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Raser Tech. and Hyundai Sign MOU
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ShareRaser Technologies Inc. (RZ) and Hyundai Heavy Industries appear committed to overcome the threats imposed by global climatic changes. The companies signed a Memorandum of Understanding ("MOU") to develop eco-friendly projects and electric vehicles. These projects are aimed at reducing fossil fuel usage.
In one project, renewable energy will be developed in the Western U.S. utilizing Raser resources and Hyundai’s manufacturing capabilities. Solar panels built by Hyundai near a Raser geothermal power plant in Utah will be used to demonstrate blended renewable power. The companies might also use Wind power in the project given Hyundai’s expertise in making turbines and other wind power equipments.
With a vision to cut down on fossil fuel usage and reduce the emission of greenhouse gas, the companies also plan to manufacture electricity driven vehicles. They will produce three electric trucks for government and commercial fleets’ usage in the U.S. The first electric truck will be delivered to California utility Pacific Gas & Electric Co. (PCG) within a few months.
Raser Technologies reported a loss of 11 cents at the end of first quarter 2010 compared with a loss of 10 cents at the end of first quarter 2009. The quarter’s results were in line with the Zacks Consensus Expectation of a loss of 11 cents. The Zacks Consensus Estimate is a loss of 11 cents per share for second quarter 2010, 43 cents per share for 2010 and 22 cents per share for 2011.
Based in Provo, Utah, Raser Technologies, an environmental energy technology company, focuses on geothermal power development and technology licensing primarily in the United States. The major competitors of the company are Calpine Corp. (CPN - Snapshot Report) and UQM Technologies Inc.(UQM - Snapshot Report).
We appreciate the effort taken jointly by Raser and Hyundai to develop renewable energy projects and minimize the usage of fossil fuel. We presently maintain a Neutral rating and a Zacks Rank # 3(Hold) on Raser as limited revenue potential and dependence on external funds continue to weigh on the stock.
Read the full analyst report on RZ
Read the full analyst report on PCG
Read the full analyst report on CPN
Read the full analyst report on UQM
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