Raser Technologies, Inc. (NYSE: RZ) and global manufacturing giant Hyundai Heavy Industries (HHI) announced a Memorandum of Understanding (MOU) for the joint development of renewable energy and electric vehicles.
The agreement sets into play the first two projects that are intended to lead to a broader long-term relationship to develop renewable energy in the western U.S. utilizing Raser’s resource portfolio for geothermal energy projects and HHI’s renewable energy equipment manufacturing capabilities.
The agreement also sets forth the first phase of commercial production of electric fleet vehicles utilizing HHI’s high tech engineering and manufacturing capability and Raser’s powertrain technology.
The “Well-to-Wheels” demonstration projects, identified in this initial MOU, consist of a 5-megawatt (MW) solar power generation project, and the production of three extended range electric trucks (E-REV) for U.S. fleet customers.
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.
Raser Executive Vice President Richard Clayton said the project will demonstrate the "triple play" potential of Raser’s western land portfolio for geothermal, solar and wind power.
Raser said subsequent phases of the project will blend solar and wind power with base-load geothermal energy enabling better availability and reliability preferred by utilities.
In addition, the MOU launches the first phase of commercial production of E-REVs to begin filling orders for alternative fueled vehicles by U.S. government and commercial fleets. Both projects are anticipated to be completed over the next several months, with the first E-REV trucks to be introduced by the California utility, Pacific Gas & Electric (NYSE: PCG).
Upon the successful demonstration of these two initial projects, the two companies said they plan to explore a broader business relationship for the development of ZEBRA blended renewable energy projects and electric vehicle production.
HHI is a leading global manufacturer of grid electric transmission, electric motors, ships, large vehicles and electric buses and is positioning to become a world leader in solar and wind generation equipment as well.
Raser is an environmental energy technology company focused on renewable energy development and technology licensing. Raser’s Power Systems segment develops clean, renewable electric power plants with one geothermal plant operating in southern Utah and eight active and early stage projects in four western United States: Utah, New Mexico, Nevada and Oregon, as well as a concession for 100,000 acres in Indonesia.
Raser’s Transportation and Industrial segment focuses on extended-range plug-in-hybrid vehicle solutions and using the company’s Symetron™ technology to improve the torque density and efficiency of the electric motors and drive systems used in electric and hybrid-electric vehicle powertrains and industrial applications.
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