PROVO — Raser Technologies Inc. said Thursday it has closed into escrow the previously announced purchase of the assets of GeoLectric Power Co. NM LLC.
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.
Consumer confidence
A better hiring outlook and lower gas prices pushed a measure of U.S. consumer confidence to its highest level in four and a half years.
5th iPhone app
Clayton Ward, a 10th-grader from West Jordan,has created five apps for the Apple operating systems.
poorer people charitable
A 2009 study showed the poor give a higher percentage of their income to charity than rich people.
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