Raser Technologies Completes Initial Commissioning Tests of Thermo

Raser Technologies, Inc. (NYSE: RZ), a leader in geothermal power generation, announced that it is nearing completion of the commissioning process of the 50 power generation units at its first commercial-scale power plant, in Beaver County, Utah, demonstrating the viability of advanced technology that can make geothermal a major price-competitive resource for this country’s energy supply. Most of the individual units have been commissioned and placed in service. The power being generated during the commissioning period is being sold to Rocky Mountain Power, a division of PacifiCorp, in order to avoid the transmission scheduling issues associated with fluctuating power supply. Final testing of the entire plant and its wells is expected to be completed within the next few weeks at which time the plant’s output is expected to be delivered to Anaheim and local utility sales of testing power will be discontinued.

The Company noted that the Beaver County plant, known as Thermo, was built in only six months using its revolutionary modular construction design, greatly reducing the normal five-to-seven years typically required for traditional plant development and construction technology.

To realize this rapid deployment, Raser uses technology developed by United Technologies Corp. (NYSE: UTX) to generate electricity from underground water at temperatures much lower than other technologies. This opens the door to vast resources of underground, heated water that previously were believed to be useless for generating electricity.

“We are progressing nicely through the commissioning process and have begun exporting power to the grid,” said Steven Brown, Executive Vice President of Construction for Raser Technologies. “The commissioning is progressing as planned and is nearly complete with just a few remaining units left to finalize. We plan to have the full plant tested within the next few weeks.”

About Raser Technologies

Raser (NYSE Arca: RZ) is a publicly traded, environmentally focused technology licensing and development company operating in two business segments. Raser’s Power Systems segment is seeking to develop clean, renewable geothermal electric power plants and bottom-cycling operations, incorporating licensed heat transfer technology and Raser’s Symetron™ technology developed internally by its Transportation and Industrial Technology segment. Raser’s Transportation and Industrial Technology segment focuses on extended-range plug-in-hybrid vehicle solutions and using Raser’s award-winning Symetron™ technology to improve the torque density and efficiency of the electric motors and drive systems used in electric and hybrid-electric vehicle powertrains and industrial applications. Further information on Raser may be found at: www.rasertech.com.

Cautionary Note Regarding Forward-Looking Statements

This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, including, but not limited to, statements regarding: our beliefs about preliminary drilling results; our beliefs about the potential for geothermal power generation on our leased properties and its qualification for certain federal tax credits; our beliefs about our ability to exploit the available geothermal resources; our beliefs about the expected timing relating to the testing of our geothermal power project; our beliefs about our ability to obtain adequate development funding; our beliefs about our ability to utilize our technology and other available technologies to produce electric power from the available resources; and our beliefs about the geothermal market in general. These forward-looking statements involve certain risks and uncertainties that could cause actual results to differ, including, without limitation, the competitive environment and our ability to compete in the industry; our ability to adapt our technology and third-party technology for the intended applications; our ability to secure necessary permits; the strength of our intellectual property; our ability to attract, train and retain key personnel; and such other risks as identified in our quarterly report on Form 10-Q for the quarter ended September 30, 2008, as filed with the Securities and Exchange Commission, and all subsequent filings.

All forward-looking statements in this press release are based on information available to us as of the date hereof, and we undertake no obligation to update forward-looking statements to reflect events or circumstances occurring after the date of this press release.