News
Aug 23, 2010Available for purchase the presentations from the 3rd Annual Conference & Geothermal Code Workshop
Due to overwhelming requestsfrom those who were unable to attend the information intensive Third Annual Conference in Vancouver BC we have made all (25) presentations available for purchase. For a limited time only conference presentations are available at the reduced rate of $299.00! To purchase the presentations: Click Here
The event focused on the fact that geothermal energy is an important constituent of Canada’s energy future. The growth of geothermal power serves the Canadian economy through new jobs and investment, improves the reliability of Canada’s power supply and offers an environmentally-friendly option to keep pace with increasing demand for electricity, bringing together many participants from all facets of the industry and all corners of the globe.
Presentations available in this package include:
Speaker Presentations - Monday, August 9, 2010
Opening Keynote Presentation
CanGEA Presentation
A View on the Canadian Market
Islandbanki Presentation
BC Clean Energy Act
Ministry of Energy Mines and Petroleum
Geothermal Exploration in the Yukon
Yukon Energy Corp.
Geothermal Opportunities in Alberta
Alberta Innovates - Energy and Environment
Geothermal Developments in the Northwest Territories
Government of the Northwest Territories
BC Hydro Alternative & Emerging Energy Strategy
BC Hydro - Alex Tu Presentation
The BC Clean Energy Act and Exports
Clark Wilson LLP Presentation
Carbon Credit Markets and the Potential for Geothermal
Borden Ladner Gervais LLP - Doug Tingey Presentation
The Clean Energy Act and Long Term Planning
BC Hydro - Kip Morison Presentation
Speaker Presentations - Tuesday, August 10, 2010
Binary Geothermal Power Development - New Technologies
Raser Technologies Inc. Presentation
Geothermal Power - Company Updates
US Geothermal Inc. Presentation
Ormat's Worldwide Presence as a Geothermal Technology Provider
Ormat Technologies Inc.
Geothermal Power - Project Generation, Development and Operation
Nevada Geothermal Power Corp. Presentation
Sierra Geothermal Power Project Updates
Jeff Witter presentation
Kelly Franz presentation
Ram Power - Operations and Development
Ram Power Presentation
A Look into Geothermal Drilling
Thermasource, Inc. Presentation
Exploration and Geothermal Research in Nevada and the Great Basin
Great Basin Center for Geothermal Energy Presentation
Introduction to The Geothermal Code for Public Reporting
Canadian Geothermal Energy Association Code Committee (CGCC) Presentation
The Geothermal Code Panel
Mannvit Engineering Presentation
GeothermEx, Inc Presentation
Magma's Reserves, Resources and Exploration Results according to the Geothermal Code
Magma Energy Corp. Presentation
The Finance Panel - Geothermal Funding and Capital after the Financial Crisis
Borden Ladner Gervais Presentation
Glacier Presentation
Anders Kruus Presentation
Also available are the presentations from the Geothermal Code for Public Reporting workshop, the Geothermal Code provides a minimum set of requirements for the reporting of Exploration Results, Geothermal Resources and Geothermal Reserves on Canadian stock exchanges. The Geothermal Code, a first for Canada, will be a key factor in increasing investor confidence and interest through the standardization of geothermal reporting. This is available at a cost of $199.00 to download the presentations: Click here
Presentations available in this package include:
Vancouver Code Workshop - August 8, 2010
Geothermal Code Committee Presentation
The Geothermal Reporting Code - Resource Assessment Methods and Applicability
Mannvit Engineering
Magma Energy - The Geothermal Code
Magma Energy Presentation
All presentations in PDF format and can be purchased by credit card.
The link to download the presentations will be included in the confirmation message after payment has been received.
Presentations can be purchased until September 3rd, Hurry and get your copies now!
Aug 05, 2010
The Power Within – Geothermal Energy Comes of Age
Featured on www.globe-net.com
GLOBE-Net, August 2, 2010 - Next week hundreds of energy experts from around the world will gather in Vancouver to discuss one of the least understood, but potentially the most powerful forms of clean energy. They will be attending the Third Annual Conference and Trade Show of the Canadian Geothermal Energy Association (CanGEA).
Geothermal means earth-heat. Its origins stem from the very formation of our planet, in particular from the radioactive decay of minerals and from solar energy absorbed at the surface. In use for bathing since Paleolithic times and for space heating since ancient Roman times, geothermal energy is now better known for generating electricity.
Around the world it is estimated that over 10,715 megawatts (MW) of geothermal power capacity is online in 24 countries. It is expected 67,246 gigawatts (GWh) of electricity will be generated from geothermal sources in 2010.
A gigawatt - equal to one billion watts - is the energy measure used for large power plants or power grids. For example, in 2009, the installed capacity of wind power in Germany was 25 GW.
Theoretically the Earth's geothermal resources are more than adequate to supply humanity's energy needs, but only a very small fraction may be profitably exploited, largely because drilling and exploration for deep energy resources is very expensive.
Low-temperature, near-surface geothermal power is a renewable energy source available across Canada that can be used for heating and cooling almost any type of building. More than 35,000 "earth energy" or "geo-exchange" systems are already in use. Experts expect that many thousands more will be installed in the near future.
There have been some medium-temperature geothermal resources used for space heating in British Columbia and Nova Scotia, but deeper, higher-temperature geothermal resources that could produce electricity are found mainly in British Columbia. There are no geothermal electric projects operating in Canada at present, but one B.C. project is under development.
