Raser, Hyundai Team Up to Develop Electric Trucks

PROVO, Utah – Environmental energy company Raser Technologies and Korean truck maker Hyundai Heavy Industries said Tuesday they are teaming up to develop renewable energy projects and electric vehicles.

Using Provo, Utah-based Raser's resources and Hyundai's manufacturing capability, the companies plan to develop renewable energy in the western U.S. One project would use solar panels built by Hyundai next to a Raser geothermal power plant in Utah to demonstrate blended renewable power. Wind power also could be added, as Hyundai also makes turbines and other wind power equipment.

The agreement also sets forth a plan to produce three electric trucks for use by government and commercial fleets in the U.S. The companies expect to deliver the first electric trucks to California utility Pacific Gas & Electric Co. within a few months.

"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," Hyundai Heavy Industries Chairman Dr. K.S. Min said in a statement.

Shares of Raser rose about 7 cents to 61 cents in afternoon trading.