U.S. Geothermal

Seattle-based AltaRock Energy, Inc. and Davenport Newberry Holdings LLC of Stamford, Connecticut, geothermal energy project developers, this summer plan to test the energy potential of the Newberrry Volcano, located about 20 miles south of Bend, Oregon.

U.S. Geothermal Inc. (NYSE: HTM) announced it has received approval on an amended power purchase agreement for energy provided by its San Emidio Project to the Sierra Pacific Power Company (SPPC).

Solar power technology companies continued this week to lead the overall green indices and ETFs as well as the broad markets. 

The EnergyBoom Solar Subindex (E•B Solar) increased 4.06 percent and the Guggenheim Solar  ETF (TAN) gained 3.32 percent on the week, compared with the S&P 500 (+0.13 percent), the Dow Jones Industrial Average (+1.43 percent) and the NASDAQ composite ( -1.51 percent).

EnergyBoom’s Biofuel subindex (E•B Biofuel) increased 5.68 percent this week to beat the broad market indices and other green sector indices. 

The subindex was led by Verenium Corporation (NASDAQ: VRNM) which increased 15.55 percent (-15.78 percent year-to-date) and Amyris, Inc. (NASDAQ: AMRS), which was up 12.56 percent (+43.62 percent since its initial public offering in late September). 

EnergyBoom’s E•B Efficiency subindex had the best performance in November among Energyboom’s five sector indices and also beat all broad market indices for the month. The E•B Efficiency slipped 0.13 percent for the month, narrowly beating the best-performing broad market index, the S&P 500 Index (-0.23 percent).

U.S. Geothermal, Inc. subsidiary, USG Oregon LLC, recently announced the successful drilling and testing of NHS-8 [pdf], the third production well at the Neal Springs Geothermal Project in eastern Oregon.

Well, well, well.  Once again, here we stand on the eve of another journey.

But first a little prelude, if I may.

If geothermal power achieves its potential to become a significant contributor to the economy’s transition from fossil fuels to cleaner power, the best performers among these pure-play publicly traded companies will make their shareholders a lot of money: Ormat Technologies, Inc. (NYSE:ORA), Ram Power Corp. (TSE: RPG), Magma Energy Corp. (CVE:MXY), Nevada Geothermal Power Inc. (OTC:NGLP), and U.S. Geothermal Inc. (AMEX: HTM). 

Magma Energy is enjoying a volcanic IPO. The Vancouver-based geothermal start-up is going public and some observers estimate that they may raise more than $85 million - double what was predicted only one month ago.