Ram Power relocating to cut costs

Ram Power Co., a Reno company that’s developing a geothermal project in Nicaragua, is moving downtown as part of a cost-reduction plan.

The company said it will move on Nov. 1 to 401 Ryland St. from its current quarters at 9460 Double R Blvd.

Ram posted a second-quarter loss of $19.9 million, which included an $18.6 million write-down on the value of exploration-stage properties in the United States, Canada and Latin America.

The company said it’s looking to sell non-core assets, figuring the sales would save $300,000 a year in 2013 and $500,000 a year in the future.

It’s also planning to tighten down on professional fees.

NNBW staff