Next week's conference will not cover low or medium temperature geothermal applications. Rather it will focus on harness the vast potential of deep high temperature geothermal resources.
Canada is the only country along the Pacific Rim of Fire that has not developed this base load producing resource and the CanGEA event will seek to highlight the fact that technology is rapidly changing the cost structure of harnessing this resource.
The reliability of geothermal electric power delivery to the grid exceeds 90% on average, making it a suitable substitute for other base-load power producers such as coal.
Yet, despite the abundance of geothermal power potential, it's a renewable energy source that few fully understand, for example when compared to energy from a windmill or from a hydroelectric dam.
In its simplest terms, geothermal energy uses the escaping heat from Earth's core as a means to heat water and produce electricity. By drilling deep into the earth we find temperatures suitably high to produce electricity. Therein is the problem. Drilling that deep is expensive and the upfront costs to produce heat from a geothermal unit whether for a single home or for an energy utility can be a major deterrent.
That is one of the many issues that will be discussed at the CanGEA gathering, which will look at Canada's geothermal resource potential and market opportunities. Also on the agenda will be issues pertaining to standards of reporting, emerging technologies to better harness geothermal heat, the availability of investment financing, and how to improve standards of geothermal system installations and maintenance.
Ross Beaty, Chairman and CEO Magma Energy Corp., a Vancouver-based global geothermal power company with properties throughout the western United States, Iceland and Latin America, will discuss Magma's reserves, resources and exploration results according to the Geothermal Reporting Code.
The Geothermal Code for Public Reporting proposed by CanGEA provides a minimum set of requirements for the public reporting of exploration results, geothermal resources and geothermal reserves. The Code provides a basis for transparency, consistency and confidence in the public reporting of geothermal information, which is vital for promoting investment financing.
Doug Tingey, a Partner with Borden Ladner Gervais LLP., one of the conference sponsors, will discuss the carbon credit markets and the potential for geothermal.
CanGEA is actively engaged in a number of initiatives to facilitate the responsible and sustainable growth of high temperature geothermal energy in Canada, which, which has the potential to provide competitive, emissions free, renewable, base-load energy to Canadians and for the export market.
One of the key initiatives is to work with federal and provincial authorities to develop regulations based on global geothermal best practices and standards.
CanGEA is also pursuing policies to promote financing for geothermal exploration and research, better tax treatment, renewable portfolio standards and feed-in tariffs related to geothermal power.
Also high on the agenda are public education programs to develop a better public awareness of geothermal resources and the positive economic, environmental and social impacts of geothermal energy.
Magma Energy and other members of CanGEA are encouraged that awareness is growing for geothermal energy. There is a great deal of potential all around the world, including our own backyard here in B.C.
However, access to land tenure is practically non-existent in Canada versus other countries where the value of this form of renewable energy is more widely recognized. Once that changes, Canada could take on a higher profile on the geothermal world stage.
In particular, as more Canadian and U.S. utilities respond to policy requirements for larger shares of electricity from 'green energy' sources, power from stable and reliable geothermal sources will become more in demand.
With this increased demand will come more jobs, which is an attractive bonus for government policy makers. CanGEA estimates that every 1,000 megawatts of geothermal energy capacity added to the power supply generates 6,000 person years of manufacturing and construction employment and 1,800 permanent jobs.
There are at least 5,000 megawatts of high temperature hydrothermal potential currently available in BC, Alberta and the Yukon alone. The development of Engineered Geothermal Systems (EGS) and offshore geothermal projects would greatly increase this potential, as would co-production of power from hot water used in mining and petroleum applications.
Canada is the only country along the Pacific Rim of Fire that has not developed this base load producing resource and the CanGEA event will seek to highlight the fact that technology is rapidly changing the cost structure of harnessing this resource.
The energy from within the earth is definitely a power source that has come of age, and the results of next week's conference will be worth watching.
Jul 08, 2010
RAM POWER AND SIERRA GEOTHERMAL POWER ENTER INTO A DEFINITIVE AGREEMENT
Ram Power to Acquire Sierra Geothermal
RENO, NEVADA- July 8, 2010 – Ram Power, Corp. (TSX: RPG) ("Ram Power") and Sierra Geothermal Power Corp. (TSXV:SRA) (“Sierra”) are pleased to announce that, in accordance with the letter of intent previously announced on June 1, 2010, they have entered into a definitive arrangement agreement whereby Ram Power will acquire all the issued and outstanding common shares of Sierra.
Under the terms of the transaction, which is structured as a plan of arrangement pursuant to the Business Corporations Act (British Columbia), each common share of Sierra will be exchanged for 0.0833333 of a common share of Ram Power, and all options and warrants of Sierra will become exercisable for options and warrants of Ram Power on a basis equivalent to the exchange ratio. Upon closing of the transaction, Ram Power is expected to issue approximately 11.13 million common shares to the current shareholders of Sierra. The transaction is expected to close during the third quarter of 2010 and is subject to there being at least $2.9 million of
working capital of Sierra at closing, receipt of TSX and TSXV approval, the approval of the common shareholders of Sierra at a shareholders meeting to be scheduled on or before August 31, 2010, and court approval.
