Senator Orrin Hatch to Participate in Ribbon Cutting for Utah Renewable Energy Project

PROVO, Utah, October 23, 2008 — Raser Technologies, Inc. announced today that it will hold a ribbon cutting ceremony to mark the completion of the first commercial geothermal power plant to be built in Utah in more than 20 years. Senator Orrin Hatch, along with other national, state and county government officials, has accepted Raser’s invitation to participate in the ribbon cutting ceremony and press conference. These officials will be available to discuss Utah’s efforts to reduce emissions from power production facilities at the press conference and ribbon cutting ceremony. The event is scheduled for November 6, 2008, at the Thermo power plant project site in Beaver County at 3:00 p.m. local time.

Raser previously announced the discovery of one of the largest geothermal resources in the nation in the past 25 years. Senator Hatch officiated at the ground breaking for the construction of the Thermo plant in May of this year. It is estimated that the Thermo resource area may contain enough geothermal resources to power a third of the homes in Utah with zero emissions when fully developed. Using Raser’s new proprietary modular power plant design, major construction for the Thermo project was completed in just six months, greatly reducing the normal five to seven year time frame required to develop a commercial geothermal power plant.

Raser is utilizing for the first time ever in a commercial scale power plant, new low temperature technology developed by UTC Power, a United Technologies Corp. (NYSE: UTX) company, to generate electrical power at the Utah site with zero emissions. The modular PureCycle® power generation units can be rapidly deployed, decreasing the development time of this important renewable energy at a time when our nation is striving to diversify its portfolio of energy options and reduce its carbon footprint. Raser connected fifty of the binary cycle units together on site like a computer network to make a 10 megawatt geothermal power plant in just a few months.
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Senator Orrin Hatch said, “Raser Technologies is a company that has consistently pushed the envelope to develop and bring to market some of our nation’s most advanced concepts in clean energy. Geothermal is clean and green, and it’s abundant, especially in Utah. Unlike wind and solar, geothermal energy provides us a renewable source of base power. If we are interested in reducing carbon emissions on a significant basis, we must increase our green sources of base power. Today Raser Technologies is at the front of doing just exactly that.”

“We are excited to unveil our first geothermal power plant,” stated Brent M. Cook, Raser’s Chief Executive Officer. “With the major construction of Thermo completed, we will work over the next four to six weeks to complete the commissioning process and have the plant fully operational later this quarter. The completion of this historic renewable energy plant marks an important step in our country’s effort to become energy independent. We invite the many partners that have made this historic geothermal plant possible, our shareholders and the public to come and celebrate this important milestone with us.”

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 contain 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 developments of our geothermal power projects;; 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 June 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.

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

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