Provo, Utah, December 15, 2008 — Raser Technologies, Inc. announced today the funding and closing of the sale of the remaining $10 million of its common stock to Fletcher International, Ltd., an affiliate of private investment firm Fletcher Asset Management Inc. (“Fletcher”), under an agreement relating to the private placement of $20 million of its common stock announced in November 2008. Pursuant to the closing, Fletcher purchased 2,360,417 shares of Raser’s common stock. Together with shares purchased in the initial closing in November, Fletcher purchased an aggregate total of 4,360,417 shares under the agreement.

The aggregate purchase price for the 2,360,417 shares of Raser’s common stock purchased in the second closing was $10 million, or approximately $4.24 per share. In accordance with the terms of the agreement, the purchase price represented a premium of 10% over the volume weighted average price of Raser’s common stock over the 10 trading days ending on and including December 11, 2008.

The aggregate net proceeds from the second closing were $9.3 million. Including the proceeds received at the initial closing, but excluding any potential proceeds associated with the exercise of the warrant issued in connection with the agreement, Raser received total net proceeds from the private placement transactions of approximately $18.6 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.

Calyon Securities (USA) Inc., the corporate and investment banking arm of the Crédit Agricole Group, acted as private placement agent in connection with the transactions. Crédit Agricole Group is ranked No. 7 worldwide, No. 3 in Europe and No. 1 in France in terms of Tier One capital. With more than 12,000 employees in 58 countries, Calyon offers its clients a full range of products and services spanning fixed income market activities, equity brokerage & derivatives, commercial and corporate banking, structured finance and loan syndications.

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 Inc.
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, Fletcher 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 firm maintains 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