Ram Power has also received voting agreements from Skyberry Holdings Ltd. and Exploration Capital Partners 2005 Limited Partnership in which each of those shareholders have agreed to vote their shares of Sierra in favour of the transaction at the upcoming special meeting of Sierra shareholders which will be called to approve the transaction. In the aggregate, those shareholders hold approximately 23.7 million common shares of Sierra representing approximately 17.8% of the issued and outstanding shares of Sierra.
Gary Thompson, Sierra’s President, Chief Executive Officer and Executive Director, stated, “We are pleased to have formalized an arrangement agreement between Ram Power and Sierra. We believe that Sierra shareholders will benefit from this transaction by owning shares of a well capitalized company, a solid pipeline of properties, excellent growth potential and increased liquidity. We also see this deal as a positive for the geothermal sector in general. This deal has full support of the Sierra’s Board of Directors, Special Committee and Management. The next business item for us is to provide shareholders with an information circular.”
"Raymond James Ltd. has rendered a fairness opinion to the Board of Directors of Sierra dated July 6, 2010 that the consideration to be received by shareholders of Sierra pursuant to the transaction is fair, from a financial point of view, to such shareholders." Hezy Ram, Ram Power’s Chief Executive Officer, stated, “The arrangement agreement represents an important milestone in the growth of Ram Power as well as the consolidation of the geothermal power industry. From the beginning, Ram Power set out to be the market leader in geothermal power, and the Sierra acquisition is expected to contribute to the synergistic advantages we are seeking in our portfolio of properties.”
The definitive agreement includes a commitment by Sierra not to solicit alternative transactions. Each company has agreed to pay a termination fee of $1.5 million to the other party under certain circumstances. In addition, Ram Power has the right to match any unsolicited competing offer which may be made. A full copy of the definitive agreement will be filed by each of Ram Power and Sierra with the Canadian securities regulatory authorities and will be available at www.sedar.com. In addition, a detailed description of the agreement will be included in the management information circular which will be mailed to Sierra shareholders later this month.
ABOUT RAM POWER, CORP.
Ram Power is a renewable energy company based in Reno, Nevada, engaged in the business of acquiring, exploring, developing, and operating geothermal properties and has interest in geothermal projects in the United States, Canada, and Latin America.
ABOUT SIERRA GEOTHERMAL POWER CORP.
Sierra is a Vancouver-based geothermal energy company focused on the exploration and development of clean, sustainable power in Western North America. Sierra
has 100% control over its 120,000 acre portfolio of geothermal properties in Nevada, California and British Columbia. Sierra’s projects have a combined total
estimated capacity of almost 400MW.
FOR FURTHER INFORMATION PLEASE CONTACT:
Ram Power, Corp.
Steven Scott
Director of Investor Relations
Phone (775) 398-3711
Email: .(JavaScript must be enabled to view this email address)
Sierra Geothermal Power Corp.
Anthony Srdanovic
Investor Relations
(604) 683-0332 x 115
.(JavaScript must be enabled to view this email address)
Cautionary Statements
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.
This press release contains forward-looking statements. Forward-looking statements are projections of events, revenues, income, future economic performance or plans and objectives for future operations. In some cases you can identify forward-looking statements by the use of terminology such as "may", "should", "anticipates", "believes", "expects", "intends", "forecasts", "plans", "future", "strategy", or words of similar meaning. Forward-looking statements in this press release include statements about the proposed transaction, the expected date of a shareholder meeting, the expectation of receiving the required approvals and the benefits the transaction might bring to Ram Power, Sierra and their respective shareholders. While these forward-looking statements and any assumptions upon which they are based are made in good faith and reflect the current judgment of management at both Ram Power and Sierra, actual results will almost always vary, sometimes materially, from any estimates, predictions, projections, assumptions or other forward-looking information suggested in this press release. These statements are only predictions and involve known and unknown risks, uncertainties and other factors, including the risks that the companies are unable to negotiate a mutually acceptable agreement, the risk that they cannot obtain the consents that may be required in order to consummate the transaction, the risk of adverse changes to either company or the industry in which they operate, as well as the general business risks described in the periodic disclosure documents filed by Ram Power and Sierra on SEDAR, copies of which are available at www.sedar.com. Any of these risks could cause actual results or achievements to be materially different from those that are expressed or implied by the forward-looking statements contained in this press release. Except as required by applicable law, neither of Ram Power or Sierra intends to update any of the forward-looking statements to conform these statements to actual results.
Jul 07, 2010
CanGEA in the Media - “It’s all in the Code”
It's All in the Code
First came a standardized code, then the project database.
The Canadian Geothermal Energy Association (CanGEA) recently released its CanGEA Member Projects Database [3], about five months after it established a code that basically answered the question: what does a megawatt of geothermal energy look like?
"Really, it was the Wild West out there," said Brian Toohey, co-chair of the code committee of the CanGEA. "Especially when you're dealing with a subsurface resource. When you look at a wind turbine or solar, you know what you're getting."
Toohey said that different evaluation methods and reporting standards created uncertainty in the market. And with the geothermal industry having $1 billion in market capitalization on the Toronto Stock Exchange, that wasn't a trivial matter.
"We wanted to make sure that the market understood that one megawatt in Iceland is the same as one megawatt in Canadian British Columbia," Toohey said. The code and project database work in tandem.
The intent is to view the resource similar to the way Canadian federal securities regulators quantify mining or oil and gas reserves, where scandals had occurred.
