Tuesday, June 29, 2010

Raser Links With Hyundai Heavy Industries

Provo, Utah-based Raser Technologies, a developer of renewable energy technology, and Hyundai Heavy Industries said today that they are in a Memorandum of Understanding (MOU) covering the joint development of renewable energy and electric vehicles. According to the two, they will join on an effort to commercialize production of electric fleet vehicles using Hyundai's high tech engineering and manufacturing capability, as well as Raser's powertrain technology. Financial terms of the deal were not disclosed. The two said the electric vehicle deal is also closely linked to developing renewable energy projects in the western U.S. Raser develops geothermal and other renewable energy power plants, with one operational plant in Utah and eight other projects in development, in addition to a unit focused on developing electric motors and drive systems.