The agreement provides for downpayments by Raser or its associated project entities to UTC Power. Other financial terms of the transaction were not disclosed.

Raser began taking delivery of the UTC Power systems ordered last year in the fourth quarter of 2007 and all 200 units will be delivered by the end of this year. UTC Power also will maintain these units. The geothermal power plants are expected to qualify for Renewable Energy Credits and are also anticipated to be placed in service in time to qualify for Production Tax Credits and other tax benefits provided under the Internal Revenue Code.

"The existing federal Production Tax Credit for geothermal energy resources created a valuable incentive for the purchase and deployment of these units during this calendar year," said UTC Power President Jan van Dokkum. UTC Power and Raser Technologies both support legislation that would provide a long-term extension of the Production Tax Credit to increase use of a clean, renewable energy resource that provides power on a continuous 24/7 basis.

"Accelerated development of domestic geothermal resources will produce electricity in an environmentally friendly way and contribute to U.S. energy independence," said Brent M. Cook, chief executive officer of Raser. "We are delighted to be associated with a company like UTC Power with its unique capabilities to help us meet our rapid deployment goals."

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