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Raser to cooperate with Hyundai HI on energy and electric cars

Raser Technology, Thermo No1 plant, Utah (source: Raser)
Alexander Richter 4 May 2010

Raser Technologies discusses cooperation with Hyundai Heavy Industries on renewable energy projects and electric cars.

In an announcement by the company, “Raser Technologies, Inc. released a video today to provide an update on the relationship between Raser and global industrial manufacturer Hyundai Heavy Industries, a global leader in grid-electrical equipment and renewable energy generation equipment.”

This sounds indeed interesting as there was a similar announcement of recent from Icelandic Reykjavik Energy and Mitsubishi Heavy Industries on the cooperation for geothermal projects and electric cars.

According to the release, “The two companies recently completed meetings at Raser’s headquarters in Provo Utah, to further discussions for greater cooperation in the production of clean renewable energy and manufacturing of plug-in electric vehicles. The meetings came following prior meetings held a year ago in Korea when Dr. Min invited Raser Chairman, Kraig Higginson, and Vice President David West to meet to discuss cooperation between the two companies in light of the global trend toward electric transportation to meet the growing demand for clean energy and transportation.

In talks, the two companies expressed a shared vision to work together to deliver clean renewable energy to power electric vehicles as the world moves from petroleum to electricity for transportation. In 2006, the two companies signed an agreement for greater cooperation enabling Hyundai Heavy industries to manufacture Raser’s advanced electric motors and generators for electric vehicles and renewable energy power generation.

In addition to being one of the world’s leaders in electric transmission equipment, Hyundai Heavy Industries is also a manufacturer of wind turbines and photo-voltaic solar panels and plans to expand manufacturing and distribution in the U.S. and globally.

The two companies also discussed ways to cooperate in manufacturing Raser’s electric vehicle technology for application in trucks and SUVs, the highest selling class of vehicles in the U.S.”

Source: Company release via Marketwatch