PROVO — Raser Technologies Inc. said Monday it has agreed to acquire GeoLectric Power Co. NM LLC.

GeoLectric owns geothermal rights to a resource in southwestern New Mexico that could have enough energy to power about 20,000 homes.

Raser, a Provo-based technology licensing and development company, will pay an undisclosed amount up front, with the balance due when certain development milestones are reached.

The transaction is expected to close during the fourth quarter.