Provo, Utah, December 22, 2008 — Raser Technologies, Inc. announced today that it continues to expand its vast geothermal resources by acquiring 17 new lease parcels covering more than 50,000 acres of geothermal, surface and other rights in Utah as a part of the BLM (Bureau of Land Management) geothermal auction on Friday, December 19, 2008.

The new leases increased Raser’s total geothermal holdings to over 300,000 acres in five states. Under the lease agreements, Raser has rights to the geothermal resources and certain surface rights for the construction of geothermal wells, piping, power plants and transmission lines.

“We continue to carefully select additional resources for future development and to expand our geothermal portfolio,” stated Dick Clayton, Raser’s Executive Vice President. “We believe these strategic acquisitions of federal geothermal resources significantly enhance our overall portfolio of federal, state and private lands. We feel it is imperative to our country’s energy independence and for the health of the environment that these geothermal resources be developed as rapidly as possible to meet the growing energy demands of our country with the clean renewable energy that lies just below our feet.”

About Raser Technologies
Raser (NYSE: RZ) is an 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 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 construct power plants; our beliefs about the strength and enforceability of our agreements; 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.

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

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