The recent passage by the House Ways and Means Committee of the $57 billion Energy and Tax Incentives Act of 2008 (H.R. 6049) will allow the extension of production tax credits for new renewable energy projects like Raser Technologies, Inc.'s geothermal power projects.

The proposed extension would grant the continued credits for renewable energy projects that are placed in service through 2011.

“I am fully committed to working with my colleagues to move legislation that will encourage the production and use of alternative energy,” says Max Baucus, Chairman of the Senate Finance Committee, in a statement about the legislation.

Brent M. Cook, Raser’s CEO, commented, “We applaud the vision of our Congressional leaders to renewable energy and believe that this important piece of legislation will stimulate the continued growth of economical and environmentally friendly geothermal energy production. The extension of the production tax credits encourages aggressive growth in renewable energy development and supports our rapid deployment strategy for building a number of geothermal power plants over the next decade. We support moving forward with and passing this legislation this year.”

For more information, visit www.rasertech.com.