The following is a short summary of the release on Raser Technologies second quarter financial results.

Key highlights:

Thermo No. 1 Plant has been selling around 5 MW to the city of Anaheim, slightly less than half of the plant’s designed capacity. Additional wells are expected to be completed and pallow the company to produce at or near full capacity in Q4.

Raser signed a non-binding term sheet with Southern California Public Power (SCPPA) to the potential sale of 110 MW in a pre-paid arragnement. The plants are to be built at the Thermo site in Utah over a 3-year period.

DOE has approved the company’s loan guarantee application to enter the next stage of the application process, potentially helping Raser to finance around 80% of  a 42 MW plant near the Thermo No.1 plant in Utah.

Further news include the sale of US$25.5 million of its common stock and warrants, the restructuring of its existing US$ 15 million line of credit and changes to the management.

The company’s CEO Brent Cook has left the company for health reasons and Richard D. Clayton, formerly Executive Vice President and General Counsel, has been named Principal Executive Officer. He will be accompanied in leadership by Kraig T. Higgings the company’s chairman. A permanent replacement for Mr. Cook is planned and the board of directors has began a search.

Source: Company release via iStockAnalyst