Raser Tech secures 5 new geothermal leases in Utah

PROVO — Raser Technologies Inc. said Monday it has secured additional geothermal rights in Utah under the terms of five lease agreements.

Raser said it has secured the rights to the geothermal resources on 9,370 acres located in two counties in southern Utah. The lease terms are up to 10 years and are renewable for additional periods based on development activity or upon the payment of minimum rental payments.

Financial terms of the leases were not disclosed.

The new leases bring the total land Raser has under lease in Utah alone for geothermal development to more than 37,000 acres.

Raser has two business segments. Its transportation and industrial technology segment focuses on improving the efficiency of electric motors and other applications. The power systems is seeking to develop clean, renewable geothermal electric power plants.