Raser Technologies (RZ) To Develop Solar Power & Electric Cars With Hyundai Heavy Industries

Raser Technologies (RZ) is surging 25% this morning after announcing it will develop solar power and electric cars with Korea based, global manufacturer Hyundai Heavy Industries.  This is the same company working with American Superconductor (AMSC) to develop wind energy.

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This isn’t yet a done deal with contracts signed, but the two companies have signed a memorandum of understanding to co-develop solar power and electric vehicles which they call the “Well To Wheels” demonstration project.  “Well” referring to Raser’s geothermal power plants which they hope to supplement with solar power side by side.  The project will initially consist of a 5MW solar power plant adjacent to Raser’s Thermo site in Utah and three extended range electric trucks for US fleet customers using Raser’s powertrain technology and HHI’s manufacturing expertise.  This is the first phase of commercial production of the EV’s to begin filling standing orders from the US government and commercial fleets.  PG&E in California is expected to introduce the first one in a few months.

The two companies may also add wind power and expand their relationship in the future.

“When completed, the project will be the first phase in demonstrating the potential value of HHI and Raser’s relationship in developing renewable energy projects on Raser’s sizeable holdings where all three renewable resources, geothermal, solar and wind coexist in close proximity to existing transmission lines in a unique ‘Triple Play’ area of Utah’s renewable energy zone, where Raser holds a large property portfolio,” commented Raser Executive Vice President Richard Clayton.

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