innovation

Raser Technologies’ financial history is not terribly flattering.

Last December, Motley Fool was singling the company out as a poster child for debt-ridden businesses with no discernible free cash flow, based on the firm’s $80 million in long-term debt and its paltry $284,000 in reported revenue.

The company had struggled unsuccessfully for years to profit from its Symetron AC motor technology, which it had been marketing as an improvement over both existing AC electric motor designs (in terms of torque) and high-torque, permanent-magnet electric motors (in terms of price).

Raser's pitch included eco-conscious overtures to hybrid electric vehicle manufacturers, which may be the only logical explanation for its curious new expansion — into geothermal energy.

What’s even more curious is that it seems to be working.