SALT LAKE CITY, Utah, January 15, 2009 — Raser Technologies, a Utah-based geothermal development company, will help provide research assistance as Salt Lake City and the State of Utah consider the viability of low-temperature geothermal electrical generation. The effort is part of the recent announcement by the City to develop geothermal projects to help meet renewable energy goals and qualify for funding from the proposed Obama stimulus plan.

The City and the State are looking to develop a project that will generate cost-competitive electricity that can meet their own energy needs. If the initial project is successful, others may follow and thereby extend the benefits of clean renewable geothermal energy to the residents of Salt Lake and the State of Utah.

On its part, the City is considering the project to take advantage of President-elect Barack Obama’s stimulus package, which requires “shovel ready” projects that can begin within six months. The City believes its geothermal resources can be developed rapidly using new technology to erect a geothermal power plant in as little as six months.

The State sees the project as an opportunity to promote an underutilized renewable resource. Development of geothermal resources whether locally or nationally offers the opportunity to stimulate economic development and promote a Utah-based technology.
Raser will help in assessing the scale and the scope of resources in Salt Lake City. The Company is at the forefront of geothermal development in the United States. The City of Anaheim, California, has already contracted to purchase power from the first phase of Raser’s new geothermal plant near Beaver, Utah. The company currently has eight projects in development in the Western U.S. and a project in Indonesia.
Salt Lake City Mayor Ralph Becker, a longtime advocate of clean energy, commented, “With geothermal power, we have an opportunity to bring the environmental and economic benefits of renewable energy directly to the residents of Salt Lake. This effort has the potential to make Salt Lake a national leader in energy independence while utilizing a local renewable energy source that is right here under our feet.”

Jason Perry, executive director of the Utah Governor’s Office of Economic Development welcomed the possibility of geothermal generation in Utah. He stated, “Geothermal energy development provides the opportunity to bring new jobs and investment to the state by capitalizing on an often overlooked energy resource.”

Kraig Higginson, chairman of Raser Technologies, said, “I would like to compliment the State and the City in their efforts to explore clean renewable electric power generation within our communities. I express our enthusiastic willingness to assist them in their assessment of their geothermal resources and coordination with local utilities.”

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 our ability to exploit the available geothermal resources; our beliefs about the expected timing relating to the testing and commissioning 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.

Raser Technologies, Inc.
Richard Putnam
Investor Relations
David West
Vice President Marketing
(801) 765-1200
investorrelations@rasertech.com

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

Public Relations contact: Stern & Co.
Richard Stern
212 888-0044
richstern@sternco.com
Alison Simard
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