PROVO — Raser Technologies Inc. said Wednesday it has signed a business cooperation agreement with Hyundai Heavy Industries Co. Ltd. of South Korea.

Under the agreement, Hyundai will manufacture the AC induction motors, generators and drives incorporating Raser's Symetron technology. Provo-based Raser will assist in introducing the motors and drives and Hyundai to certain markets and applications.

Symetron technology is designed to enable improved operating efficiency of motors, generators and drive systems with little or no increase in their manufacturing cost.