• E-mail
• Print
• Comment
• Font Size
• Digg
• del.icio.us
• Discuss article

Raser Technologies Signs Business Cooperation Agreement With Hyundai Heavy Industries

Posted on: Wednesday, 9 January 2008, 09:01 CST

Raser Technologies, Inc. (NYSE Arca:RZ) announced today that it has signed a business cooperation agreement with Hyundai Heavy Industries Co., Ltd. (HHI) of South Korea, one of the world's largest manufacturing companies and a leader in the engineering and manufacturing of AC electric motors, generators and power electronic motor drives. The combination of Raser's Symetron™ technology and HHI's design and manufacturing technologies is expected to produce cost-effective, ultra-high efficiency performance levels. Under the agreement, HHI will manufacture the AC induction motors, generators and drives incorporating Symetron™ technology. Raser will assist in introducing the motors and drives and HHI to certain markets and applications. The companies anticipate multifaceted relationships in several industrial motor and other marketplaces. This agreement initially targets but may be expanded beyond a $400 million segment of the approximately $30 billion worldwide integral horsepower industrial AC induction motor, generator and motor drive market.

AC induction motors are the workhorses of industry and are found throughout factories, buildings and residences. Power electronic drives are used to control their speed and performance in order to save energy. With the cost of electrical energy continuing to rise, end-user demand for higher efficiency electric motors, generators and adjustable-speed motor-drive systems is steadily increasing. In order to minimize power plant emissions, government agencies worldwide are increasingly mandating higher efficiency motor and motor-drive system standards to reduce electrical power demand.

Raser's award-winning Symetron™ technology enables the operating efficiency of motors, generators and drive systems to be improved with little or no increase in their manufacturing cost. By combining the strengths of the two companies, Raser and HHI plan to demonstrate the energy savings available through the use of this technology starting with reductions in the parasitic loads associated with the motors, generators, and drive systems used in geothermal power plants being developed by Raser. Other industrial applications such as refrigeration and HVAC equipment are also planned to be targeted.

Tom Kaporch, Senior Vice President, Business Development for Raser Technologies, and former President of Yaskawa Corp. of America, stated, "We are excited to be working with HHI. They are one of the world leaders in manufacturing and technological innovation, producing AC generators, motors and drive systems in Asia and North America. We look forward to demonstrating together our energy-saving Symetron™ technology in a variety of industrial applications with HHI and expanding our business collaboration with HHI in the future."

Mr. Ik-Hee Han, Vice President of International Sales & Marketing of HHI, remarked, "HHI looks forward to supporting Raser in this important business and expanding our relationship in the future. HHI is well qualified to provide all of the engineering and manufacturing resources necessary to support this business venture and to integrate new technology innovations for production."

Patrick J. Schwartz, President of Raser Technologies said, "This new relationship with HHI represents another significant step in the long-term commercialization strategy for our technology. We are very pleased to be collaborating with HHI. With Tom Kaporch's extensive engineering and global business development experience in the motor, drive, and power electronic industries, and the strong position of HHI in the market, we believe this project will be very successful. We are excited for the opportunities it should bring for both Raser and HHI over the next few years."

About HHI

Hyundai Heavy Industries Co., Ltd. (009540 KS) is an integrated heavy industries company with six divisions: Shipbuilding, Offshore & Engineering, Industrial Plant & Engineering, Engine & Machinery, Electro Electric Systems (EES), and Construction Equipment. Its EES division offers turnkey solutions in power industries covering design, engineering, manufacturing, installation, and commissioning of major electrical systems in power plants, substations, locomotives, subways, and marine vessels. Its product line covers a wide range of electrical equipment such as motors, generators, gas insulated switchgear, transformers, high voltage circuit breakers, instrument & control systems, power electronics, and renewable energy. Further information on Electro Electric Systems (EES) Division of HHI may be found at: www.hyundai-elec.com/eng.

About Raser Technologies

Raser (NYSE Arca: RZ) is a publicly-traded, environmentally-focused technology licensing and development company operating in two business segments. Raser's Transportation and Industrial Technology segment focuses on using Raser's award-winning Symetron™ technology to improve the efficiency of electric motors, generators, power electronic drives and other applications. Raser's Power Systems segment is seeking to develop clean, renewable geothermal electric power plants and bottom-cycling operations, incorporating licensed heat transfer technology and Raser's Symetron™ technology. 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 the performance and market applicability of our products; our beliefs about the status and enforceability of the Company's intellectual property; our beliefs about the strength of our existing and potential business relations in the motor industry; our beliefs about the strength and enforceability of our agreements, our beliefs about the performance capabilities of our technology; our beliefs about the capabilities, expertise and intentions of our partners; our ability to hire, train and retain key personnel; our ability to successfully complete field testing of Symetron™ technologies. 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; the strength of our intellectual property; our inability 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 September 30, 2007, 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.

Source: Business Wire

More News in this Category