Shares of Raser Technologies Inc. sank on Wednesday after the energy technology company disclosed a government agency denied its loan application for a future Thermo project.
Shares of Raser shed 16 cents, or 8.2 percent, to $1.79 in afternoon trading, after setting a 52-week low of $1.61. The company's stock has traded between $1.61 and $9 over the past 52 weeks.
The Provo, Utah-based company, which makes technology for electric motors, said it was notified by Energy Department that its loan guarantee application for its East Thermo project had been denied.
In its notice, the agency said "we believe that the East Thermo project possesses fundamental strengths, but would benefit from continued development," according to Raser.
East Thermo is a future phase of a Thermo-area proposed development, roughly six miles east of Raser's Thermo No. 1 plant. Raser was seeking the loan to extend its range of financing options.
The company recently announced it entered into a term sheet with the Southern California Public Power Authority for a prepaid power purchase agreement.
Shares of Raser shed 16 cents, or 8.2 percent, to $1.79 in afternoon trading, after setting a 52-week low of $1.61. The company's stock has traded between $1.61 and $9 over the past 52 weeks.
The Provo, Utah-based company, which makes technology for electric motors, said it was notified by Energy Department that its loan guarantee application for its East Thermo project had been denied.
In its notice, the agency said "we believe that the East Thermo project possesses fundamental strengths, but would benefit from continued development," according to Raser.
East Thermo is a future phase of a Thermo-area proposed development, roughly six miles east of Raser's Thermo No. 1 plant. Raser was seeking the loan to extend its range of financing options.
The company recently announced it entered into a term sheet with the Southern California Public Power Authority for a prepaid power purchase agreement.
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