Exhibit 10.3

SECURITY AGREEMENT

     SECURITY AGREEMENT dated as of October 1, 2010 (as amended, supplemented,
or otherwise modified from time to time, this “Agreement”) is entered into by
and between LIGHTNING DOCK GEOTHERMAL HI-01, LLC, a Delaware limited liability
company (the “Company”) and EVERGREEN –FE LIGHTNING DOCK, LLC, a Delaware
limited liability company (the “Lender”).

R E C I T A L S:

     The Lender has agreed to make loans to the Company pursuant to that certain
Letter Agreement of even date herewith among Company, Lender, Raser
Technologies, Inc., Raser Power Systems, LLC and Los Lobos Renewable Power, LLC
(the “Letter Agreement”) and under that certain Secured Promissory Note of even
date herewith made by Borrower in favor of Lender (as amended or restated from
time to time, the “Note”).

     The Lender has requested, and the Company has agreed to grant to the
Lender, a security interest in the Collateral to secure the Obligations (as
hereinafter defined).

     NOW, THEREFORE, in consideration of the foregoing and for other good and
valuable consideration, the receipt and sufficiency of which are hereby
acknowledged by both parties, the parties hereto hereby agree as follows:

     1. Definitions. As used in this Agreement, the following terms have the
respective meanings specified below, unless the context requires otherwise:

“Collateral” shall have the meaning given thereto in Section 2 hereof. “Event of
Default” shall have the meaning given thereto in Section 6 hereof.

     “Governmental Authority” shall mean the government of the United States of
America, any other nation or any political subdivision thereof, whether state,
provincial or local, and any agency, authority, instrumentality, regulatory
body, court, central bank or other entity exercising executive, legislative,
judicial, taxing, regulatory or administrative powers or functions of, or
pertaining to, government.

     “Lien” shall mean, with respect to any asset, (a) any mortgage, deed of
trust, lien (statutory or other), pledge, hypothecation, collateral assignment,
encumbrance, charge or security interest in, on or of such asset, (b) the
interest of a vendor or a lessor under any conditional sale agreement, capital
lease or title retention agreement (or any financing lease having substantially
the same economic effect as any of the foregoing) relating to such asset, (c)
the filing under the UCC or comparable law of any jurisdiction of any financing
statement naming the owner of such asset as debtor, and (d) any other
preferential arrangement of any kind or nature whatsoever intended to assure
payment of any indebtedness or other obligation.

“New York UCC” means the Uniform Commercial Code as in effect on the date hereof
in the

State of New York.

     “Obligations” shall mean all obligations, liabilities, indebtedness and
other amounts of every nature owing from time to time by the Company to the
Lender under the Note (including all interest which accrues after the
commencement of any case or proceeding in bankruptcy after the insolvency of,

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or for the reorganization of the Company, whether or not allowed or allowable in
such case or proceeding).

     “Person” shall mean any individual, partnership, joint venture, firm,
corporation, association, limited liability company, trust or other enterprise
or any Governmental Authority.

“UCC” means the Uniform Commercial Code as in effect from time to time in any
applicable

jurisdiction.

     2. Grant of Security Interest. As collateral security for the punctual
payment and performance of all Obligations when due, the Company hereby pledges,
assigns, and grants to the Lender a first priority security interest in, and
lien upon, all of the Company’s right, title, and interest in and to the
following property, regardless of where located (collectively, for purposes of
this Agreement, the “Collateral”): (i) the property identified on Schedule A
hereto, together with any and all parts, additions, and replacements made to
such property, and (ii) all proceeds and profits of any of the foregoing.

