Sure, the recent economic downturn and drop in oil prices have shifted focus away from renewable energy projects to some extent. . . for the moment. However, the same set of circumstances still plague the U.S. whether oil is priced at $30 per barrel or $150. The need to end reliance on foreign oil and minimize our carbon footprint is growing and only a push towards cleaner, more economical energy sources can help achieve this.

An exciting technology capable of drastically changing the way we produce energy was profiled in Tuesday’s addition of USA Today.

According to the article, entitled “Despite Economy, 3 Companies Stay on Alternative-Energy Path”, research firm New Energy Finance expects investment in emerging alternative energy projects to grow nearly 45% in 2008 to $14.2 billion from $9.8 billion in 2007 with total spending on clean-energy projects at $142 billion. The piece highlights geothermal producing Raser Technologies, Inc. (NYSEArca: RZ) as one of 3 companies that are persevering in the alt-energy space despite tough credit markets, declining oil prices, and a dismal economy.

While geothermal energy itself is not a new concept, the technology developed by United Technologies and deployed in Raser’s first geothermal power plant is relatively new. It is also beginning to emerge as a viable alternative to traditional electricity generation technologies due to the growing number of economical and environmental benefits it affords.

Despite Economy, 3 Companies Stay on Alternative-Energy Path

Newly appointed United States energy secretary Steven Chu has already voiced his intent to immediately begin seeking alternatives to coal energy, which provides roughly 50% of America’s electricity.

This aligns perfectly with President elect Obama’s plans to “develop new forms of energy and ways to use them”. While nuclear, solar, and wind are all expected to play a role in helping reduce the country’s carbon footprint, Mr. Chu may have an ace up his sleeve.

Earlier this year, Chu, a Nobel Prize winner, briefed the world on the many benefits of enhanced geothermal systems. As the country searches for an optimal alternative to fossil fuels, recent advancements made in the geothermal sector by companies such as United Technologies and Raser Technologies coupled with support from America’s energy and environmental departments could become a driving force behind widespread adoption of geothermal technology.

Steven Chu on Geothermal Energy

UTC has developed the PurceCycle® power solution, a fuel-independent system that is able to convert lower temperature (+165 Farenheit) geothermal resources into 280KW of electrical power. This technological innovation helps energy providers overcome one of the key roadblocks to the widespread generation and usage of geothermal energy.

Historically, in order to optimally harness geothermal power, the presence of high temperature geothermal resources (+300F), such as those typically located near areas with high volcanic activity, was imperative. UTC’s development greatly expands the potential pool of geothermal resources that American firms can harness by roughly 120,000 MW of energy (U.S. Geological Survey data). RZ will soon be one of the first U.S. companies to leverage the technology.

The company’s Thermo #1 plant in Utah, which is scheduled to be online by year’s end, will incorporate the PurceCycle system into its modular power plant design. RZ is set to begin delivering on its first geothermal power contract with the City of Anaheim this week. To date, RZ has received and implemented 50 PurceCycle units for use at its Thermo #1 plant, and placed orders for a combined 200 units which are expected to generate roughly 45-50MW of energy at the company’s first 4 to 5 geothermal plants.

Why geothermal energy?

In a nutshell:

Geothermal energy is a renewable and unlimited source of emission-free base-load (24/7) power.

Generating geothermal power requires relatively little real estate in comparison to traditional power plants.

There are substantial governmental renewable energy mandates/tax incentives available to producers.

Geothermal power is cost competitive with coal-based energy, which fuels half of our nation’s electricity.

PureCycle Overview

Raser Technologies announced Monday that is has filed for listing on the NYSE “Big Board” and also recently closed the remaining $10M of its private placement funding with Fletcher International.

In the wake of negative news ranging from massive ponzi schemes to the possibility of all three American car manufacturers filing for bankruptcy, Raser’s recent announcements are a breath of fresh air and indicative of how the company’s model is holds up in a global economic slowdown.

"Raser Closes Remaining Funding of Previously Announced Private Placement"