The memorandum of understanding (MOU) that was signed by Raser Technologies and Hyundai Heavy Industries will see the joint development of two renewable energy projects in the western US and the commercial production of electric fleet vehicles.
“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.
In the “Well-to-Wheels” project between the two companies, a 5mw solar power generation project will be located at Raser’s Thermo site in Utah using solar panels and transmission equipment from HHI. The solar plant will be co-located with Raser’s geothermal power plant for the demonstration of a new zero emissions blended renewable energy (ZEBRA) developed by Raser. As the project progresses, additional solar and windpower will be added to the base-load geothermal energy.
Once the solar power plant and the electric vehicle projects have reached completion, Raser and HHI will look to broaden their relationship for the development of the ZEBRA renewable energy and electric vehicle production.