     3. Representations and Warranties. The Company represents and warrants to
the Lender that: (a) as of the date hereof, the information regarding the
Company set forth on Schedule B hereto is true, correct, and complete, (b) the
Company has all necessary right, power, and authority to grant to the Lender a
security interest in the Collateral and has taken all necessary action to
authorize the Company’s execution, delivery, and performance of this Agreement,
including all necessary actions by partners, members, or managers, as the case
may be, (c) the Company is, and at all times will continue to be, the legal and
beneficial owner of the Collateral, (d) except for the security interest granted
to the Lender hereunder, the Company owns the Collateral free and clear of any
Lien and all Collateral has been duly and validly pledged hereunder, and (e)
there are no filings or recordations against the Collateral that grant, or
purport to grant, a Lien in any Collateral to any other Person.

     4. Covenants. The Company covenants and agrees with the Lender that: (a)
the Company will (i) be solely responsible for all matters relating to the
Collateral, (ii) not, and will not purport to, grant or suffer Liens against, or
sell, transfer or dispose of any Collateral, (iii) from time to time take all
actions and make all filings, registrations, and recordations reasonably
requested by the Lender in order to perfect or maintain the priority of the
Lender’s security interest in the Collateral, including, without limitation,
filing UCC financing statements, with the Secretary of State of the State of
Delaware and of each other jurisdiction reasonably requested by Lender, and (iv)
hold in trust for the Lender in the form received (except for any necessary
endorsements) all property, proceeds, or distributions received by the Company
on account of any Collateral, (b) at any time and from time to time, after the
occurrence and during the continuance of any Event of Default, the Lender may
transfer all or any part of the Collateral to the Lender’s name or that of its
nominee, and exercise all rights as if the absolute owner thereof, and file a
proof of claim for, receive payments or distributions on, and exchange or
release Collateral in any bankruptcy, insolvency or similar proceeding, (c) the
Lender is authorized to file UCC financing statements and/or a copy of this
Agreement and give notice to third parties regarding the Collateral without the
Company’s signature to the extent permitted by applicable law, (d) the Company
will not change its name, type of organization, address, or legal domicile
without providing written notice to the Lender within 30 days following such
change, and (e) the Lender may rely upon any written (including telecopy),
telephonic, or oral communication in good faith believed by the Lender to have
been authorized by the Company.

     5. No Discharge of the Company. The Company hereby irrevocably,
unconditionally and expressly waives, to the fullest extent permitted by
applicable law, all defenses, counterclaims, rights of setoff, any requirement
that the Lender first proceed against any guarantor or any other security, all
requirements for notice of any kind, demand, protest, presentment, notice of
non-payment, default or dishonor of any Obligation, notice of acceptance hereof,
marshalling of assets and the like, including,

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without limitation, any right to notice or judicial hearing in connection with
the Lender’s taking possession of, or disposition of, any Collateral, any notice
of any sale, transfer or other disposition by the Lender of any Obligation, and
all damages occasioned by any of the foregoing. No invalidity or
unenforceability of any Obligations shall affect, impair or be a defense to any
of the Company’s obligations or agreements or any of the Lender’s rights or
remedies hereunder. To the fullest extent permitted by law, the Company also
waives any and all rights or defenses arising by reason of any law that in any
other way would otherwise require any election of remedies by the Lender.

