Raser Technologies closes on private equity placement

PROVO — Raser Technologies Inc. said Monday it has closed on a private equity placement in which it raised $12.5 million in gross proceeds from six investors.

It plans to use the net proceeds to accelerate its geothermal drilling program, to secure needed equipment, to support its growth initiatives and for general corporate purposes, it said.

The transaction involved the sale of nearly 2.7 million shares of restricted common stock at $4.65 per share. The lead investor was Heartland Value Fund, managed by Heartland Advisors Inc., a Milwaukee-based investment manager.

Raser is a technology licensing and development company with two business segments: transportation and industrial technology and power systems.