Right now, the code is the industry's effort at self-regulation. In 2011, acceptance of the standards will be mandatory for CanGEA membership. "We're not trying to be heavy-handed in this. We are looking for feedback, as it's a living document," he said.
Toohey said credit needs to be given to the Australian industry, which had the first standardized reporting system. That resource base is different than many others, as they work with more enhanced geothermal systems. The Canadian resource base is more traditional.
The report, the first of its kind, outlines all the various CanGEA member projects under development around the world. Besides the technical analysis, economic, marketing, environmental, social, legal and regulatory factors are all considered in a site evaluation.
According to the report, CanGEA members are currently working on more than 70 projects under development representing more than 1,400 megawatts, and nearly 2,000 megawatts of installed geothermal capacity.
And as the industry grows as its companies hope, the code and database set the standards.
The editorial staff at RenewablesBiz.com is passionate about exchanging ideas and dedicated to promoting ongoing conversation about renewables and sustainable energy issues. We invite you to join and contribute to our online community. If you have an idea for an article or editorial contribution, please contact me via email, .(JavaScript must be enabled to view this email address) , or phone, 860.633.0090.
The Canadian Geothermal Energy Association has inventoried its members' worldwide resources using the standardized code it is developing.
Source URL: http://www.renewablesbiz.com/article/10/06/its-all-code
To learn more about The Canadian Geothermal Code for Public Reporting register to attend the half day workshop and gain insight and direction from qualified person's in the industry and the Co Chairs of the Canadian Geothermal Code Committee - August 8, 2010. To Register: Click Here
Jun 30, 2010
Register Now! - CanGEA‘s 3rd Annual Geothermal Energy Conference - Special Rates Available
The Canadian Geothermal Energy Association (CanGEA) invites you to attend
CanGEA’s 3rd Annual Conference and Trade Show
August 8 - 10, 2010.
This is an exciting networking event which will welcome delegates both nationally and internationally to explore the Canadian geothermal energy market and is designed to bring together some of the industry’s leading players, policy makers in geothermal.
Last year’s event was the largest gathering of geothermal industry and researchers in Canada in over 20 years, (with this year’s event slated for an even larger attendance). CanGEA has created a forum for Presidents; CEO’s and decisions makers to network with key policy makers and industry providers. With a world class list of speakers and key industry players in attendance, this Conference and Trade Show is a must.
Due to the high levels of expressed interest in geothermal and renewable energy – and relevant activity in the industry i.e. Schlumberger’s acquisition of member GeothermEx, Inc. and the proposed merger between members Sierra Geothermal Power Corp. and Ram Power Inc. (All attendees) and merging of BC Transmission Corp and BC Hydro (BC Hydro – is confirmed as guest speakers & an event sponsor) this event will prove to be both pertinent and insightful.
To Register: Click Here
To View Agenda: Click Here
Reduced rate hotel accommodations available until July 5th for details: Click Here
Limited Time Offer – Special Conference Rates Available
Jun 30, 2010
Nevada Geothermal Power Inc. - Update
Vancouver, B.C. (June 30, 2010), Nevada Geothermal Power Inc. (the "Company") (TSX.V: NGP, OTCBB: NGLPF) is pleased to provide the following update on its activities.
Blue Mountain, Faulkner 1 Geothermal Plant Output:The Company is pleased with the performance of the plant since the re-design and installation of the new electrical cable system. In April and May 2010, the first full months of operation since electrical repairs were completed, the average net plant output was 38 MW, plant availability was 99%, and gross revenue was US$4.2 million (June performance is similar). Operations during the period have proceeded without incident.
The Faulkner 1 plant is currently operating at 38 MW (net) due to its current selection of the supply amount under the Power Purchase Agreement with Nevada Energy (the "PPA"). The Company intends to seek an increase of the supply amount in the fourth quarter of this year. Factors which will determine the amount of the supply amount increase include connection of production well 44-14, further optimization of injection, and available cooling water supplies.
The Company intends to increase production from the Faulkner 1 plant to 45 MW (net) through an optimization program during the remainder of 2010. Funds necessary for this program will be made available from a drilling reserve fund established as part of the John Hancock financing (see below).
Development Plan for Blue Mountain: The Company will conduct further confirmation drilling to establish additional resources for production and to develop new areas for injection in order to enhance overall reservoir performance.
The Faulkner 1 plant currently uses injection wells completed into a deeper, hotter western segment of the Blue Mountain reservoir. These injection wells communicate closely through fractures with the existing production well field and have the potential to cause temperature decline over the long term. As new injection wells are drilled at targeted sites on the property, such western injection will be diminished, thereby allowing for sustained higher production at the Faulkner 1 plant and for additional resource to be developed for expansion.
The Company's development plan incorporates establishing new injection areas and ultimately the conversion of selected existing injection wells into production wells for a Phase II plant. Existing western injection wells (61-22, 58-11, 57-15 and 55-15) are connected to the central Faulkner 1 plant by insulated pipelines and can be readily converted into production for the Phase II plant. In the event that the Company's plan to develop new injection wells is successful, the re-configured well field would result in an immediate increase in production capacity and new production well locations which will allow for expansion of the existing production core. The Phase II plant has a planned capacity of 25 MW (net) bringing the total possible production capability from the field to approximately 70 MW (net).
