Raser Technologies buys geothermal rights company
Raser is acquiring GeoLectric assets for $4.1 million, with an additional $500,000 incentive upon the attainment of certain development milestones.
GeoLectric is a special-purpose company that owns the geothermal rights to the Lightning Dock geothermal resource in southwestern New Mexico. Studies have indicated the area can produce more than 20 megawatts of renewable electric power, enough to power approximately 20,000 homes.
Raser said the closing of escrow is subject to assignment approval by the Bureau of Land Management.
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