Provo, Utah, November 18, 2008 – Raser Technologies, Inc. announced today that the sale of the initial $10 million of its common stock, under an agreement relating to the private placement of $20 million of its common stock announced last week, closed on November 14, 2008. Pursuant to the initial closing, 2 million shares were sold to Fletcher International Limited, an affiliate of Fletcher Asset Management (“Fletcher”), an SEC Registered Investment Advisor.

The 2 million shares of Raser’s common stock were purchased for an aggregate price of $10 million, or $5.00 per share, representing a premium of 43% over the closing price of Raser’s common stock on November 12, 2008, the most recent closing price available on the date the transaction was priced. The second closing is scheduled for December 12, 2008, at which time Fletcher has agreed to purchase an additional $10 million of Raser’s common stock at a purchase price to be determined pursuant to a formula based on the average daily market prices of Raser’s common stock prior to the second closing, plus a premium.

Kell Benson, vice chairman of Fletcher, said, “Many companies are pursuing the ultimate goals of clean, inexpensive, domestically generated energy, but few have the scale, technology and financial backing to accomplish these goals. We are enthusiastic about our investment in Raser and believe its geothermal power projects will contribute to President-elect Barack Obama’s goals of energy independence, new jobs and environmental protection.”

“We are grateful for partners and investors of the caliber and with the sensitivities of Fletcher”, said Martin Petersen, Raser’s Chief Financial Officer. “Fletcher has successfully navigated a wide variety of markets over the past two decades by demonstrating a commitment to the long-term benefit of its investors and the responsible companies in which it has chosen to invest. As one of the few institutions actively making investments in this most challenging of economic environments, Fletcher has now joined the group of partners whose investments enable us to continue the growth and development of our geothermal projects and operations. We welcome them into the Raser family.”

In addition to the common stock closing, Fletcher received a ten-year warrant in connection with the transactions. The warrant gives Fletcher the right to acquire up to $20 million of additional shares of Raser’s common stock at a price per share equal to the lesser of (i) six dollars ($6.00) or (ii) a price determined pursuant to a formula based on the average daily market prices of Raser’s common stock prior to the exercise of the warrant, less a discount. After a period of nine months, or earlier if certain conditions occur, Fletcher will have the right to exercise the warrant on a cashless, net settlement basis. Upon completion of the second closing, the warrant will be exercisable with respect to the full $20 million of common stock. If the second closing does not take place other than as a direct result of Fletcher’s material breach of its agreement with Raser, the warrant will be exercisable with respect to a total of $12.5 million of common stock.

The aggregate net proceeds from the initial closing were $9.4 million. Including the proceeds to be received at the second closing, but excluding any potential proceeds associated with the exercise of the warrant, Raser estimates that the total net proceeds from the private placement transactions will be approximately $18.7 million after deducting estimated fees and expenses. Raser intends to use the net proceeds from the private placement to further its geothermal development program and for general corporate purposes.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy securities. The securities and the shares of Raser common stock issuable upon exercise of the securities have not been registered under the Securities Act of 1933 or the securities laws of any other jurisdiction and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.

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 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.

About Fletcher Asset Management:

Founded in 1991 by Alphonse Fletcher, Fletcher Asset Management, Inc. has been an SEC-Registered Investment Advisor since 1995. With its affiliates operating from offices in the United States and Europe, the private investment firm seeks consistent returns from its supportive direct investments in responsible companies and in select private investment funds. In addition to its capital, FAM brings a team of experienced senior executives, who have a combined total of over 100 years working at the firm and substantial expertise in fundamental investment analysis, principles of corporate finance, rigorous proprietary quantitative methods, and standards of social responsibility. Over the past 17 years, the firm has funded more than 50 direct investments in promising companies led by solid management teams with responsible business practices. Strengthening these companies has helped secure or create more than 50,000 jobs and develop and deliver important products and services. The firms maintain investments in more than 50 non-affiliated private investment funds. For more information, please visit www.fletcher.com.

Raser Technologies, Inc.
Richard Putnam
Investor Relations
(801) 765-1200
investorrelations@rasertech.com

Hayden Communications, Inc
Cameron Donahue
(651) 653-1854
cameron@haydenir.com