Senior Debt Financing:The conditional Department of Energy ("DOE") loan guarantee approval, received on June 15, 2010, is a major milestone and the Company expects to complete final documentation and approvals to close the US$98.5 million financing with John Hancock in the near future. The blended interest rate, based upon the long term US Treasury rate and determined at the time of closing, would be approximately 5% based on today's US Treasury rates. Loan proceeds will be used to partially pay down the existing TCW mezzanine debt, to fund an interest reserve account (approximately $5.5 million), a drilling reserve account (approximately $8.4 million), and other costs.
GeothermEx Inc., an independent consultant, has performed reservoir modeling for the Blue Mountain geothermal field to support the due diligence work for the senior debt financing. The modeling considered several scenarios including a base-case of the existing production and injection wells at Faulkner 1 with no further drilling through the 20-year term of the loan. The base-case model confirms that the Company can meet its PPA commitments without further optimization drilling by producing power in the range of 36 MW in the short term and allowing power production to decline at an estimated rate of 2.5% per annum over the 20 year contract period. The Company anticipates that its active and ongoing program of reservoir optimization will sustain Faulkner 1 production at higher levels than modeled in the base-case. The Company intends to further develop injection capacity, (as described above) using funds provided in the John Hancock drilling reserve fund to exploit the full potential of the wells that have already been drilled, thus maximizing income and paying down debt as fast as possible.
The Company believes that the pace of optimization of Faulkner 1 compares favourably to other geothermal production sites.
Project Eligibility for ITC Grants:The Company is also turning its attention to performing work at the Crump Geyser and Pumpernickel Projects prior to the end of 2010, in order to have them qualified for 30% ITC/Tax Grants in 2013.
At Pumpernickel a large amount of detailed work has been completed over the past five (5) years to define production drill targets. Several hot springs with temperatures up to 185° F (85°C) issue from the Pumpernickel fault scarp along the west side of the valley. Seismic surveys provide images of the Pumpernickel fault and several parallel faults in the valley extending to great depths. Geochemistry indicates that the reservoir temperature could be greater than 330°F (165°C). A production test well drilled in 1974 intersected the upper reaches of the geothermal system in the Pumpernickel fault at a depth of 3000 feet. The Company has completed all permitting for three deep production test wells designed to intersect the target reservoir at around 5000 feet.
At Crump Geyser, many hot springs occur along the west side of the Warner Valley pull-apart rift structure. Hot spring chemistry indicates a reservoir temperature of approximately 300°F (150°C). In 2010, magnetic and gravity surveys have been completed to augment surface mapping and define structure. Strong subsurface conductors that have been outlined in electrical resistivity surveys are believed to reflect the geothermal reservoir within the rift underlying the valley. Ten (10) temperature gradient holes are permitted and will be drilled under a matching fund program with DOE (US$1.7 million grant) and permits for two (2) reservoir confirmation wells and three (3) production test wells are pending.
Further work is planned at Black Warrior with DOE funding and at the newly acquired Edna Project.
About Nevada Geothermal Power Inc.:
Nevada Geothermal Power Inc. operates the 49.5 MW Faulkner 1 geothermal plant in Nevada. It is a growing, renewable energy developer focused on producing clean, efficient and sustainable geothermal electric power from high temperature geothermal resources in the United States. NGP currently owns a 100% leasehold interest in five properties: Blue Mountain, Pumpernickel Valley, Edna Mountainand Black Warriorin Nevada, and Crump Geyser, in Oregon. These properties are at different levels of exploration and development. NGP estimates a potential of between 150 MW and 300 MW from its current leaseholds.
Nevada Geothermal Power Inc.
Brian D. Fairbank, P. Eng.
President & CEO
http://www.nevadageothermal.com
Investor Inquiries:
Paul Mitchell
Nevada Geothermal Power Inc.
Telephone: 604-688-1553 X118
Direct Line: 604-638-8784
Toll Free: 866-688-0808 X118
Email: .(JavaScript must be enabled to view this email address)
This Press Release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. We have tried, whenever possible, to identify these forward-looking statements using words such as "anticipates," "believes," "estimates," "expects," "plans," "intends," "potential" and similar expressions. These statements reflect our current belief and are based upon currently available information. Accordingly, such forward-looking statements involve known and unknown risks, uncertainties and other factors which could cause the Company's actual results, performance or achievements to differ materially from those expressed in or implied by such statements. We undertake no obligation to update or advise in the event of any change, addition, or alteration to the information catered in this Press Release including such forward-looking statements.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Jun 29, 2010
U.S. GEOTHERMAL ACQUIRES MINERAL OWNERSHIP INTERESTS AT NEAL HOT SPRINGS PROJECT
TRADING SYMBOLS: June 29, 2010
In the United States: NYSE Amex: HTM and in Canada: TSX: GTH
Boise, Idaho – June 29, 2010 (NYSE Amex: HTM, TSX: GTH) U.S. Geothermal Inc., a renewable energy company focused on the development, production and sale of electricity from geothermal energy, announced today that its subsidiary, USG Oregon LLC ( "USG Oregon"), has acquired two underlying geothermal mineral ownership interests at the Neal Hot Springs project in eastern Oregon.
A 25% mineral interest, which encompasses 600 acres, was purchased from a private estate. An option to purchase an additional 25% interest in 2,110 acres was executed with GCO Minerals Company, a subsidiary of International Paper. The two mineral interest acquisitions in part overlie each other, and when combined provide USG Oregon with 600 acres of 50% mineral ownership and 1,510 acres of 25% mineral ownership in the heart of the defined Neal Hot Springs geothermal reservoir. This acreage includes the two existing production wells, and all of the currently planned new production and injection wells for the 22 megawatt development.