     6. Events of Default. Each of the following events or conditions is an
“Event of Default”: (a) any representation or warranty made by the Company under
or in connection with the Note or this Agreement shall have been incorrect in
any material respect when made or deemed made, (b) the Company shall fail, in
any material respect, to perform or comply with any covenant or agreement
contained in the Note or this Agreement required to be performed or observed by
it, including, without limitation, payment in full of all Obligations under the
Note on the Maturity Date, except as otherwise permitted by the Letter
Agreement, (c) the Company (i) shall institute any proceeding or voluntary case
seeking to adjudicate it as bankrupt or insolvent, or seeking dissolution,
liquidation, winding up, reorganization, arrangement, adjustment, protection,
relief or composition of it or its debts under any law relating to bankruptcy,
insolvency, reorganization or relief of debtors, or seeking the entry of an
order for relief or the appointment of a receiver, trustee, custodian or other
similar official for the Company or for any substantial part of its property,
(ii) shall be generally not paying its debts as such debts become due or shall
admit in writing its inability to pay its debts generally, (iii) shall make a
general assignment for the benefit of its creditors, or (iv) shall take any
action to authorize or effect any of the actions set forth above in this
subsection (c), (d) any proceeding shall be instituted against the Company
seeking to adjudicate it as bankrupt or insolvent, or seeking dissolution,
liquidation, winding up, reorganization, arrangement, adjustment, protection,
relief of debtors, or seeking the entry of an order for relief or the
appointment of a receiver, trustee, custodian or other similar official for the
Company or for any substantial part of its property, and either such proceeding
shall remain undismissed or unstayed for a period of 30 days or any of the
actions sought in such proceeding (including, without limitation, the entry of
an order for relief against the Company or the appointment of a receiver,
trustee, custodian or other similar official for it or for any substantial part
of its property) shall occur, (e) any Lien or security interest created by this
Agreement shall, for any reason, cease to be valid, or any action is commenced
by the Company which contests the validity, perfection or enforceability of any
of the Lien and security interest of the Lender created by this Agreement, or
(f) this Agreement shall for any reason fail or cease to create a valid and
perfected and, except to the extent permitted by the terms hereof or thereof,
first priority Lien in favor of the Lender on any Collateral purported to be
covered thereby.

     7. Remedies. Upon the occurrence, and during the continuation, of any Event
of Default, the Lender shall have the right to take possession of, and sell,
redeem, assign, liquidate, transfer and deliver all or any part of the
Collateral, at any brokers’ board or exchange, or at public or private sale or
otherwise, at the option of the Lender, for cash or on credit for future
delivery, in such parcel or parcels and at such times and places, and upon such
terms and conditions as the Lender may deem proper, and in connection therewith
may grant options and impose reasonable conditions, all without (except as same
are required by applicable law and cannot be waived or are expressly required
herein) advertisement or demand upon or notice to the Company or any other
person entitled to notice or right of stay, extension, moratorium, appraisal or
redemption of the Company, all of which are hereby expressly waived to the
fullest extent permitted by applicable law; upon each such sale, the Lender, to
the extent permitted by law, may purchase all or any of the Collateral, free and
clear of all claims, rights of redemption and equities of the Company; and the
Lender shall have all of the rights and remedies of a secured party under the
UCC and any other applicable law. Notwithstanding any other provisions of this
Agreement to the contrary, any sale or disposition of the Collateral by Lender
shall be conducted in a commercially reasonable manner so as to maximize the
proceeds from the sale of such Collateral. Without limiting the generality of
the foregoing, Lender shall (i) advertise at least three times the sale of such
Collateral 45 or more days in advance of the

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sale in publications that specialize in power generation equipment; (ii) utilize
a professional auctioneer with prior experience in the sale of technical
equipment who has contacts in the power industry; and (iii) prepare such
Collateral for sale in a manner that will maximize the expected proceeds.

     8. Sales of Collateral. To the extent required by applicable law that
cannot be waived, the Lender will give the Company notice of the time and place
of any public sale or of the time after which any private sale or other
disposition of Collateral is to be made, by sending notice at least 20 days
before the time of sale or disposition, which the Company agrees is reasonable.
The Lender shall comply with any applicable state or federal law requirements in
connection with a disposition of the Collateral and such compliance will not be
considered adversely to affect the commercial reasonableness of any sale of the
Collateral. The Lender may convert any proceeds in foreign currency to U.S.
dollars at the average of the buying spot rates of exchange for freely
transferable U.S. dollars in effect at the lending office selected by the Lender
as at the close of business on the date of payment of the sales price for such
Collateral. After deducting its reasonable costs and expenses from the proceeds
of sale, the Lender may apply any residue to pay the Obligations in such order
as it elects. If the proceeds are insufficient to cover the full Obligations,
the Lender shall not have any recourse against the Company other than to receive
preferred membership interests in the Company on the terms and conditions set
forth in the Letter Agreement. In the event the purchaser fails to pay for the
Collateral, Lender may resell the Collateral and the Company shall be credited
with the proceeds of the sale. If the Lender sells any of the Collateral upon
credit, the Company will be credited only with payments actually made by the
purchaser and received by the Lender. In the event the purchaser fails to pay
for the Collateral, Lender may resell the Collateral and the Company shall be
credited with the proceeds of the sale.

