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Editor: C.V. Clute editor@epoverviews.com Magma Energy raises $100 million CDN (Ind. Report) British Columbia-based Magma Energy Corporation has raised $100 million CDN ($87.1 million US) in an initial public offering with global participation. A syndicate of underwriters, co-led by Raymond James Ltd. and Cormark Securities Inc., managed the offering. Other syndicate members include Canaccord Capital Corporation, National Bank Financial Inc., Dundee Securities Corporation, Jacob & Company Securities Inc. and Wellington West Capital Markets Inc. The proceeds will be used for expansion and exploration programs at late- and early-stage geothermal projects in the U.S., Argentina, Chile and Peru. Magma Energy had previously indicated its plans to raise $50 million CDN as idicated in our June 4, 2009 edition. (Source: Reuters, June 26, 2009)
Contact: Andrea Zaradic, Vice President, Corporate Development, Magma Energy Corp, (604) 646-1874, azaradic@magmaenergycorp.com, www.magmaenergycorp.com
GE to open $100 million US Renewable Energy R&D facility in Michigan (Ind. Report) General Electric Corp. has announced plans to open a $100 million US R&D facility in Wayne County's Van Buren Township, 25 miles west of Detroit. About 1,200 scientists and engineers initially will be hired to develop manufacturing technologies for GE's renewable energy, aircraft engine, gas turbine and other products. (Source: AP, June 25, 2009) $204 mn US in Energy Program funds released - Cont'd. (Ind. Report - Funding) U.S. Department of Energy Secretary Steven Chu has announced more than $204 million US in Recovery Act funding to support energy efficiency and renewable energy projects in ten states under the State Energy Program (SEP). Additional funds will be provided to the states upon successful implementation of the programs as follows:
South Carolina - $20.2 million. In addition to energy efficiency initiatives, the state also intends to provide financial assistance to various industrial, commercial and small business entities to support renewable energy projects. Additional funding available - $25 million.
South Dakota - $ 9.5 million for energy efficiency programs coordinated with the state's energy goals to promote and encourage energy conservation, energy efficiency, renewable energy and alternative fuels. Additional funding available - $11 million.
Utah - $14.1 million for various energy efficiency initiatives and to collect more accurate data about the potential renewable energy resources in the state that can then be used to identify potential Renewable Energy Zones. Additional funding available - $17 million.
Washington - $24.3 million for two major programs: the Community-Wide Urban Residential and Commercial Energy Efficiency Program and the Energy Efficiency and Renewable Energy Loans and Grants Program Fund. Additional funding available - $30 million.
Additional details about this distribution of SEP funding were included in Friday's edition. (Source: U.S. DOE, June 24, 2009)
Contact: Cathy Zoi, Assistant Secretary, Energy Efficiency and Renewable Energy, (202) 586-9220, cathy.zoi@ee.doe.gov, www.energy.gov
Notable Quote ... "We have seen other countries realize a critical truth: the nation that leads in the creation of a clean energy economy will be the nation that leads the 21st century global economy." - U.S. President Barack Obama (Source: AFP, June 28, 2009) $96 mn US for State Energy Programs (Ind. Report - Funding) Continuing to roll out funds under the State Energy Program (SEP), U.S. DOE Secretary Steven Chu has announced more than $96 million in Recovery Act funding to support energy efficiency and renewable energy projects in Ohio, Oregon, Virginia and West Virginia. Initial funds of 40% have been authorized, 10% of total funding was previously available to states to support planning activities and the remaining funds will be provided upon successful implementation of the programs as follows:
Ohio - $38.4 million for several programs to increase the energy efficiency of businesses and industry, while promoting deployment of clean energy projects. Ohio will develop a revolving loan program to improve access to capital for energy efficiency and renewable energy projects through a public-private partnership using SEP dollars in tandem with debt or equity investment participation. Additional funding available - $48 million.
Oregon - $16.8 million to fund energy efficiency improvements, develop renewable energy resources with a focus on public buildings in order to provide a demonstration and leadership role in innovations for energy efficiency and renewable energy technologies. Additional funding available - $21 million.
Virginia- $28 million to support several programs aimed at spurring investment in residential, commercial, and industrial energy efficiency, as well as renewable energy projects. Additional funding available - $35 million.
West Virginia - $13.1 million to implement energy efficiency programs and to create a Green Collar Jobs Training program to provide West Virginians with the education, training and skills necessary for employment in the fields of energy efficiency and renewable energy.
Additional funding available - $16 million.
(Source: U.S. DOE, June 26, 2009)
Contact: Cathy Zoi, Assistant Secretary, Energy Efficiency and Renewable Energy, (202) 586-9220, cathy.zoi@ee.doe.gov, www.energy.gov
Raser Technologies seals 110 MW Geothermal power deal (G&C) Utah-based Raser Technologies, Inc. has entered into a term sheet with the Southern California Public Power Authority (SCPPA) to sell 110 MW of renewable geothermal power to certain SCPPA member municipalities in a pre-paid arrangement. The power plants would be built at Raser's Thermo, Utah site over a three year period. In addition, Raser has obtained commitments from institutional investors to purchase approximately $25.5 million of its common stock and warrants in a registered direct offering. (Source: Business Wire, June 26, 2009/Business Wire, June 30, 2009)
Contact: Brent M Cook, CEO , Raser Technologies, (801) 765-1200, brent.cook@rasertech.com, www.rasertech.com
$154 mn US for State Energy Programs (Funding) Continuing to roll out funds under the State Energy Program, U.S. DOE Secretary Steven Chu has announced more than $154 million in Recovery Act funding to support energy efficiency and renewable energy projects in California, Missouri, New Hampshire and North Carolina.
Initial funds of 40% have been authorized, with 10% of total funding previously available to states to support planning activities and the remaining funds will be provided to the states upon successful implementation of the programs as follows:
California - $90.4 million. In addition to energy efficiency measures, the California Energy Commission will leverage existing partnerships with $20 million in Recovery Act funding to create a more extensive green workforce focused on clean energy and energy efficiency sources, including wind and solar. Additional funding available - $113 million.
Missouri- $22.9 million to expand its existing Energy Center program which includes a variety of home efficiency programs, building energy codes, and education and training initiatives. Under the program, the state will focus on finding energy efficiency opportunities in its five most energy-intensive industrial/manufacturing categories: aluminum, chemicals, food products, metal casting, and forest products including paper. Additional funding available - $28.6 million.
New Hampshire - $10.3 million for several renewable energy initiatives including programs that will increase building efficiency for businesses, commercial enterprises, institutions and non-profits through building codes and competitive loan and grant programs. Additional funding available - $12 million.
North Carolina - $30.4 million to establish revolving loan programs, competitive grant programs, and education and training programs designed to spur investment in renewable energy and energy efficiency technologies. A new revolving loan fund will be created to provide no- and low-interest loans to businesses, nonprofit organizations, local and state governments, and schools and universities, along with competitive grants that will be available to businesses and organizations with innovative clean energy projects. The state will also develop a multi-level training and workforce program through its community college and university systems to meet the needs of an emerging green economy. Additional funding available - $38 million. (Source: U.S. DOE, June 25, 2009)
Contact: Cathy Zoi, Assistant Secretary, Energy Efficiency and Renewable Energy, (202) 586-9220, cathy.zoi@ee.doe.gov, www.energy.gov
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