Provo, Utah, November 13, 2008 — Raser Technologies, Inc. an environmentally focused technology licensing and development Company, today announced financial results for the third quarter ended September 30, 2008 and provided an update on its progress in executing its strategic business plan.

Financial Results
Revenue for the third quarter was $30,000 compared to $49,887 for the third quarter of 2007. Revenues for the 2008 period were generated from a waste heat recovery study we completed for a customer.

Total operating expenses were $6.7 million, including $0.9 million of non-cash compensation expense, in the third quarter of 2008 compared to $3.6 million in the same period for the prior year. The operating expense increase was due primarily to the ramp up of Raser’s geothermal business activities. The Company’s net loss applicable to common stockholders was $7.4 million, or $(0.13) per basic and fully diluted share, in the third quarter of 2008 compared to a net loss of $3.4 million, or $(0.06) per basic and fully diluted share, in the third quarter of 2007.

Revenue for the first nine months ended September 30, 2008 was $166,423 compared to $202,212 in the year-ago period. Total operating expenses for the nine months were $18.8 million, including $2.6 million of non-cash compensation expense, compared to $12.0 million in the same period for the prior year. The Company’s net loss applicable to common stockholders was $20.2 million, or $(0.36) per basic and fully diluted share, compared to a net loss of $11.2 million, or $(0.21) per basic and fully diluted share, in the third quarter of 2007.

Raser’s cash position at the end of the third quarter of 2008 was $5.5 million compared to $5.9 million at December 31, 2007.

Third Quarter and Subsequent Highlights:
Raser completed major construction on its first geothermal power plant in Utah and hosted a ribbon cutting ceremony to announce the completion of major construction on November 6th. In addition, Raser continued development of its other geothermal projects and held a groundbreaking ceremony for the first commercial geothermal power plant to be built in New Mexico, in Hidalgo County. The plant is expected to come on-line in early 2009 and should generate approximately 10 megawatts (MW) of geothermal electricity.

The Company made progress in its efforts to monetize its geothermal assets and execute its business strategy, including:

Completed major construction in record time frame of its 10 MW Thermo geothermal power plant near Beaver, Utah, including:

• Installed all of the first 50 geothermal generating units
• Held a ribbon cutting ceremony to mark the completion of construction of Thermo 1, 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, helped inaugurate Raser’s geothermal project in a ribbon cutting ceremony and press conference that was held on November 6, 2008.
• Commissioning will take place over the next 4-6 weeks and will begin delivering power to the City of Anaheim by year end.

Completed financing for the Thermo plant:

• Raser received $51 million of project financing and tax equity capital under a definitive agreement. Under this arrangement, Merrill Lynch initially provided both the debt funding and the tax equity capital. The tax equity is provided in exchange for most of the tax benefits provided by the renewable energy project. The 18-year loan is non-recourse to Raser and carries an effective interest rate of approximately 9.5%.
• Prudential Capital Group, an institutional investment division of Prudential Financial, Inc., purchased the permanent debt financing of Thermo from Merrill Lynch.

Raser expanded its geothermal resources:

• Raser was chosen to develop, in conjunction with Indonesia Power, over 100,000 acres of geothermal resources – enough to build an estimated 300 MW of geothermal power in West Java, Indonesia’s most populated island. The 412 square kilometer concession surrounds the Tangkuban Perahu volcano, approximately 15 miles north of Bandung, the capitol of the West Java Province. Bandung has over 2 million people and is the largest city in the West Java Province which has over 35 million residents.
• Raser announced that it has obtained 17 new lease agreements covering approximately 32,700 acres of geothermal, surface and other rights in Central Utah. The signing of these long-term leases increased Raser’s holdings in Utah alone to over 150,000 acres.

Raser continued to make progress in the commercialization efforts of its Symetron family of technologies:

• Raser announced that it expects to see the PHEV full-size SUV demonstration vehicle to be unveiled in early 2009.
• Wilson successfully completed field, durability and stress testing of Raser’s alternator design and is preparing their game plan to begin commercial production and sales during 2009.
• Hyundai Heavy Industries (HHI) is working with Raser to incorporate Symetron enhanced generators, motors and drives into future geothermal plants. Revenue to Raser under its agreement with HHI is anticipated by the 3rd quarter, 2009. Potential parasitic load reduction is also expected to increase geothermal plant revenue from additional electricity sales.

Martin F. Petersen, Raser’s Chief Financial Officer commented, “During the third quarter, Raser secured the debt and tax equity financing and subsequently completed major construction of our initial power plant in Beaver County, Utah. We also welcomed Prudential to our financing consortium for our Thermo project. We believe this shows that there continues to be strong interest in our renewable energy projects. Raser is in a unique position in the emerging geothermal industry. With strong financial and strategic partners, vast geothermal assets, modular power generating units and increasing demand for green power, we believe we can turn the promise of geothermal power into the realization of clean, renewable, and profitable energy.”

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 obtain adequate development funding; our beliefs about our ability to fund the required escrow accounts; 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. AND SUBSIDIARIES

(a development stage enterprise)

Condensed Consolidated Statements of Operations

(Unaudited)

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

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