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Transcript
Brent Cook:
Hello and welcome back to this
edition of Raser Technologies
“Up to Speed.”
As you know Raser has targeted
three major business segments
beginning with transportation,
industrial and now power
generation. You may be well
aware of some of our work in
transportation including high
efficiency brushless alternators
and advanced motors and
controller technology for hybrid
vehicles.
In addition to our ongoing work
in transportation, we recently
announced the results from an
industrial program we
participated in funded by the
Department of Energy and
conducted by Advanced Energy,
evaluating our controller
technology for possible
application in improving the
efficiency of variable speed
heating venting and air
conditioning systems. The
impressive results from this
program can be reviewed on our
website.
It's a pleasure now to be able
to report to you on some
exciting developments recently
in our power generation sector
and share with you our vision of
Raser’s total “Well to Wheels”
energy plan.
If you have been following our
press releases regarding
geothermal power generation, you
will recall our prior
acquisition of geothermal and
waste heat recovery
technologies.
Shortly thereafter, we announced
two significant lease-hold
agreements on two very sizable
geothermal properties in Nevada.
One with over 11,600 acres of
private land with an additional
3 million leased acres
potentially available for
geothermal use. The second
property with over 650 acres on
a 50 year lease for geothermal
energy production. Theses
parcels are located in central
Nevada and are very close
proximity to existing
transmission lines and would
interconnect with the Sierra
Pacific Grid System.
I’d like to take just a few
minutes now to introduce you to
our power generation strategy
and how it fits into our
integrated “Well to Wheels”
energy plan.
As the world’s population grows
and more countries
industrialize, the demand for
more energy increases, not only
to meet traditional needs, but
to meet urgent new requirements
to replace imported foreign oil
with domestic electric power for
transportation and hybrid
electric vehicles.
Growing concerns over the
environment and imported oil
have lead to significant
increases in government
incentives for renewable energy
including:
-
Tax
Incentives. The passage
of legislation amended the
IRS tax code providing
greater incentives for
renewable energy
-
Renewable Portfolio.
Standards call for higher
percentages of power
generation to come from
renewable sources
-
Energy
Independence. The nation
has set energy independence
as a national priority
In addition, Significant
incentives are emerging for
renewable energy sources that
also avoid costly carbon output
and green house gases.
Traditional power plants often
bring considerable resistance
from environmentalists and local
communities. This traditional
power facility remains a
dominant feature on the horizon,
even from 50 miles away.
By contrast, this valley also
contains a power plant, but it
is fed by clean renewable
geothermal power. Even from less
than a mile away, the facility
is barely distinguishable with
minimal impact to the
environment.
Of all the renewable energy
sources, Geothermal power has
the lowest environmental impact
with some of the best near-term
and over all economic potential.
The western United States
contain some of the fastest
growing areas of population in
the nation. Fortunately, they
are also in relatively close
proximity to some of the
nation’s highest concentrations
of accessible geothermal sites.
Many of these sites can be
developed profitably using
proprietary Geothermal and Heat
Recovery technology licensed by
Raser to meet this growing
demand and to help meet
expanding RPS requirements.
This proprietary technology
allows 20-35% additional power
generation through heat
transfer. This means more power
generated from lower temperature
water, allowing more output from
an existing site and many more
lower temperature sites to
become developed.
By packaging new technology with
up to 35% improvements in power
generation and by leveraging and
monetizing renewable energy tax
credits, Raser is uniquely
positioned to execute a timely
and potentially very profitable
green power strategy.
This strategy combines clean
renewable power generation with
more efficient use of power in
electric motors for hybrid
vehicles and industrial
applications. This strategy is
born from a natural synergy of
Raser’s three business segments
combining power generation,
automotive, and industrial
market segments.
This is a powerful
“Well-to-Wheels” integrated
strategy that positions Raser as
an emerging key player in the
nation’s new energy plan.
Not only does geothermal power
generation compliment our other
business sectors, it also brings
with it the opportunity for more
immediate revenue through
monetization of certain tax
benefits.
There are two compelling reasons
for Raser’s commitment to the
deployment of Geothermal Power
Production; the first being the
growth in renewable portfolio
standards, requiring a dramatic
increase in the production of
green power; the second is pure
economics.
This chart represents the
economics of the projects
targeted by Raser, These
economics reflect the revenue
and tax attributes that can be
realized over a twenty-year
period for each 100 mega watts
of geothermal power.
