Business
Ram Power, Corp. announces award of $5M grant from US DOE
Ram Power, Corp. announces award of $5M grant from US DOE
About this update from Polaris Renewable Energy Inc.
[{"type":"text","content":"\n\n\n\nNov. 2, 2009 (Canada NewsWire Group) -- RENO, NV, Nov. 2 /CNW/ -- Ram Power, Corp. (TSX:RPG)(\"Ram Power\"), a renewable energy company, announced today that its wholly owned subsidiary, Ram Power, Inc. has been awarded a US $5 million grant by the US Department of Energy for the exploration and development of new geothermal fields and research into advanced geothermal technologies at its projects in the Imperial Valley of California .The grant will be matched one-for-one with an additional US $5 million in Ram Power in cost-share funds. The Ram Power project has been selected by the DOE as directed towards identifying and developing new geothermal fields and reducing the capital risk associated with geothermal development through innovative exploration, drilling and data base development.Ram Power's Imperial Valley California projects have executed power sales contracts and the potential capacity to support the production of up to 300 MWs of geothermal power. This grant will be applied to develop the innovative Ram Power exploration and resource definition techniques that will accelerate the full development of these resources.In making this announcement Hezy Ram, CEO and President of Ram Power said, \"Ram Power is honored to participate in the exploration and development of the vast geothermal energy resources of the United States which hold the potential to bolster our economy by helping to create thousands of jobs.\"About Ram Power, Corp.Ram Power is a renewable energy company based in Reno, Nevada engaged in the business of acquiring, exploring, developing and operating geothermal properties and has an interest in geothermal projects primarily in California, Nicaragua and Nevada. Its subsidiary, Polaris Geothermal Inc., is focused on developing projects in Latin America and the Caribbean and is currently operating one concession at San Jacinto - Tizate in Nicaragua.Cautionary StatementsThis press release contains \"forward-looking information\" within the meaning of applicable securities laws including information regarding the business of Ram. Readers are cautioned to not place undue reliance on forward-looking information. Actual results and developments may differ materially from those contemplated by this information. The statements in this press release are made as of the date of this release. Ram Power underta...