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Raser to Hold Groundbreaking Ceremony and Press Conference for Utah Geothermal Power Project

Business Wire, May 5, 2008

Raser to Construct First Utah Geothermal Power Plant in 20 Years

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PROVO, Utah -- Raser Technologies, Inc. (NYSE Arca:RZ) announced today that they will hold a groundbreaking ceremony for beginning the construction phase of the first geothermal power plant built in Utah in 20 years. The groundbreaking ceremony in Beaver County, Utah will be followed by a press conference at the Energy and Geoscience Institute (EGI) building on the University of Utah campus in Salt Lake City, Utah. Senator Orrin Hatch, US Senator from Utah, has accepted Raser's invitation along with state and county government officials to participate in the groundbreaking ceremony and press conference and will be available to discuss Utah's efforts to reduce emissions from power production facilities and its efforts to meet the state's newly legislated renewable portfolio standard to increase the amount of renewable power. The groundbreaking ceremony is scheduled for May 9, 2008, at the power plant project site in Beaver County at 11:00 a.m. local time. The press conference is scheduled for 2:00 p.m. local time at the offices of EGI on the University of Utah's campus at 423 Wakara Way, Salt Lake City, Utah.

Raser previously announced the initial results of drilling the geothermal production well on the site and stated that the results suggested sufficient heat and flow of geothermal fluids to produce the planned 11 megawatts of geothermal power. Raser also recently announced a power purchase agreement to sell the power produced by the plant to the City of Anaheim and anticipated delivery of the power before December 15, 2008.

"We are pleased with the progress we have made on this geothermal power project and anticipate the completion of the project within the next six months," stated Brent M. Cook, Raser's Chief Executive Officer. "Our geothermal power plant is designed to provide baseload renewable energy with virtually no harmful emissions. We have already begun to take delivery of the UTC power generation units and expect that the remainder will be ready once site preparations are completed."

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[TM] 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[TM] 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; our belief about our ability to exploit the available geothermal resources; our beliefs about the strength and enforceability of our agreements; our beliefs about our ability to successfully negotiate power purchase agreements; and our beliefs about the geothermal market generally. 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 for geothermal 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 annual report on Form 10-K for the year ended December 31, 2007, 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.

Business Services Industry

Raser to Hold Groundbreaking Ceremony and Press Conference for Utah Geothermal Power Project

Business Wire, May 5, 2008

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