     9. Attorney-in-fact. The Company hereby irrevocably designates and appoints
each of the Lender and any designee or agent (each an “Attorney”) as
attorney-in-fact of the Company, with full power of substitution, each with
authority acting alone, following the occurrence and during the continuance of
any Event of Default, to execute assignments and other instruments of
conveyance, and do all other acts and things necessary and advisable in the sole
discretion of Attorney to carry out and enforce Lender’s rights in and to the
Collateral under this Agreement. All acts of each Attorney are hereby ratified
and approved and no Attorney shall be liable for any acts of commission or
omission or for errors of judgment or mistake of fact or law. This power of
attorney is irrevocable and coupled with an interest.

     10. Severability. In the event and to the extent that any provision of this
Agreement shall be invalid, illegal or unenforceable in any jurisdiction, the
validity, legality and enforceability of the remaining provisions, or of such
provision in any other jurisdiction, shall not in any way be affected or
impaired thereby.

     11. Waivers. No failure or delay by the Lender in exercising any right or
remedy and no course of dealing between the Lender and the Company shall operate
as a waiver thereof, nor shall any single or partial exercise of any right
preclude any other or future exercise thereof. All rights and remedies of the
Lender shall be cumulative and may be exercised singly or concurrently. No
notice to or demand on the Company shall entitle the Company to any other or
further notice or demand, or constitute a waiver of the Lender’s rights.

     12. Amendment; Successors and Assigns. This Agreement may not be assigned,
modified, changed, waived or discharged, except by a writing signed by the
parties hereto; provided, that Lender may assign this Agreement and its rights
hereunder to any affiliate of Lender without the consent of the Company. Any
waiver of any provision of this Agreement or any consent to any departure by the
Company therefrom shall be effective only in the specific instance and for the
specific purpose for which given. This Agreement shall be and remain the
independent obligation of the Company, shall inure to the benefit of and be
enforceable by the Lender and its successors and permitted transferees and
assigns, and shall be binding

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upon the Company and the Company’s successors. This Agreement shall terminate
upon final payment in full in cash to the Lender of all of the Obligations, and
shall continue to be effective or shall be reinstated, as the case may be, if at
any time payment of or on account of any of the Obligations is rescinded or must
otherwise be restored or returned by the Lender upon the insolvency, bankruptcy
or reorganization of the Company or any other person or otherwise, all as though
such payment had not been made.

     13. Notices. Any notice, request, instruction or other document to be given
hereunder by either party hereto to the other party shall be in writing and
shall be deemed effective (i) upon personal delivery, if delivered by hand, or
(ii) three days after the date of deposit in the mails, postage prepaid if
mailed by certified or registered mail, or (iii) on the next business day, if
sent by prepaid overnight courier service, addressed as follows:

  If to the Company:

  Lightning Dock Geothermal HI-01, LLC
5152 N. Edgewood Drive, Suite 375
Provo, UT 84606

  If to the Lender:

  Evergreen-FE Lightning Dock, LLC
c/o FE Clean Energy Group
22 Thorndal Circle
Darien, CT 06820
Telephone: 203 662 9293
Attention: Chairman

Either party may change the address to which notices are to be sent by giving
notice of such change of address to the other party in the manner herein
provided for giving notice.

     14. Counterparts. This Agreement may be executed in any number of
counterparts on separate counterparts, each of which shall be an original, but
all of which shall together constitute one and the same instrument. Delivery of
an executed counterpart of a signature page of this Agreement by any electronic
means that reproduces an image of the actual executed signature page shall be
effective as delivery of a manually executed counterpart of this Agreement.

