Geothermal Digest » Project News

Stock split leads to new GT player

admin — Sun, 25 Jul 2010 14:06:59 +0000

In Nevada, Urex Energy Corp. said that the Financial Industry Regulatory Authority (FINRA) has approved a 1-200 Reverse Split and name change for Urex Energy Corp to Mustang Geothermal Corp., which took effect at the open of business July 22, 2010. The new symbol on this date will be URXED (the “D” will be removed 20 business days from July 22). Mustang Geothermal owns a 100% interest three US Federal geothermal leases totaling 6582 acres located in Nevada. Mustang also owns a 100% interest in the La Jara Mesa Extension uranium property, which consists of 137 unpatented mining claims in the Grants Mining District, Cibola County, New Mexico.

San Emidio project gets a $30 million vendor kick start

admin — Sun, 25 Jul 2010 02:16:47 +0000

In Idaho, U.S. Geothermal Inc. has entered into an agreement for the engineering procurement and construction of the first phase of a binary cycle power plant at its San Emidio project. TAS Energy Inc. of Houston, Texas through an engineering, procurement and construction company (EPC Contractor) that was not named will manufacture the plant. The agreement calls for the EPC Contractor to put up a $30 million loan for the construction the first 8.6 MW of production. Daniel Kunz, President and CEO of U.S. Geothermal Inc., noted getting construction started this year “will insure that our 35 net MW San Emidio development project qualifies for the special 30% Investment Tax Credit cash grant.” Phase 2 of the $200 million project is planned at 26.4 MW net and is expected to be completed in late 2013.

Qualibou to develop Caribbean geothermal resource

admin — Sat, 24 Jul 2010 20:34:38 +0000

In Nevada, Qualibou Energy, Inc. announced a binding agreement with the Government of St. Lucia to develop the island’s geothermal resources. The resource, in the Sulphur Springs area, has been extensively explored since the mid 1970’s and nine wells have been drilled to date. Steam was found in five of the exploratory boreholes with one of the deeper wells returning steam and water at 235 C. The resource has proven reserves of 30 MW and probable reserves of an additional 140 MW. The St Lucia concession is the company’s first in geothermal, which it acquired the through the reverse acquisition of UNEC Holdings, Inc.

Test drilling begun by Naknek co-op

admin — Sun, 18 Jul 2010 14:38:02 +0000

In Alaska, exploratory drilling is under way in King Salmon to determine the potential for geothermal energy. Energy co-op Naknek Electric Association is conducting the test drilling, which took more than 10 years and $20 million to come together. If successful, the association could provide affordable renewable energy to communities and villages across Bristol Bay. The first of two wells required for testing is drilled and is being cleaned. Another well will go in next to the first one in September.

TAS to supply plants for Neal Hot Springs project

admin — Sun, 18 Jul 2010 14:00:47 +0000

In Texas, TAS Energy Inc. said that it had been chosen by U.S. Geothermal to supply high efficiency, modular, clean energy power plant technology for its Neal Hot Springs geothermal power plant in Eastern Oregon. The company’s power plant offers high efficiency Organic Rankine cycle plant delivered using TAS modular design practices. The TAS plant also uses a non-flammable working fluid in the system. The Neal Hot Springs facility will use three modular TAS power plants.

Ram purchases Geysers property

admin — Sun, 11 Jul 2010 15:31:37 +0000

In Nevada, Ram Power, through its wholly-owned subsidiary Etoile Holdings, Inc. has purchased 100% of membership interests in Mayacamas, which owns 421 acres of land around Ram Power’s Geysers Geothermal Project in Northern California. The acquired property is next to a 3,500-acre area leased for further geothermal developments and has three fully-tested production wells that can support more than half of the 25-35MW power project originally engineered by Ram’s Western Geopower Inc subsidiary.

Ormat gets fast track Nevada plant approval

admin — Sun, 04 Jul 2010 23:20:29 +0000

In Nevada, the U.S. Bureau of Land Management has fast-tracked a 30 MW project geothermal plant plan from Ormat Technologies Inc. The first phase of the development includes construction of a 15-MW plant, which is expected to begin operation by late 2010. Known as the Jersey Valley Project, located in Pershing County, the development will cover about 8,470 acres of land, of which 7,460 are managed by the BLM. The facility will eventually include a 30 MW power plant, a geothermal well field, and a 120-kilowatt transmission line. The BLM Fast-Track projects are those “where the companies involved have demonstrated to the BLM that they have made sufficient progress to formally start the environmental review and public participation process.”

NGP to move on Crump Geyser, Pumpernickel projects by year’s end

admin — Sun, 04 Jul 2010 20:19:00 +0000

In Canada, Nevada Geothermal Power Inc. said it would begin work at the Crump Geyser and Pumpernickel Projects before the year us out in order to qualify them for 30% ITC/Tax Grants in 2013. The company has completed all permitting for three deep production test wells designed to intersect the Pumpernickel target reservoir at around 5000 feet. Geochemistry indicates that the reservoir temperature could be greater than 330°F (165°C). Hot spring chemistry at Crump Geyser indicates a reservoir temperature of about 300°F (150°C). Ten temperature gradient holes are permitted and will be drilled under a matching fund program with DOE ($1.7 million grant) and permits for two reservoir confirmation wells and three production test wells are pending.

G4G will not acquire geothermal projects

admin — Sun, 04 Jul 2010 19:22:32 +0000

In Canada, G4G Resources Ltd. said it will not for forward with the acquisition of an interest in the Valle del Cura, Tuzgle and Tocomar geothermal projects in Argentina. G4G originally announced the proposed acquisition on February 16 and then announced amended terms of the acquisition on April 21. G4G said approvals had not been received for the transaction. The company will focus its attention on the development of iron sands properties in Guatemala, announced on May 10.

Raser gets Thermo 1 completion extension

admin — Sun, 04 Jul 2010 18:18:12 +0000

In Utah, Raser Technologies, Inc. has reached an agreement to extend the final completion date for the Thermo No. 1 project, moving it 10 days from June 30 to July 9, 2010. The company will provide an update on the project, including final payment arrangements to the financing parties from the U.S. Treasury grant proceeds picked earlier this year. Dick Clayton, Raser’s Executive Vice President, said the extension allows time to evaluate the performance of the plant and final distribution of the funds from the Treasury grant still in escrow. Raser also signed an MOU this week with Hyundai Heavy Industries to develop eco-friendly projects and electric vehicles aimed at reducing fossil fuel usage. The deal does not include geothermal development.