Daniel Kunz, President and CEO of U.S. Geothermal Inc. said, "We can either lease the energy rights by paying a royalty each year or we can own them outright and reduce the annual royalty burden. With the acquisition of these two mineral interests the Neal Hot Springs project will have increased annual cash flows."
About U.S. Geothermal Inc.:
U.S. Geothermal Inc. is a renewable energy development company that is operating geothermal power projects at Raft River, Idaho and San Emidio, Nevada. USG Oregon has an approved power purchase agreement with Idaho Power Company and has received a conditional commitment for a $102.2 million loan through the Department of Energy Section 1703 loan guarantee program for the development and construction of the Neal Hot Springs project.
Please visit our Website at: www.usgeothermal.com
FOR ADDITIONAL INFORMATION PLEASE CONTACT:
Saf Dhillon - Investor Relations
U.S. Geothermal Inc.
Tel: 866-687-7059
Fax: 208-424-1030
.(JavaScript must be enabled to view this email address)
The information provided in this news release may contain forward-looking statements within the definition of the Safe Harbor provisions of the US Private Securities Litigation Reform Act of 1995, including statements regarding development possibilities at Neal Hot Springs and in Guatemala. These statements are based on U.S. Geothermal Inc.’s current expectations and beliefs and are subject to a number of risks and uncertainties that can cause actual results to differ materially from those described. Readers are cautioned to review the risk factors identified by the company in its filings with Canadian and US securities agencies. Forward-looking statements are based on management’s expectations, beliefs and opinions on the date the statements are made. U.S. Geothermal Inc. assumes no obligation to update forward-looking statements if management’s expectations, beliefs, or opinions, or other factors, should change.
The NYSE Amex and the Toronto Stock Exchange do not accept responsibility for the adequacy of this release.
Jun 29, 2010
RASER TECHNOLOGIES AND HYUNDAI HEAVY INDUSTRIES ANNOUNCE MOU FOR JOINT DEVELOPMENT
RASER TECHNOLOGIES AND HYUNDAI HEAVY INDUSTRIES ANNOUNCE MEMORANDUM OF UNDERSTANDING FOR JOINT DEVELOPMENT OF RENEWABLE ENERGY AND ELECTRIC VEHICLES
A U.S. Green Energy Company and Korean Manufacturing Giant Team for Well-to-Wheels Development of Renewable Energy and Electric Vehicles
Provo, Utah, June 29, 20010–Raser Technologies, Inc. (“Raser”) (NYSE: RZ), an energy technology company, and global manufacturing giant Hyundai Heavy Industries (“HHI”) announced today that the two companies have signed a Memorandum of Understanding (“MOU”) for the joint development of renewable energy and electric vehicles. The agreement sets into play the first two projects that are intended to lead to a broader long-term relationship to develop renewable energy in the western U.S. utilizing Raser’s resource portfolio and HHI’s renewable energy equipment manufacturing capabilities. The agreement also sets forth the first phase of commercial production of electric fleet vehicles utilizing HHI’s high tech engineering and manufacturing capability and Raser’s powertrain technology.
HHI Chairman, Dr. K.S. Min, attended the Western Governors’ Association (“WGA”) annual meeting to meet with governors of western states where potential renewable energy projects will be located. The WGA annual meeting agenda calls for coordinated steps to be taken by western states to address climate adaptation, including the development of renewable energy.
“We are committed to meeting the challenges of global climate change in the two key industries that can reduce fossil fuel emissions the most, renewable energy and electric vehicles,” said Dr. Min. “We selected Raser as a development partner because of their leadership in electric vehicles, and their sizable holdings of highly valuable renewable resources,” concluded Min.
The “Well-to-Wheels” demonstration projects, identified in this initial MOU, consist of a 5 megawatt solar power generation project, and the production of the first 3 extended range electric trucks (“E-REV”) for U.S. fleet customers.
The proposed solar power project will be built at Raser’s Thermo site in southern Utah, using photovoltaic (PV) solar panels and transmission equipment manufactured by HHI. The solar power plant will be co-located with Raser’s geothermal power plant to enable the demonstration of a unique new zero emissions blended renewable (“ZEBRA”) development by Raser.
“When completed, the project will be the first phase in demonstrating the potential value of HHI and Raser’s relationship in developing renewable energy projects on Raser’s sizeable holdings where all three renewable resources, geothermal, solar and wind coexist in close proximity to existing transmission lines in a unique “Triple Play” area of Utah’s renewable energy zone, where Raser holds a large property portfolio,” commented Raser Executive Vice President Richard Clayton.
In subsequent phases of the project, solar and wind power will be blended with Raser’s base-load geothermal energy enabling better availability and reliability preferred by utilities. In addition, the MOU launches the first phase of commercial production of E-REVs to begin filling standing orders for clean alternative fueled vehicles by leading U.S. government and commercial fleets. Both projects are anticipated to be completed over the next several months, with the first E-REV trucks to be introduced by the nation’s largest electric utility, Pacific Gas & Electric in California. Upon the successful demonstration of these two initial projects, the two companies plan to explore a broader business relationship relating to the development of ZEBRA (blended) renewable energy and electric vehicle production. HHI is a leading global manufacturer of grid electric transmission, electric motors, ships, large vehicles and electric buses and is positioning to become a world leader in solar and wind generation equipment as well.
