Geothermal founder files $50 million suit
Stephen Munson filed the suit against investment funds created by Merrill Lynch Commodity Partners and Denham Capital Management, as well as board members they appointed.
Munson founded Vulcan Power Co. in 1991, and served as its president, CEO and chairman until new directors, appointed by the new investors, ousted him in October and fired him on November 20.
Vulcan Power officials say the complaint is without merit while investors declined to comment.
Munson portrays himself in the lawsuit as a visionary entrepreneur who built up privately held Vulcan Power so that it had one of the largest geothermal portfolios in the country.
Related News
Europe's EV Slump Sounds Alarm for Climate Goals
BERLIN - A recent slowdown in Europe's electric vehicle (EV) sales raises serious concerns about the region's ability to achieve its ambitious climate targets. After years of steady growth, new EV registrations declined in key markets like Norway, Germany, and the U.K. in early 2024. Experts are warning that this slump jeopardizes the transition away from fossil fuels and could undermine Europe's commitment to a net-zero emissions future.
Factors Behind the Decline
Several factors are contributing to the slowdown in EV sales:
- Reduced Incentives: Many European countries have scaled back generous subsidies and tax breaks for EV purchases.…
