Geothermal founder files $50 million suit

Subscribe to Electricity Today magazine for digital issues, expert content, training courses, and live forums delivered straight to your inbox!

The founder of a Bend geothermal energy company has filed a $50 million lawsuit against investors he claims fraudulently took over the company.

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

National Energy Board hears oral traditional evidence over Manitoba-Minnesota transmission line

WINNIPEG - Concerned Indigenous groups asked the National Energy Board this week to take into consideration existing and future impacts and treaty rights when considering whether to OK a new hydro transmission line between Manitoba and Minnesota.

Friday was the last day of the oral traditional evidence hearings in Winnipeg on Manitoba Hydro's Manitoba-Minnesota Transmission project.

The international project will connect Manitoba Hydro's Bipole III transmission line to Minnesota and increase the province's electricity export capacity to 3185 MW from 2300 MW.

#google#

During the hearings Indigenous groups brought forward concerns and evidence of environmental degradation and restricted access to traditional lands.

Ramona Neckoway, a…

READ MORE
Wylfa project

Demise of nuclear plant plans ‘devastating’ to Welsh economy, MP claims

READ MORE

doe logo

U.S. Launches $250 Million Program To Strengthen Energy Security For Rural Communities

READ MORE

The Four Corners Power Plant

Renewables surpass coal in US energy generation for first time in 130 years

READ MORE

Battery-electric buses hit the roads in Metro Vancouver

READ MORE