     15. GOVERNING LAW AND JURISDICTION. THIS AGREEMENT AND THE RIGHTS AND
OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE CONSTRUED IN ACCORDANCE WITH AND
BE GOVERNED BY THE LAW OF THE STATE OF NEW YORK (WITHOUT REGARD TO CONFLICTS OF
LAW PRINCIPLES). ANY LEGAL ACTION OR PROCEEDING WITH RESPECT TO THIS AGREEMENT
MAY BE BROUGHT IN THE COURTS OF THE STATE OF NEW YORK OR OF THE UNITED STATES
FOR THE SOUTHERN DISTRICT OF NEW YORK, IN EACH CASE WHICH ARE LOCATED IN THE
COUNTY OF NEW YORK, AND, BY EXECUTION AND DELIVERY OF THIS AGREEMENT, THE
COMPANY HEREBY IRREVOCABLY ACCEPTS FOR ITSELF AND IN RESPECT OF ITS PROPERTY,
GENERALLY AND UNCONDITIONALLY, THE JURISDICTION OF THE AFORESAID COURTS. THE
COMPANY HEREBY FURTHER IRREVOCABLY WAIVES ANY CLAIM THAT ANY SUCH COURTS LACK
PERSONAL JURISDICTION OVER THE COMPANY, AND AGREES NOT TO PLEAD OR CLAIM, IN ANY
LEGAL ACTION PROCEEDING WITH RESPECT TO THIS AGREEMENT BROUGHT IN ANY OF THE

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AFOREMENTIONED COURTS, THAT SUCH COURTS LACK PERSONAL JURISDICTION OVER THE
COMPANY. THE COMPANY FURTHER IRREVOCABLY CONSENTS TO THE SERVICE OF PROCESS OUT
OF ANY OF THE AFOREMENTIONED COURTS IN ANY SUCH ACTION OR PROCEEDING BY THE
MAILING OF COPIES THEREOF BY REGISTERED OR CERTIFIED MAIL, POSTAGE PREPAID, TO
THE COMPANY AT ITS ADDRESS SET FORTH ABOVE, SUCH SERVICE TO BECOME EFFECTIVE 30
DAYS AFTER SUCH MAILING. THE COMPANY HEREBY IRREVOCABLY WAIVES ANY OBJECTION TO
SUCH SERVICE OF PROCESS AND FURTHER IRREVOCABLY WAIVES AND AGREES NOT TO PLEAD
OR CLAIM IN ANY ACTION OR PROCEEDING COMMENCED HEREUNDER THAT SERVICE OF PROCESS
WAS IN ANY WAY INVALID OR INEFFECTIVE. NOTHING HEREIN SHALL AFFECT THE RIGHT OF
THE LENDER TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY LAW OR TO COMMENCE
LEGAL PROCEEDINGS OR OTHERWISE PROCEED AGAINST THE COMPANY IN ANY OTHER
JURISDICTION.

(Signature page to follow)

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     IN WITNESS WHEREOF, the parties have executed and delivered this Security
Agreement as of the day and year first above written.

LIGHTNING DOCK GEOTHERMAL HI-01, LLC

By: /s/ Steven Brown
Name: Steven Brown
Title: Manager

EVERGREEN – FE LIGHTNING DOCK,
LLC

By: /s/ George A. Sorenson
Name: George A. Sorenson
Title: Managing Member

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Schedule A Collateral

See Attached.

* * *

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    Schedule B      Company’s Information  Type of Organization:               
                                       a limited liability company  Chief
Executive Office:                                                       5152 N.
Edgewood Drive, Suite 375                                                       
 Provo, UT 84604                                                       
 Telephone No.: 801 765-1200                                                   
     Telecopy No.: [
___________
]                                                         Attention: Nick
Goodman  Jurisdiction of Organization:                                         
             Delaware  Taxpayer Id. No.:                                       
               [
___________
]  Organization Id. No.:                                                     
 [4439782]      *** 

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    EVERGREEN-FE LIGHTNING DOCK, LLC        List of Collateral Pledged by       
    Lightning Dock Geothermal HI-01, LLC 