Kraig Higginson, Chairman of Raser Technologies said, “HHI is an ideal partner due to their manufacturing and financial strength in the two key areas of focus for Raser. We have been working for several years to establish this strategic relationship and are pleased to now take this first step. We share a vision with HHI that we can meet the challenges of climate change and look forward to working together combining the strengths of our two companies in these projects.”
More information on the Raser ZEBRA and Renewable Energy “Triple Play” can be found at www.rasertech.com/ZEBRAand more information on Raser’s E-REV fleet truck program can be found at www.rasertech.com/htrucks.
About Raser Technologies
Raser (NYSE: RZ) is an environmental energy technology company focused on renewable energy development and technology licensing. Raser’s Power Systems segment develops clean, renewable electric power plants with one geothermal plant operating 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’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 HHI, Inc.
HHI is the world largest ship building company as well as a global leader in its 5 other business segments, including Offshore & Engineering, Industrial Plant & Engineering, Engine & Machinery, Construction Equipment, Electro Electric System including high-tech AC induction motor, Drive System, Generator, Solar Panel, Wind Turbine System, Transformer etc. HHI also operates 15 other companies as affiliates. Through these business operations, HHI with its 15 affiliates achieved approximately USD 50 billion annual sales revenue in 2009. Further information on HHI may be found at: http://English.hhi.co.kr
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 to construct a solar power project at the Thermo site; our beliefs about our ability to produce and sell extended range electric trucks in cooperation with Hyundai Heavy Industries; our beliefs about our ability to finalize a definitive, binding agreement with Hyundai Heavy Industries; our beliefs about the strength and enforceability of our agreements; our belief about our ability to 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 March 31, 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.
contacts
Raser Technologies, Inc.
David West
Vice President Marketing
(801) 836-6350
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Issa Arnita
Investor Relations
801-765-1200
Hyundai Heavy Industries Co., Ltd.
Mr. Jeong Cheol You
Senior Vice President, Renewable Energy
82-2-746-7590
Hayden IR
Cameron Donahue
(651) 653-1854
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Jun 29, 2010
Magma Announces Turbine Arrival for Next 50 MW Expansion in Iceland & Provides Drilling Update
(All amounts in US dollars and all MW according to the Geothermal Reporting Code)
VANCOUVER, June 29 /CNW/ - Magma Energy Corp. (TSX: MXY) is pleased to provide an update at its 46.18% owned HS Orka's operations in Iceland. Magma expects to increase its stake in HS Orka to 98.53% by the end of July.
HS Orka recently took possession of a 50 MW Fuji Electric turbine generator for its Reykjanes power plant which currently produces 100 MW from twin Fuji units. HS Orka plans to expand Reykjanes output to 180 MW in 2 phases pending permitting and new power purchase agreements with power off-takers. A 50 MW (phase 1 expansion) is expected to come on-line in 2012. More than 15 MW of steam has already been drilled for this expansion project. An additional 30 MW phase (to bring output to 180MW) is scheduled for 2013 and requires no additional drilling as the feedstock is low pressure steam generated from current operations. In addition to these expansion projects, plans to develop additional resources to increase total production to 405 MW by 2016 is underway.
Drilling for additional power plant expansion capacity is underway. Well REY-29 is currently at a depth approaching 3,000 meters and has encountered temperatures exceeding 315 degrees C. Initially, this well was targeted to be a field reinjection well and was drilled at the edge of the known geothermal reservoir. It now appears that a new geothermal production area has been discovered adjacent to the 100 MW Reykjanes plant. Testing of the well will continue over the next several weeks and a reservoir estimate will be prepared for this potential resource.
The budget for the 50 MW expansion is $116 million, of which $32 million has already been spent as of May 31. The remaining cost for the expansion is expected to be funded from HS Orka's cash on hand and by debt financing.
Asgeir Margeirsson, Magma Iceland's CEO commented, "The teams at Magma Iceland and HS Orka are working well together on planning the new power projects in front of us. We are excited to see the new turbine at Reykjanes and very pleased with the encouraging results from our latest well."
Please visit the link, http://www.magmaenergycorp.com/s/Projects.asp, to view our photo and video gallery of HS Orka operations.
About Magma Energy Corp.
Magma Energy Corp. is a global geothermal power company which operates, develops, explores and acquires geothermal energy projects. We have an extensive portfolio of properties throughout the western United States, Iceland and Latin America, including one operating power plant in Nevada and an interest in two in Iceland.
About HS Orka
HS Orka is the largest privately owned energy company in Iceland producing 9% of the country's power needs. Installed geothermal power capacity is 175 MW from the Svartsengi and Reykjanes power plants. In addition, HS Orka generates 150 MW of thermal energy for district heating. Expansions are planned that will increase HS Orka's geothermal power production to 405 MW by 2016. HS Orka's 75 MW Svartsengi plant began production in 1977 and its 100 MW Reykjanes plant began production in 2006. Much of the power is sold under US dollar contracts to a large aluminum smelter that is one of the world's lowest cost aluminum producers.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS AND INFORMATION
This news release contains certain "forward-looking information" within the meaning of Canadian securities laws, which may include, but is not limited to, statements with respect to future events or future performance, management's expectations regarding our growth, results of operations, revenues, requirements for capital, future demand for and prices of electricity, business prospects and opportunities, exploration and development, geothermal resources, recoverable geothermal energy or energy generation capacities. Such forward-looking information reflects management's current beliefs and is based on information currently available to management.
