With Kid Cudi’s [click to view] buzz mounting from an eventful 2008, the Cleveland rapper is looking to release his debut album sometime this year. Of course, being a fresh new rapper to the Hip Hop game, Cudi has much more in store for 2009.

According to a post on his own blog, the G.O.O.D. Music signee is starting a label of his own, called Dream On. “I formed my own record label with Plain Pat and Emile Haynie called Dream On which will combine with G.O.O.D. Music as a joint venture.”

With high hopes, Cudi is also looking to release a collaboration album with fellow Cleveland native Chip Tha Ripper.

“After the release of my debut album this summer I’ll be doing a collab album with my homeboy Chip Tha Ripper in which we form the duo ‘The Almighty GloryUs,’”Cudi stated. “On my album I’ll include our first single from our album which we haven’t even started, but I’m just excited about the project.”

His first studio album, entitled Man on the Moon: The Guardians, is tentatively scheduled for a summer release this year with features from Chip Tha Ripper, Charles Hamilton, 88-Keys, will.i.am, and Alchemist.