Raser Technologies, Inc. (NYSE: RZ), an energy technology company, announced today that it has hired four former General Motors executives to lead Raser’s Plug-In Hybrid Electric Vehicle (PHEV) program for fleet trucks.

“We are excited to make the announcement and welcome these very talented senior engineers and Executives to the Raser team,” said Kraig Higginson, Chairman of Raser. “These men have an impressive background in the automotive industry and proven track records for getting things done.”

The new team will initially focus on building demonstration plug-in extended range electric trucks, including two to be delivered to Pacific Gas and Electric Company (PG&E) as part of an agreement entered into between Raser and PG&E.

Leading the new team is David J. Stenson as Chief of Operations for Raser’s Transportation Division on June 8, 2010. Mr. Stenson will report directly to Mr. Higginson. Raser also hired former GM executives Nicholas Zielinski, Joseph R. Katona and William G. Shikany. All four new executives will be based in Detroit, Michigan.

Mr. Stenson brings 29 years of automotive experience with GM, where he held several key positions, including Chief Technical Officer of HUMMER, Executive Director of Global Engineering Design and Release, Chief Engineer of GM de Mexico and Vehicle Line Director, Pontiac Solstice. Mr. Stenson attended the cooperative college education program of General Motors Institute (now Kettering University) from 1981-1986, receiving his BSME. After two more years in Advanced Engineering, he attended Harvard Business School, receiving his MBA in 1990.

Mr. Zielinski has over 36 years experience in General Motors product development with 30 years in Chassis systems and powertrain integration. Mr. Zielinski was assigned as Vehicle Chief Engineer for Advanced System Integration in 2004 and was responsible for advanced hybrid propulsion system vehicle integration for several projects, including the Chevrolet Volt and Equinox Fuel Cell. Mr. Zielinski will be Raser’s Chief Engineer for Electric Vehicle Programs.

Mr. Katona has over 36 years of experience in GM product development with assignments in interior, exterior engineering, structural durability testing, design studio engineering and most recently served as Director of Vehicle Architecture. Mr. Katona will be Raser’s Director of Engineering Validation, Build and Test.

Mr. Shikany was with GM for over 34 years in a variety of engineering areas from engine testing and design to exterior and interior components. Most recently, he was GM’s Global Technical Lead Director for Restraint Systems. Mr. Shikany will be Raser’s Director of Vehicle Engineering Operations.

James Spellman, Vice President of Engineering at Raser, who directed the successful development of the Electric H3, will continue leading the component R&D efforts for Raser out of the Utah Engineering Center.

Raser Chairman, Kraig Higginson added, “We have focused our development efforts in trucks and SUV’s and continue to see a growing demand for fuel efficient vehicles among companies with large fleets of trucks, such as utility and government fleets. Our new team of veteran automotive experts will complement our R&D team here in Utah, and will be key to moving Raser’s electric powertrain technology to market. It is also notable that this step moves Raser down the path of its planned separation of the Transportation Division from the Renewable Energy Division. I believe this will allow each Division to better capitalize itself, and the financial markets to better quantify each Division’s true value.”

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 develops clean, renewable geothermal electric power plants with one operating plant 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 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 press release contains 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 our ability to build and sell plug-in electric vehicles; our beliefs about the performance and market applicability of our products and technology; our beliefs about the status and enforceability of the Company’s intellectual property; our beliefs about the performance capabilities of our technology; our beliefs about the capabilities, expertise and intentions of our partners and potential partners. 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 attract, train and retain key personnel; and such other risks as identified in our quarterly report on Form 10-Q for the quarter ended March 31, 2010, as filed with the Securities and Exchange Commission, and all subsequent filings.

All forward-looking statements in this 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.

Raser Technologies, Inc. (NYSE:RZ)
Historical Stock Chart
From Nov 2024 to Dec 2024 Click Here for more Raser Technologies, Inc. Charts.
Raser Technologies, Inc. (NYSE:RZ)
Historical Stock Chart
From Dec 2023 to Dec 2024 Click Here for more Raser Technologies, Inc. Charts.