy industry today by purchasing your own CanGEA merchandise! If you have any product you would like to see please contact .(JavaScript must be enabled to view this email address)
To visit the online store: http://www.cafepress.ca/cangea
Jul 21, 2009
Midasletter.com: “Sierra Geothermal: Benefits to come from Stimulus Spending”
Sierra Geothermal: Benefits to Come from Stimulus Spending Midasletter.com posted an article on how Sierra Geothermal and other companies (U.S. Geothermal, Nevada Geo, and Western GeoPower were also named) will benefit from the American Reinvestment and Recovery Act. Sierra Nevada has announced its intention to apply for funds. The company has three projects with completed environmental assessments and a fourth project with its assessment nearing completion. Since these assessments can take over two years, this may help it in applying for DOE grants, according to the article.
“The plan right now is to advance our prefeasibility stage projects to bankable feasibility,” president and CEO Gary R. Thompson told press. “We’re talking around 200 MW of potential power generation just from our top four projects combined, we’re targeting 50 MW coming on line in 2012, and between 2012 and 2015, we hope to have the full 200 MW up and running. So in terms of cash flow, 30 MW generates about $25 million a year but this depends on the power sales contract and other project specifics, so by 2012 we’re looking at just over US$40 million a year, and by 2015, that should grow to $160 million a year in gross cash flow. There a number of project specifics that can change the economics just as there are in any resource development projects. Our strategy is to have a complete range of projects at each stage of development, power generation, construction, advanced stage, intermediate stage and early exploration stage projects so that we can have a reasonably steady flow of new generation coming on line year after year providing growth and value to shareholders.”
See:http://www.midasletter.com/news/09070201_Sierra-geothermal-to-benefit-from-stimulus-spending.php and http://www.sierrageopower.com
Jul 20, 2009
ElectraTherm Press Release: “Two Green Machine Applications”
ElectraTherm: Company Announces Two Green Machine Applications Press Release - June 4, ElectraTherm Green Machine Turns Geothermal Heat into Electricity; Proven Green Technology Taps Low Temp Geothermal Sources to Create Emissions-Free Power
Carson City, Nev.—(Business Wire)—ElectraTherm, Inc., manufacturer of heat to power generators, today announced use of the ElectraTherm GreenMachine in a significant geothermal application. ElectraTherm’s Texas partner, Gulf Coast Green Energy, will employ Green Machines to make clean electricity at two projects funded by the Research Partnership to Secure Energy for America. The first of those projects will make power from heat captured in geothermal brine, a common byproduct of drilling for oil. ElectraTherm Green Machines can convert low temperature (200 degree F) geothermal heat into electricity for onsite consumption, or to sell power to the grid.
ElectraTherm launched the 50 kW ElectraTherm with an installation at Southern Methodist University’s Geothermal Laboratory in June 2008. Since then, ElectraTherm has fielded interest from all over the world in the company’s fuel-free, emissions-free systems. The ElectraTherm Green Machine can produce power from a wide array of heat sources including industrial waste heat, stationary engines, biomass, and solar thermal installations. Recently interest in geothermal applications has taken center stage.
“Generating electricity from geothermal sources is ideal because it harnesses local energy sources and provides a secure domestic energy supply with stable output,” said Bill Olson, ElectraTherm Sr. VP of
Business Development. “Given the modularity and scalability of ElectraTherm’s technology, the company plans to introduce geothermal systems from the current 50 kW size up to 500 kW. ElectraTherm’s smaller units can economically address smaller geothermal resources - including the tens of thousands of oil and gas wells in the U.S. and Canada alone. ElectraTherm’s larger units can be installed in parallel to rapidly construct multi-megawatt plants for larger geothermal resources.”
According to a study by the Massachusetts Institute of Technology, if we tapped 40 percent of the geothermal heat under the United States, it would meet demand 56,000 times over. MIT said an investment of $800 million to $1 billion could produce more than 100 gigawatts of electricity by 2050, equaling the combined output of all 104 nuclear power plants in the U.S.
The Geothermal Energy Association and the Geothermal Resource Council have recognized ElectraTherm’s renewable energy systems with their top awards as an innovative, low-cost solution for geothermal applications. By invitation of the Canadian Geothermal Energy Association, Olson recently presented a session titled, “The Green Machine: Innovative Power Technology” at the CanGEA annual conference in Vancouver, BC.
