Raser Technologies secures geothermal rights in Utah

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

Raser has secured the rights to the geothermal resources on 3,972 acres located in three counties in central and 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.

The financial terms of the leases were undisclosed.

These leases bring the total land Raser has under lease in Utah alone for geothermal development to more than 40,000 acres. Raser also has significant geothermal holdings in Nevada and California and plans to expand its operations and holdings into other states in the near future, the company said.