Geothermal developer Vulcan Power names board of directors

On the heels of landing a fresh $108 million investment announced in February, geothermal developer Vulcan Power Company on Tuesday released the lineup of its 2010 Board of Directors.

Shareholders of Bend-based Vulcan elected Linda Miller as an independent director, Michael Hamilton, Rick Rodgers and Barney Rush as common directors, as well as Scott Mackin, Todd Bright, Paul Winters, Jim Winters and Steve Jones as preferred directors effective immediately.

The decision was not without strife however. A group of shareholders protested at the shareholder meeting, held in Denver earlier this month, claiming that recent actions of the board — including the removal of founder Steven Munson as CEO and dillution of shareholder interest with the recent investment.

Linda Miller, a former TECO Energy executive, remains chairwoman of the board's finance committee. She oversaw the closing of Vulcan's equity funding from Denham Capital earlier this year. Boston-based Denham was recognized Tuesday in a Wall Street Journal blog for its success in making profitable exits from its technology and energy-related investments.

Michael Hamilton is the chairman and CEO of MMC Energy Inc., a formerly listed NASDAQ company. Barney Rush was CEO of H2Gen Innovations,Inc. from 2003 through 2009, when the company was sold to Air Liquide and CB&I. Rick Rodgers has held various executive jobs in the financial industry since 1977, most recently as a founder and Managing Director of Montgomery Street Financial Services LLC.

Vulcan power is currently drilling at a geothermal site in Nevada.

The Geothermal Energy Association reported earlier this year that the United States leads the world in geothermal power with 6,400 megawatts under development. The report ranked Oregon third in the nation for its geothermal potential.