For more information about the ElectraTherm Green Machine, visit http://www.electratherm.com/products.html
See: http://www.businesswire.com/portal/site/google/?ndmViewId=news_view&newsId=20090604005254&newsLang=en
Jul 20, 2009
New! CanGEA Small Business Membership Category
CanGEA is pleased to announce the creation of a new membership category. The Small Business Membership has been designed to encourage companies with 2 or fewer full time employees to participate in CanGEA and become active in the Canadian geothermal community. More information and resources can be found by visiting our membership page http://www.cangea.ca/join-cangea
Jul 17, 2009
CanGEA Announces Project Listing Opportunity
CanGEA is offering the unique opportunity for CanGEA members and non-members to advertise their geothermal projects on the CanGEA website. A central geothermal project listing is a first in the geothermal energy industry and presents a significant opportunity for geothermal developers. Projects will be able to be viewed by the geothermal industry, the finance community and the general public. Companies listing their projects will be able to utilize the CanGEA News Feed to announce changes and upgrades to their projects.
Projects can be listed as either ‘Electricity Generation’ or ‘High Temperature Direct Use’.
The CanGEA website averages over 15,000 unique visits per month, one of the most visited webpages in the renewable energy community! This is an excellent opportunity to advertise your project in the geothermal and renewable community.
For more information regarding this service please email .(JavaScript must be enabled to view this email address)
Fees for Members:
Three Months (1 Quarter): $350/posting
Six Months: $550/posting
Nine Months: $700/posting
One Year: $950/posting
Non-Member?
Please inquire with .(JavaScript must be enabled to view this email address)
Listed Projects:
Jul 17, 2009
ScienceDaily.com: “New Geothermal Heat Extraction Process To Deliver Clean Power Generation”
An article from ScienceDaily.com detailing the creation of a new fluid that will aid in the efficiency of binary geothermal power generation to boost binary power generation capacity to that of a near conventional flash steam cycle.
PNNL’s conversion system will take advantage of the rapid expansion and contraction capabilities of a new liquid developed by PNNL researchers called biphasic fluid. When exposed to heat brought to the surface from water circulating in moderately hot, underground rock, the thermal-cycling of the biphasic fluid will power a turbine to generate electricity.
To aid in efficiency, scientists have added nanostructured metal-organic heat carriers, or MOHCs, which boost the power generation capacity to near that of a conventional steam cycle. McGrail cited PNNL’s nanotechnology and molecular engineering expertise as an important factor in the development, noting that the advancement was an outgrowth of research already underway at the lab.
To read the full article: click here.
To learn more about geothermal power generation see CanGEA’s “What is Geothermal?”.
Jul 14, 2009
Western GeoPower News Release
CanGEA Corporate Member News:
Western GeoPower Announces Formation of Special Committee to Conduct Strategic Review Process and Preliminary Results of Reservoir Modeling
VANCOUVER, Canada, July 14, 2009, TSX Venture Exchange Trading Symbol: WGP – Western GeoPower Corp., a renewable energy company, today announced that the company’s Board of Directors has established a Special Committee to review, consider and evaluate strategic alternatives that may be available to the Company.
The Special Committee will be chaired by Daryl Clark and will include Harry Knutson and Gudmundur F. Sigurjonsson, all of whom are currently members of the Board. No timetable has been set for completion of the Special Committee’s review, and there can be no assurance that this process will result in any specific strategic transaction. The Company does not intend to update its progress with respect to potential strategic transactions unless the Board of Directors has approved a definitive course of action.
The Company previously announced that a review conducted by independent consultant GeothermEx, Inc. of data from the drilled portions of the Company’s Unit 1 leasehold had determined that, based on certain assumptions, the maximum capacity for the Company’s Unit 1 power plant is 35 MWe (gross).
In conjunction with a proposed financing, the Company retained GeothermEx to develop and calibrate a numerical reservoir model of the entire Geysers field including the Unit 1 leasehold incorporating the down-hole data from the newly drilled wells on the leasehold, plus the production and injection histories of all the wells at The Geysers. The Company has received GeothermEx’s preliminary reservoir model update, which indicates that a plant capacity of 35 MWe (net) for five years, followed by a capacity of 32.5 MWe (net) for the remaining project life, can be maintained but only if the undrilled portions of the Unit 1 leasehold prove as productive as the areas drilled to date. In the event the undrilled portions prove to be less productive, GeothermEx’s preliminary reservoir modeling indicates a minimum of 25 MWe (net) capacity can be sustained over the project life.
Included in the Special Committee’s mandate is determining the various alternatives for advancing the Unit 1 project in light of the preliminary reservoir modeling results. Two initial potential strategies are being evaluated. The first is to commence the initial plant output at 25 MWe (net) and the second is to expand the drilling program to include lands on the Unit 1 leasehold where resources have not yet been proven.
