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Geothermal project developer Gradient raises USD63m
Gradient Resources has raised USD63m in financing from undisclosed sources, according to a regulatory filing. The financing comes in the form of options and warrants. Formerly known as Vulcan Power, the Colorado-based firm develops geothermal power projects and has previously said it holds 170,000 acres of US government land leases in states including Nevada, California, Oregon and Arizona, which have a potential of generating up to 1.2GW of electricity. Of this, Gradient says it has it has 400MW of projects at advanced stages of development.
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