Raser Technologies, a geothermal energy company in Utah, has filed Chapter 11. They have one operating geothermal site, a 10 MW near Beaver UT that sells 7 MW to Anaheim CA under long-term contract, and has eight sites under development.
They’ve never made a profit and have experienced problems with their technology. Shareholders will be wiped. The company expects to sell itself and to continue as a business.
Apparently they were using small 250 KW turbines rather than standard turbines, which are several MW. Perhaps this, along with their increased cost of borrowing money, contributed to their bankruptcy.
Geothermal can be quite reliable. Calpine in California has been producing geothermal power for 25 years. Raser is innovative and honest. May they survive and eventually prosper.
