Raser partners extend Thermo 1 financing

In Utah, Raser Technologies, Inc. reached an agreement with project financing partners to extend the final performance and completion test of the Thermo No. 1 Project to June 30, 2010. The company recently recompleted four wells to reduce the inflow of water from the coolest formations and increase the average temperature of water entering the plant. Raser also made changes to the plant generators to improve efficiency as well as other modifications to increase the overall output of the plant. Ben Barker, vice president of Resource Management said that the “recompletions” are showing positive results said that the extension should “give the reservoir time to respond and begin to show its true potential.”