Raser secures geothermal leases in Utah

Raser Technologies (NYSE Arca: RZ) is up almost 4% today to $6.42 a share on news that it has secured geothermal rights in Utah under the terms of seven lease agreements.

These leases mark Raser’s first geothermal leases outside of Nevada, and are part of its strategy to establish a diversified geothermal resource portfolio, the company said.

The properties covered by the lease agreements are in Southern and Western Utah and amount to 13,887 acres.

The properties are also generally associated with hot springs, hot wells and other geothermal phenomena.

The leases carry ten-year terms and are renewable for additional periods based on development activity or upon the payment of minimum rental payments.

Financial terms of the leases weren't disclosed.

“By expanding our resource footprint, we not only diversify our geothermal base, but we also broaden our interconnection and market access to the power purchasing community,”’ stated Brent M. Cook, Raser CEO.

Raser seeks to develop new geothermal electric power plants and bottom-cycling operations, incorporating licensed heat transfer technology and Raser’s Symetron™ technology.