Raser is targeting the
deployment of 100 MW of
geothermal power production per
year for the next three years
and 150 MW of production per
year for the years that
immediately follow.
The revenue derived from a
twenty-year stream of electric
power sales through power
purchase agreements-- selling
100 megawatts of capacity is
just over one billion ninety
three thousand dollars. This
assumes a 6.5 cents per kwh
selling price. This also assumes
power plant availability of
96.5% meaning the plant is in
operation 96.5 % of the time.
In addition to the revenue
stream derived from selling
electricity, there are three
additional tax credits and tax
attributes that are a part of
the permanent federal tax code
and are consistent with the
aggressive national energy
policy, which has tremendous
support from the public. These
tax credits have already been
put into place to encourage and
incentivise the deployment of
all forms of green power
including geothermal power.
The total additional tax credits
and attributes add up to over
seven hundred million dollars
for each 100 megawatts of
geothermal power.
Now I’d like to turn some time
over to our president Patrick
Schwartz to introduce our new
CFO and another key new manager
directing our business
development in automotive and
transportation.
Patrick Schwartz:
Patrick Introduces Martin
Petersen:
As some of you may have read
in a recent press release,
Raser’s been fortunate to add an
outstanding CFO to our team,
Marty Peterson. I have been
familiar with Marty’s
accomplishments now for over a
decade and have tremendous
respect both for him and his
abilities.
Marty’s outstanding skills and
abilities match perfectly with
Raser’s needs as we position
ourselves for growth and to
become an industry leader.
Patrick Introduces Jim Spellman:
Raser has been fortunate to
attract some of the leading
scientists and engineers in the
world. Recently we have added
two more key people to our team.
One of my primary
responsibilities as president,
is to lead Raser’s transition
from a pure R&D focus to the
commercialization of our
technology. As I started with
Raser, I saw the critical need
to round out our team with an
executive with extensive
experience and knowledge of the
automotive and transportation
industry.
We are excited to have Jim
Spellman join our team from
Delco/Remy to lead our
commercialization efforts in the
automotive and transportation
sector. Prior to joining Raser
Jim was director of Hybrid
technology for Delco/Remy and
now heads up Raser’s Business
development for the
transportation sector.
Jim Spellman:
I am very excited to be part of
the Raser Team. I joined Raser
Technologies recently as the
Business Development Director
for the Transportation sector.
Before joining Raser, I worked
for Remy Incorporated, formerly
Delco Remy, a Division of
General Motors) for 27.5 years.
Remy is one of the world’s
leading automotive suppliers
with a growing emphasis on
electric motors and generators
for hybrid vehicles. For the
last 6 years, I was the
Engineering Director of Hybrid
Technology and spent 3 years
working in Landsberg Germany
with our Joint Venture partner
(Continental Temic), launching a
production hybrid motor project.
When I returned to the states, I
lead the hybrid group at Remy
and won two major hybrid motor
production projects. I lead the
group that designed the electric
motor that drives the new GM
Tahoe hybrid SUV and will drive
the new dual mode Saturn Vue
hybrid that will be introduced
this fall. I also worked on
electric motors for Daimler
Chyrler’s new luxury hybrid
vehicle line that will be
released next year.
Prior to this, I served as the
Engineering Director for
starting motors, and Plant
Quality manager, and have
launched several products from
concept to high volume
production. I have 5 U.S.
Patents for starting motors and
ultra capacitor fields.
I joined Raser because I was
impressed with its advanced
electric motor and control
technology and strong
engineering team and I wanted to
be a part of that team. Almost
every automotive trade journal
or press release you hear these
days involves Hybrids, Plug in
Hybrid or Fuel Cell Vehicles.
That means more electric
dominance in vehicles. The need
for high efficient and power
dense motors / controls now
becomes a key part of tomorrow’s
power trains. I believe Raser is
uniquely positioned to have a
tremendous impact in this
important growing industry. I
just came back from the Detroit
auto show where I saw my motors
unveiled in the new Tahoe
hybrid. There I met with the top
engineers behind GM’s new Chevy
Volt advanced series hybrid.
This is a leap ahead strategy.
And I believe Raser can play a
key roll in helping automakers
leap ahead with powerful and
cost effective electric drives
for these new kinds of hybrids .
I believe Raser has the
technology, and the talent and
with my years of experience in
the automotive business, I
believe we can win big in this
growing market.
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