Renewable energy development firm U.S. Geothermal (TSX: GTH)(NYSE: HTM) has won the Geothermal Energy Association (GEA) Honors 2013 award for technological advancement for its Neal Hot Springs geothermal power plant.
GEA gave U.S. Geothermal the recognition for innovative or pioneering technology for its plant, located in Vale, Ore., as it is considered to be the first supercritical Organic Rankine Cycle (ORC) binary power plant for commercial use. The plant generates 22 megawatts and uses a nontoxic and nonflammable organic working fluid called R134a.
"Even in a challenging environment, our GEA Honors winners represent the best in a growing industry," Karl Gawell, executive director at GEA, said in a statement. "These geothermal leaders are trailblazers and should be praised for the headway they're achieving for the entire sector."
According to a report by GEA and Geothermal Resources Council (GRC), renewable energy is expected to produce an estimated 14 percent of the nation's electricity. While wind and solar energy technologies are projected to generate a majority of these sources, GEA and GRC said geothermal complements other renewable energy sources.