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    Item    Description    Serial No.    Location 

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Breaker    69 kV Substation Breaker    44740-1    Lightning Dock Area – Burgett
Warehouse 

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Transformer    Wakasha 14/18/22/26.4 MVA Mineral Oil Filed             
Substation Transformer    GM004070    Lightning Dock Area – Burgett Warehouse 

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Transformer    Wakasha 14/18/22/26.4 MVA Mineral Oil Filed             
Substation Transformer    GM004071    Lightning Dock Area – Burgett Warehouse 

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Transformer    2000 KVA GE Prolec Transformer    S2624-03-005    Lightning Dock
Area – Burgett Warehouse 

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Transformer    2000 KVA GE Prolec Transformer    S2624-03-004    Lightning Dock
Area – Burgett Warehouse 

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Transformer    2000 KVA GE Prolec Transformer    S2624-03-003    Lightning Dock
Area – Burgett Warehouse 

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Transformer    2000 KVA GE Prolec Transformer    S2624-03-002    Lightning Dock
Area – Burgett Warehouse 

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Transformer    2000 KVA GE Prolec Transformer    S2624-03-001    Lightning Dock
Area – Burgett Warehouse 

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Transformer    2000K 4160V/480V Transformer    03J860152    Lightning Dock Area
– Burgett Warehouse 

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Generator    200 kW Detroit Deisel Generator    178369-1-3-    Lightning Dock
Area – Burgett Property - Shop          0908     

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Generator    200 kW Detroit Deisel Generator    178369-1-4-    Lightning Dock
Area – Burgett Property - Shop          0908     

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VPD    PS200 Itt PumpSmart VFD    2102001372    Lightning Dock Area – Burgett
Property - Shop 

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Fire Suppression    Tigerflow Fire Protection Module (Fire Pumps,             
Electric Fire Pump, etc)    284311    Tiger Flow Corp. 4034 Mint Way, Dallas,
Texas 

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Pump    ITT Goulds 3180 XL 16/16/19/5VH ANSI 150              HP x 1180 RPM   
B261C553-1    Lightning Dock Area – Burgett Greenhouse 

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Pump    ITT Goulds 3180 XL 16/16/19/5VH ANSI 150              HP x 1180 RPM   
B261C553-2    Lightning Dock Area – Burgett Warehouse 

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Pump    ITT Goulds 3180 XL 16/16/19/5VH ANSI 150              HP x 1180 RPM   
B261C554-1    Lightning Dock Area – Burgett Warehouse 

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Pump    ITT Goulds 3180 XL 16/16/19/5VH ANSI 150              HP x 1180 RPM   
B261C553-3    Lightning Dock Area – Burgett Warehouse 

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Pump    ITT Goulds 3180 XL 16/16/19/5VH ANSI 150              HP x 1180 RPM   
B261C554-3    Lightning Dock Area – Burgett Warehouse 

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Pump    ITT Goulds 3180 XL 16/16/19/5VH ANSI 150              HP x 1180 RPM   
B261C554-2    Lightning Dock Area – Burgett Warehouse 

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Transformer    KVA Soloman Corp Transformer        Lightning Dock Area – Burgett
Warehouse 

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Transformer    KVA Soloman Corp Transformer        Lightning Dock Area – Burgett
Warehouse 

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Cooling Tower    Marley Class 400 Wood Cooling Tower:         

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     Wood Structure pieces    832031    Lightning Dock Area – Burgette Property
Greenhouse #4              & #5 

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     Cooling Tower Fill        Cotton City Gin, Colton City NM Hwy 338 

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     Cooling Tower Fans (Hubs, Blades)        Lightning Dock Geothermal HI-01,
LLC Leased Property 

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     Cooling Tower Fan Motors and Hardware        Lightning Dock Geothermal
HI-01, LLC Leased Property 

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Note:

Lightning Dock Geothermal HI-01 LLC has access and rights pursuant to Surface
Access and Rights Agreement with Burgett.

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