U.S. Geothermal Inc. (NYSE Mkt: HTM) (TSX: GTH) is a leading renewable energy company focused on the development, production and sale of electricity from geothermal energy and is operating geothermal power projects Neal Hot Springs, Oregon, San Emidio, Nevada and Raft River, Idaho. The company is currently developing a project at the Geysers, California, a second phase project at San Emidio, as well as El Ceibillo, an advanced stage, geothermal prospect located within a 24,710 acre (100sq km) energy rights concession area located 8.5 miles (14 km) from Guatemala City, the largest city in Central America. SNNLive spoke with Dennis Gilles, CEO of U.S. Geothermal Inc. at Singular Research's 9th Annual "Best of the Uncovereds" Conference 2014 in Bel Air, CA.
Mr. Gilles begins with an overview of U.S. Geothermal Inc, “U.S. Geothermal Company is a US-based company, we’re based in Boise, Idaho. We have three power plants: one in the southeast corner of Oregon, one in the southeast corner of Idaho and one near Reno, Nevada.” He then goes into explain what geothermal energy actually is and how they extract it, “Geothermal is renewable energy technology and with geothermal instead of drilling down into the ground, what we do is we get energy from the ground but instead of drilling down like you would for oil or gas, we drill down in a very similar way but we get hot water or steam and then we bring it up to the surface and we extract the energy from it and make electricity and then we put the water back down into the ground where it’s reheated, brought back up and just gonna do-loop like that.” As long as the Earth’s core continuously heats the water back up, geothermal energy is completely renewable energy.
“We’re producing electricity. We take the energy that comes out, we extract the heat out of it and then we use it to run a turbine. So in the same way that perhaps a coal plant or a gas plant or a nuclear plant or an oil plant would use one of those fuels to boil the water to make the electricity, what we’re doing is using the heat of the earth to boil that water to make the electricity,” explains Mr. Gilles. By using the Earth to heat up water instead of fossil fuels, geothermal energy plants provide a completely natural and green alternative to electricity production, which leaves no waste products.
Mr. Gilles goes into the current revenue streams and the future of U.S. Geothermal, “We have the three plants right now, those plants are providing predictable long-term cash flows. They’re providing, you know we’re in the black, we’re producing positive cash flows for the company, more than covers our operating costs and our overheads. It’s contributing to the growth of the company so we can do one of two things: we can either grow by building new power plants or we can grow by acquiring other plants in a fragmented industry.” For more information, check out their website at www.USGeothermal.com
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