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Raser, Hyundai to Develop Electric Trucks

June 29, 2010

PROVO, UT - Raser Technologies Inc. has signed an agreement with Hyundai Heavy Industries (HHI) to jointly develop renewable energy and electric vehicles. 

The agreement sets forth the first phase of commercial production of electric fleet vehicles using HHI's engineering and manufacturing capability and Raser's powertrain technology.

The agreement sets into play two major projects in hopes of leading to a broader long-term relationship to develop renewable energy in the western U.S. using Raser's resource portfolio and HHI's renewable energy equipment manufacturing capabilities, the companies said. 

The demonstration projects consist of a 5-megawatt solar power generation initiative and the production of extended-range electric trucks for U.S. fleet customers. The agreement launches the first phase of commercial production of the electric trucks to begin filling standing orders for alternative-fueled vehicles by leading U.S. government and commercial fleets. Both projects are anticipated to be completed over the next several months, with the first electric extended-range trucks to be introduced by the nation's largest electric utility, Pacific Gas & Electric in California.

HHI Chairman K.S. Min attended the Western Governors' Association's annual conference to meet with governors of western states where potential renewable energy projects will be located. The WGA annual meeting agenda calls for western states to develop renewable energy.

"We are committed to meeting the challenges of global climate change in the two key industries that can reduce fossil fuel emissions the most, renewable energy and electric vehicles," said Dr. Min. "We selected Raser as a development partner because of their leadership in electric vehicles, and their sizable holdings of highly valuable renewable resources."

The proposed solar power project will be built at Raser's Thermo site in southern Utah, using photovoltaic (PV) solar panels and transmission equipment manufactured by HHI. The solar power plant will be co-located with Raser's geothermal power plant to enable the demonstration of a new zero-emissions blended renewable (ZEBRA) development by Raser.  

Upon the successful demonstration of these two initial projects, the two companies plan to explore a broader business relationship relating to the development of ZEBRA (blended) renewable energy and electric vehicle production.

HHI is a leading global manufacturer of grid electric transmission, electric motors, ships, large vehicles and electric buses. The company is also positioning itself to become a leader in solar and wind-generation equipment as well. 

Kraig Higginson, chairman of Raser Technologies, said: "HHI is an ideal partner due to their manufacturing and financial strength in the two key areas of focus for Raser. We have been working for several years to establish this strategic relationship and are pleased to now take this first step." 

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