Eighth graph second sentence of release
dated June 29, 2010 should read: Both projects are anticipated to
be completed over the next several months, with the first E-REV
trucks to be introduced by the nation’s largest electric utility,
Pacific Gas & Electric Company in California (sted Both
projects are anticipated to be completed over the next several
months, with the first E-REV trucks to be introduced by the
nation’s largest electric utility, Pacific Gas & Electric in
California).
The corrected release reads:
RASER TECHNOLOGIES AND HYUNDAI
HEAVY INDUSTRIES ANNOUNCE MEMORANDUM OF UNDERSTANDING FOR JOINT
DEVELOPMENT OF RENEWABLE ENERGY AND ELECTRIC VEHICLES
A U.S. Green Energy Company and
Korean Manufacturing Giant Team for Well-to-Wheels Development of
Renewable Energy and Electric Vehicles
Raser Technologies, Inc. (“Raser”) (NYSE: RZ), an energy
technology company, and global manufacturing giant Hyundai Heavy
Industries (“HHI”) announced today that the two companies have
signed a Memorandum of Understanding (“MOU”) for the joint
development of renewable energy and electric vehicles. The
agreement sets into play the first two projects that are intended
to lead to a broader long-term relationship to develop renewable
energy in the western U.S. utilizing Raser’s resource portfolio and
HHI’s renewable energy equipment manufacturing capabilities. The
agreement also sets forth the first phase of commercial production
of electric fleet vehicles utilizing HHI’s high tech engineering
and manufacturing capability and Raser’s powertrain technology.
HHI Chairman, Dr. K.S. Min, attended the Western Governors’
Association (“WGA”) annual meeting to meet with governors of
western states where potential renewable energy projects will be
located. The WGA annual meeting agenda calls for coordinated steps
to be taken by western states to address climate adaptation,
including the development of renewable energy.
“We are committed to meeting the challenges of global climate
change in the two key industries that can reduce fossil fuel
emissions the most, renewable energy and electric vehicles,” said
Dr. Min. “We selected Raser as a development partner because of
their leadership in electric vehicles, and their sizable holdings
of highly valuable renewable resources,” concluded Min.
The “Well-to-Wheels” demonstration projects, identified in this
initial MOU, consist of a 5 megawatt solar power generation
project, and the production of the first 3 extended range electric
trucks (“E-REV”) for U.S. fleet customers.
The proposed solar power project will be built at Raser’s Thermo
site in southern Utah, using photovoltaic (PV) solar panels and
transmission equipment manufactured by HHI. The solar power plant
will be co-located with Raser’s geothermal power plant to enable
the demonstration of a unique new zero emissions blended renewable
(“ZEBRA”) development by Raser.
“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.
In subsequent phases of the project, solar and wind power will
be blended with Raser’s base-load geothermal energy enabling better
availability and reliability preferred by utilities.
In addition, the MOU launches the first phase of commercial
production of E-REVs to begin filling standing orders for clean
alternative fueled vehicles by leading U.S. government and
commercial fleets. Both projects are anticipated to be completed
over the next several months, with the first E-REV trucks to be
introduced by the nation’s largest electric utility, Pacific Gas
& Electric Company in California.
Upon the successful demonstration of these two initial projects,
the two companies plan to explore a broader business relationship
relating to the development of ZEBRA (blended) renewable energy and
electric vehicle production.
HHI is a leading global manufacturer of grid electric
transmission, electric motors, ships, large vehicles and electric
buses and is positioning to become a world leader in solar and wind
generation equipment as well.
Kraig Higginson, Chairman of Raser Technologies, said, “HHI is
an ideal partner due to their manufacturing and financial strength
in the two key areas of focus for Raser. We have been working for
several years to establish this strategic relationship and are
pleased to now take this first step. We share a vision with HHI
that we can meet the challenges of climate change and look forward
to working together combining the strengths of our two companies in
these projects.”
More information on the Raser ZEBRA and Renewable Energy “Triple
Play” can be found at www.rasertech.com/ZEBRA and more information
on Raser’s E-REV fleet truck program can be found at
www.rasertech.com/htrucks.
About Raser Technologies
Raser (NYSE: RZ) is an environmental energy technology company
focused on renewable energy development and technology licensing.
Raser’s Power Systems segment develops clean, renewable electric
power plants with one geothermal plant operating 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.
About HHI, Inc.
HHI is the world's largest ship building company as well as a
global leader in its 5 other business segments, including Offshore
& Engineering, Industrial Plant & Engineering, Engine &
Machinery, Construction Equipment, Electro Electric System
including high-tech AC induction motor, Drive System, Generator,
Solar Panel, Wind Turbine System, Transformer, etc. HHI also
operates 15 other companies as affiliates. Through these business
operations, HHI with its 15 affiliates achieved approximately USD
50 billion annual sales revenue in 2009. Further information on HHI
may be found at: http://English.hhi.co.kr.
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
potential to construct a solar power project at the Thermo site;
our beliefs about our ability to produce and sell extended range
electric trucks in cooperation with Hyundai Heavy Industries; our
beliefs about our ability to finalize a definitive, binding
agreement with Hyundai Heavy Industries; our beliefs about the
strength and enforceability of our agreements; our belief about our
ability to develop future geothermal projects and the geothermal
industry 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 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.
Photos/Multimedia Gallery Available:
http://www.businesswire.com/cgi-bin/mmg.cgi?eid=6343786&lang=en
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