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Raser to Hold Groundbreaking Ceremony and Press Conference for First Commercial Geothermal Power Project in New Mexico

Posted on: Tuesday, 12 August 2008, 09:01 CDT

Raser Technologies, Inc. (NYSE Arca: RZ) announced today that they will hold a groundbreaking ceremony to mark the beginning of the construction phase of the first commercial geothermal power plant to be built in New Mexico. Governor Bill Richardson, former U.S. Secretary of Energy, has accepted Raser's invitation along with other state and county government officials to participate in the groundbreaking ceremony and press conference. These officials will be available to discuss New Mexico's efforts to reduce emissions from power production facilities at the press conference and groundbreaking ceremony. The groundbreaking ceremony is scheduled for August 18, 2008, at the power plant project site in Hidalgo County at 11:00 a.m. local time.

Raser previously announced signing a power purchase agreement to sell the power to be produced by the plant to the Salt River Project (SRP), the nation's third largest public utility serving the greater Phoenix, Arizona area. Raser currently plans to begin delivering power pursuant to this agreement in the first quarter of 2009, subject to obtaining the necessary construction financing and timely construction of the plant.

"We continue to make steady progress in the development and commercialization of our geothermal assets, as evidenced by the groundbreaking of this important project in New Mexico," stated Brent M. Cook, Raser's Chief Executive Officer. "We anticipate that the completion of this renewable energy plant over the next several months will mark another important milestone in our development. The geothermal power plants we are developing are designed to provide baseload renewable energy with virtually no harmful emissions. We have already begun to take delivery of several power generation units for this New Mexico plant and we expect that the remainder will be ready once site preparations are completed."

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(TM) 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(TM) 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 contains 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; our belief about our ability to exploit the available geothermal resources; our beliefs about the strength and enforceability of our agreements; our beliefs about our ability to successfully negotiate power purchase agreements; and our beliefs about the geothermal market generally. 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 for geothermal 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.

Source: Business Wire

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