According to the US Department of Energy online, “Direct use of geothermal energy in homes and commercial operations is much less expensive than using traditional fuels. Savings can be as much as 80% over fossil fuels. Direct use is also very clean, producing only a small percentage (and in many cases none) of the air pollutants emitted by burning fossil fuels.”
Geothermal Stocks Sector Close-Up
SPX Corporation (NYSE: SPW) recently announced its thermal equipment and services business has agreed to supply critical components worth approximately $100 million to Orkuveita Reykjavikur (OR), an Iceland utility. The announcement was made at a formal ceremony at the Hellisheidi geothermal power plant in Iceland on Friday, May 30, 2008.
"Our products will help create one of the most modern and efficient geothermal facilities in the world," said Drew Ladau, President of SPX Thermal Equipment and Services. "Iceland is a world leader in geothermal power generation and we're pleased to play a role in helping build their energy infrastructure."
Calpine Corporation (NYSE: CPN) recently rejected NRG Energy Inc.'s proposed all-stock merger, valued at $9.56 billion, as inadequate. Calpine, a major U.S. power company owns, leases, and operates low-carbon, natural gas-fueled, and renewable geothermal power plants.
Essential Innovations Technology Corp. (OTCBB: ESIV) recently announced that the Company has signed on with a number of agents for product representation, having exclusive or non-exclusive right to the ESIV product- line in North America and certain parts of Asia, while it further states that it has additionally engaged with other parties under corporate representation agreements for the promotion and execution of overall business and financing objectives.
Nevada Geothermal Power, Inc. (CDNX: NGP.V; OTCBB: NGLPF) was up 0.15 (13.39%) on trading June 4th on news that Ross Glanville, B.A.Sc., P. Eng., MBA, has been appointed to NGP's Board of Directors. Mr. Glanville has over 35 years experience in mining, exploration, finance, marketing and management, with 20 years experience in senior executive positions within major and junior mining companies. Mr. Glanville has been director, president, and founder of public companies (listed on the Toronto Stock Exchange, NASDAQ, Australian Stock Exchange, and TSX Venture Exchange) involved in mine operations, research and development, and exploration for a wide variety of mineral commodities.
Ormat Technologies Inc. (NYSE: ORA) with a 52-week range of $33.52 - $57.93, closed at $51.24 as of trading close June 4th
Sierra Geothermal Power Corp (TSX.V:SRA) issued news on June 3rd with results of an independent report by GeothermEx Inc. which significantly increases the resource estimate on its Barren Hills project in Lyon County, Nevada. GeothermEx estimates a 90% probability (confidence level) of generating at least 55 megawatts and a 50% probability that the reserve can support a plant of 117 megawatts.
US Geothermal (Amex: HTM, TSX: GTH) closed up 0.05 (1.89%)
LSB Industries, Inc. (AMEX: LXU) recently announced that it has again been named to Business Week’s annual list of Hot Growth Companies. LSB’s principal business activities consist of the manufacture and sale of commercial and residential climate control products, such as geothermal and water source heat pumps.
For investors following the sector, Renewableenergystocks.com features a global directory of publicly traded geothermal stocks.
About Featured Geoexchange Showcase Company
Essential Innovations Technology Corp. (OTCBB: ESIV - FRANKFURT: E6S) provides cutting-edge Geoexchange solutions for residential, commercial and industrial applications as both a manufacturer of proprietary geothermal heat pump technology and as a Geoexchange energy service company. The Company was incorporated in April 2001, and it has four wholly owned subsidiaries located in British Columbia, Canada and in Hong Kong, SAR, and China.
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Source: RenewableEnergyStocks.com, Essential Innovations