Raser Technologies Releases Video Update on Relationship with Hyundai Heavy Industries
April 30 2010 - 7:00AM
Business Wire
Raser Technologies, Inc. (NYSE: RZ), an energy technology
company, 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.
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.
To see the “HHI” update video click on this link
http://www.rasertech.com?p=3113&shareadraft=baba3113_4bda3208a4ad1
About Hyundai Heavy Industries
Hyundai Heavy industries is a $20 billion company and a leading
global manufacturer of electric motors and renewable energy related
technologies and is recognized as the largest ship builder in the
world. Chairman Min is received his PhD. from MIT in the United
states and previously headed the platform engineering group an
HHI.
About Raser Technologies
Raser (NYSE: RZ) is an environmental energy technology company
focused on geothermal power development and technology licensing.
Raser’s Power Systems segment is seeking to develop clean,
renewable geothermal electric power plants and bottom-cycling
operations, incorporating licensed heat transfer technology.
Raser’s Transportation and Industrial segment focuses on
extended-range plug-in-hybrid vehicle solutions and using Raser’s
award-winning 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. Further information on Raser may be found at:
www.rasertech.com.
Cautionary Note Regarding Forward-Looking Statements
This video and press release contain certain forward-looking
statements within the meaning of Section 27A of the Securities Act
of 1933 and Section 21E of the Securities Exchange Act of 1934,
including, but not limited to, statements regarding: our beliefs
about preliminary drilling results; our beliefs about the potential
for geothermal, solar and power generation on our leased
properties; our beliefs about our ability to exploit the available
geothermal resources; our beliefs about the expected timing
relating to the development of our geothermal power projects or any
solar or wind power generation projects; our beliefs about our
ability to obtain adequate development funding; our beliefs about
our ability to utilize our technology and other available
technologies to produce electric power from the available
resources; our ability to regain and maintain compliance with NYSE
listing standards; and our beliefs about the geothermal, solar and
wind energy markets in general. These forward-looking statements
involve certain risks and uncertainties that could cause actual
results to differ, including, without limitation, the competitive
environment and our ability to compete in the industry; our ability
to adapt our technology and third-party technology for the intended
applications; our ability to secure necessary permits; the strength
of our intellectual property; our ability to attract, train and
retain key personnel; and such other risks as identified in our
annual report on Form 10-K for the year ended December 31, 2009, as
filed with the Securities and Exchange Commission, and all
subsequent filings.
All forward-looking statements in this video and press release
are based on information available to us as of the date hereof, and
we undertake no obligation to update forward-looking statements to
reflect events or circumstances occurring after the date of this
press release.
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