Arrow to build geothermal plants in Sulawesi

US minnow Arrow Resources Development, Inc. reported on Tuesday to have entered into a MoU with Four Crystal Funding, Inc. to invest US$10,000,000 at a price of $1.00 per share of Arrow common stock.

Arrow has further agreed with GTherm Inc. to have geothermal power plants, employing the GTherm technology, built and operated on its properties in Indonesia.

GTherm has agreed to build and maintain up to two hundred 50 mega watt (MW) geo-thermal power plants using the GTherm technology. GTherm, Inc. has developed an advanced, patent-pending Single Well Engineered Geothermal System(TM) (SWEGS) that eliminates many of the limiting factors present with current water-based Enhanced Geothermal Systems.

The first geothermal Plant will be in Kendari, Southeast Sulawesi for the use of PT. Tiga Daun Nusantara, Arrow's joint venture partner, on the initial plantation site. GTherm technology uses proven components developed and tested at the US Department of Energy and by United Technologies Corporation and is cost competitive with conventional fossil fuel electric power generation technologies.

The site for the initial geothermal 50 MW plant was chosen to coincide with the site of Arrow Resources Development, Inc. and PT. Tiga Daun Nusantara large scale plantation/farming and ethanol plants in Indonesia. ?This will be the initial site to showcase the patented technology of the Geothermal Plant as well as provide the energy for the Agriculture and later Ethanol project of Arrow and PT. Tiga Daun Nusantara. The remainder of the energy not utilized by PT. Tiga Daun Nusantara will be sold to PT. Perusahaan Listrik Negara (PLN) to provide an alternative, environmentally friendly renewable energy to the surrounding area which has been plagued with an inconsistent electricity supply,? it said. (alex)