Raser Technologies, Inc. (NYSE Arca:RZ) announced today that it has signed an 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.
Under the agreement, HHI will manufacture the AC induction motors, generators and drives incorporating Raser’s SymetronTM technology. Raser will assist in introducing the motors and drives and HHI to certain markets and applications.
The companies say they 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.
The companies say they plan to demonstrate the energy savings available through the use of Raser’s SymetronTM 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.
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 is an environmentally-focused technology licensing and development company operating in two business segments. Raser’s Transportation and Industrial Technology segment focuses on using Raser’s SymetronTM 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 SymetronTM technology.
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