Gradient Resources Adds $63M for Geothermal Power

Gradient Resources Inc., a Reno, Nevada-based developer of geothermal power, has raised $63 million in financing, according to a filing with the Securities and Exchange Committee. The money comes largely in the form of options and warrants, according to the filing. Formerly known as Vulcan Power Co., the company is backed by energy-focused private equity firm Denham Capital. The company, in early 2010, closed a $108 million round from Denham Capital.