A number of known and unknown risks, uncertainties and other factors, may cause our actual results or performance to materially differ from any future results or performance expressed or implied by the forward-looking information. The forward-looking information is based upon what management believes to be reasonable assumptions, including, but not limited to, assumptions about: the success and timely completion of planned exploration and expansion programs, the growth rate in net electricity consumption; support and demand for non-hydroelectric renewables; government initiatives to support the development of renewable energy generation; the accuracy of reserve estimation methodology and analysis used to estimate the quantity of potentially recoverable thermal energy; geological, geophysical, geochemical and other conditions at our properties; the reliability of technical data, including extrapolated temperature gradient, geophysical and geochemical surveys and geothermometer calculations; capital expenditure estimates; availability of capital to fund exploration, development and expansion programs; and general economic conditions. Forward-looking information and statements are also based upon the assumption that none of the identified risk factors that could cause actual results to differ materially from the forward-looking information and statements will occur.
There can be no assurance that the forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, prospective investors should not place undue reliance on forward-looking information. Other than as required by applicable securities laws, we assume no obligation to update or revise such forward-looking information to reflect new events or circumstances.
For further information: Alison Thompson, Vice President, Corporate Relations, Magma Energy Corp., Phone: 604.646.1882, Email: .(JavaScript must be enabled to view this email address)
Jun 21, 2010
CanGEA Chair and Founder, Alison Thompson Recipient of the CIRI Belle Mulligan Award for Leadership
Calgary, AB, June 21, 2010- The Canadian Geothermal Energy Association (CanGEA) is pleased to announce that CanGEA Chair and Founder, Alison Thompson has been honoured as the 1st recipient of the Belle Mulligan Award for Leadership in Investor Relations. Alison received this reward Tuesday June 15th at the Canadian Investor Relations Institute’s (CIRI's) 23rd Annual Investor Relations Conference in Ottawa, Ontario.
Belle Mulligan Award for Leadership in Investor Relations
The Belle Mulligan Award for Leadership in Investor Relations is given by CIRI in honour of the late Belle Mulligan to recognize individuals who have shown singular leadership in one or more aspects of the practice of investor relations.
Alison Thompson is the first recipient of this prestigious Award based on her leadership through her involvement in developing the Canadian Geothermal Code for Public Reporting and through her efforts in the application of this Code, making Magma Energy Corp. the world's first Canadian Code-compliant publicly traded geothermal energy company.“There are many people to thank today as one cannot win a Leadership award without a cause to champion and a team to work with” said Alison. “I would like to thank the CanGEA team and its members for their forward thinking stance on what the Geothermal Reporting Code means for investor relations; my colleagues at Magma Energy for their extensive use of a voluntary Geothermal Reporting Code - leading by example and acting as a lighthouse for the industry; the investment community and especially the research analysts who have been early adopters of using the Code to report on geothermal companies.”
"Alison's excellent work and leadership with respect to the Geothermal Code for Public Reporting has set the bar appropriately high for this award." said Tom Enright, CIRI President & CEO.
CanGEA’s Canadian Geothermal Code for Public Reporting was launched in January 2010 and has been embraced by CanGEA developers Magma Energy Corp., Sierra Geothermal Power Corp. Borealis Geothermal and Caldera Geothermal. The Reporting Code provides a minimum set of requirements for the public reporting of Exploration Results, Geothermal Resources and Geothermal Reserves. The Code provides a basis for transparency, consistency and confidence in the public reporting of geothermal information. The Code, a first in Canada, will serve to increase investor confidence and interest in the geothermal energy sector through the standardization of geothermal reporting. The use of the Code will be on a voluntary compliance basis (industry self-regulation) until 2011 when Code compliance will be a mandatory requirement for CanGEA membership
Through the Canadian Geothermal Code Committee (CGCC) there is a listing of Qualified Persons on the CanGEA website that has been certified as “Qualified Persons” under the Geothermal Code for Public Reporting. Pubic reporting is the responsibility of the company and the preparation of the reports must be undertaken by a Qualified Person as certified under the Geothermal Code for Public Reporting. Further information can be found online at www.cangea.ca. A workshop to learn more about the Geothermal Code will be held in conjunction with CanGEA’s Third Annual Geothermal Energy Conference and Trade Show August 8-10th in Vancouver BC www.cangea.ca/events.
About CIRI:
CIRI is a professional, not-for-profit association of executives responsible for communication between public corporations, investors and the financial community. CIRI is dedicated to advancing the stature and credibility of the investor relations profession and the competency of its members. With 600 members, CIRI is the world's second largest society of investor relations professionals. For further information, please visit ciri.org.
About CanGEA:
CanGEA is a national industry association that believes we can provide competitively priced, emissions free, renewable, base-load energy to Canadians and to U.S. export markets. CanGEA works on behalf of our members to facilitate the growth of geothermal power projects and promote publicly listed companies on the Canadian Exchanges.
For further details contact:
Nicole Robson – .(JavaScript must be enabled to view this email address)
Marketing and Membership Director
The Canadian Geothermal Energy Association
The Canadian Geothermal Energy Association (CanGEA) thanks CNW Group for its continued support of our association
