Raser Technologies Signs Term Sheet with Ormat Nevada to Provide Engineering, Procurement and Construction for Raser’s Lightning Dock, New Mexico Geothermal Project
Raser Technologies Inc., an energy technology company, announced today that its subsidiary project company, Lightning Dock Geothermal No. 1, HI-01, LLC, signed a term sheet with Ormat Nevada, Inc., a subsidiary of Ormat Technologies, Inc., to provide the Engineering, Procurement and Construction (EPC) of the Lightning Dock, New Mexico geothermal project.
“We are excited to work with a veteran in the geothermal business,” said Project Manager Mike Hayter. “Ormat is a known leader in manufacturing binary-cycle geothermal equipment and we recognize the benefits Ormat would bring to the Lightning Dock project. We are also pleased to announce that, in conjunction with Evergreen and FE Clean Energy, we found a solution that will provide the financing needed for this project.”
The term sheet names Ormat the provider of equipment for the project. The broad scope of work includes the installation of two large Ormat binary turbo generators and all associated above-ground plant equipment including, but not limited to, well field pumps, pipelines, cooling towers, electric interconnection equipment and transmission equipment.
Ormat President and COO Yoram Bronicki said, “We are pleased to work with Raser Technologies on their Lightning Dock geothermal development and we look forward to contributing to the success of this project with our best-in-class, bankable power plant technology and proven execution skills.”
The current project schedule slates the above ground construction to be completed within 24 months from the issuance of the notice to proceed.
