Geothermal Industry Update

SEAN PEASGOOD, Wellington West Capital Markets (02/25/2010)
"Geothermal attracting capital both privately and from government.
Vulcan raises another $108M from Denham Capital and Raser closes $19M financing. Governments around the world offer grants and support.

Government support continues to grow at home and internationally.
U.S. proposes increasing geothermal technology funding by 25% as well as grants to assist in EGS development. Israel releases renewable targets.

New projects being announced illustrate international opportunity.
North American projects are advancing, but new projects in Serbia, Argentina, Kenya, New Zealand and Indonesia offer international growth.

As projects advance and plants come online these trends should build.
U.S. projects up 46% in 2009. Investor attention should increase as projects advance and plants are brought online successfully."

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