Raser Technologies (RZ) announced a definitive agreement to acquire Amp Resources ("Amp"), a private company with technologies focused on geothermal heat and power generation. The deal is for about $260 million in cash and stock.

Raser will acquire Amp and its portfolio of technologies for heat transfer and renewable power generation. Raser will also assume ownership of multiple, long-term geothermal energy sales contracts with public and private utilities. These contracts call for an aggregate of $966 million from gross energy sales over 20 years. It is anticipated that these power generation projects will be developed and placed in service by December 2007. [ more ]

Raser is an early stage development company that specializes in electric motors and is a founding member of the Plug-In Hybrid Development Consortium. The shares of Raser have been up over 100% in the last month. Today the stock is currently trading down over 20% on the news. This could be interpreted as profit taking. Also, typically the shares of the acquiring company heads down on the day of the announcement due to fears of increased liabilities. Raser will assume liabilities and about $50 million in debt once the deal closes.

Green Car Congress has additional details about the technology. [ more ]

Posted by Mark Anderson at 02:11 PM | Permalink | Comments (0)

Electro Energy Inc (EEEI) receive $1.5 million from the 2006 budget of the U.S. Department of Energy (DOE) for continued development and demonstration of its bipolar wafer-cell Nickel Metal Hydride (NiMH) battery energy storage program.

The funding was included in the Fiscal Year 2006 Energy & Water Development bill, which was passed by the U.S. Congress today and is expected to be signed by President Bush within the next week. The 2006 funding, will bring DOE's total investment in the development of the bipolar wafer-cell NiMH battery, in the energy storage program, to approximately $6.5 million. [ more ]

Posted by Mark Anderson at 11:59 AM | Permalink | Comments (0)

Electro Energy Inc (EEEI) announced the delivery of a Bipolar Battery System to the U.S. Army Communications and Electronics Command (CECOM), to be tested and demonstrated under the Silent Watch Program.

The EEEI bipolar battery system was built under the Company's contract with the U.S. Army Manufacturing Technology (Mantech) Program. The EEEI system, comprised of three 1kW modules, could be operated individually or as a complete system with a 3kW power capability, which would provide on-board vehicle electrical power to operate in Silent Watch Mode for three hours compared to the existing lead acid capability of 45 minutes. [ more ]

Technically this release will gather more defense sector interest for this company than anything to do with alternative energy. But you have to keep in mind that the R&D that goes into these types of projects can also be put towards commercial usage in other electric vehicles.

Posted by Mark Anderson at 02:46 PM | Permalink | Comments (0)

Arotech Corporation (ARTX) announced today that its Electric Fuel subsidiary is one of the founders of the recently formed Zinc Energy Storage Technology (ZEST) Consortium. Launched in March 2005, the Consortium's declared aim is to enable the market for zinc-energy storage technology to realize its full potential. The Consortium will initially focus on the electric vehicle market in Asia.

In preparation for the Olympic Games in Beijing in 2008, which China in its successful bid to the International Olympic Committee declared would be a "Green Olympics," China has committed to employing 1,000 environmentally clean buses for transportation of athletes to and from sporting venues, and Consortium members are bidding to supply at least part of this fleet. [ more ]

Posted by Mark Anderson at 08:18 AM | Permalink | Comments (0)

ZAP (ZAPZ) received orders from major U.S. automotive dealers at their annual convention, signing purchase orders in excess of $21,000,0000 for the Smart Car Americanized by ZAP.

ZAP is making its debut of the Smart Car to U.S. dealers at the annual National Auto Dealer Association (NADA) Conference and Exposition in New Orleans. CEO Steve Schneider said the purchase orders that ZAP received exceeded their projections. ZAP's goal was to collect new orders totaling $20 million to launch its distribution plans for the Smart Car. The socially responsible, public company based in Northern California has a business plan to establish a nationwide dealer network that caters to fuel-efficient car buyers. [ more ]

Updated: ZAP Smart Car Orders Accelerate to Over $40,000,000 [ more ]

Posted by Mark Anderson at 12:49 PM | Permalink | Comments (0)

ZAP (ZAPZ) announced it has received a second 100-unit wholesale purchase order for the SMART Car, bringing the total in wholesale fleet orders in hand to $4.98 million.

ZAP is in discussion with a number of government and corporate fleets as well as automotive wholesale dealers for purchase orders of 100 or more cars by December 31, 2004. ZAP unveiled the SMART Car to U.S. consumers in November at the San Francisco International Auto Show, announcing that the U.S. Environmental Protection Agency has issued a Letter of Conformity. This regulatory approval clears the way for ZAP to begin organizing U.S. marketing and distribution for the SMART Car. ZAP has an exclusive distribution contract with SMART-Automobile LLC for the rights to sell the cars in the United States with a near-term goal of 150 dealer outlets by second quarter of fiscal year 2005. [ more ]

Posted by Mark Anderson at 08:27 AM | Permalink | Comments (0)