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Raser Technologies Chairman Joins Governor Bill Richardson in Announcing the First Geothermal Power Project in New Mexico

Posted on: Friday, 22 August 2008, 15:00 CDT

Raser Technologies (NYSE Arca: RZ) today joined with New Mexico governor Bill Richardson, former United States Secretary of Energy, to announce the beginning of the construction phase of the first commercial geothermal power project in New Mexico. Raser Chairman Kraig Higginson introduced Raser's geothermal power project at Lightning Dock near Animas, New Mexico along with its unique geothermal development process. Joining Mr. Higginson and Governor Bill Richardson in the announcement were other state officials including Fred Mondragon, Director of Economic Development, and Mark Fesmire, Director of the Oil Conservation Division for the State of New Mexico.

"In the clean energy state of New Mexico, we are working hard to bring more renewable energy online," said Governor Richardson. "Our state has already shown leadership in developing wind and solar energy resources. Now we are proud to be one of the first states to deploy new technology with Raser, that will help unlock our geothermal resources for power production without damaging our environment."

The power plant will be one of the first in the country to use new low temperature geothermal power generation technology in a proprietary modular power plant design by Raser Technologies. Raser teamed with UTC Power, a United Technologies Corp. (NYSE: UTX) company, to develop a rapid deployment strategy utilizing their new PureCycle(R) power generation units that are now being delivered to Raser's project site near Animas, New Mexico. This rapid deployment strategy significantly accelerates the time-line for developing a geothermal power plant. One of Raser's UTC Power PureCycle(R) modular power generation units was on display at the governor's office in Albuquerque on its way to be delivered to the site of the Lightning Dock power plant.

Senator Jeff Bingaman, United States Senator from New Mexico and Chairman of the Senate Energy and Natural Resources Committee, stated, "I am pleased that Raser Technologies has begun construction of New Mexico's first geothermal power plant. This marks an important step forward for utility-scale, clean, renewable energy. We should be using our geothermal assets more, and the unique technology applied to this plant will allow that to happen."

Lightning Dock was one of many geothermal wells drilled in New Mexico over 20 years ago during the last energy crisis, but it was not hot enough to generate electric power using the technology available at the time. Today, using new technology, this site along with many others across the state and throughout the west can become productive geothermal power plants converting available heat into electric power at a very competitive market price. The first commercial geothermal power plant in New Mexico is anticipated to begin producing 10 megawatts (MW) of clean renewable energy by early next year. Phase two of the project will expand the plant to 20-25 MW of power, enough to power nearly 15,000 homes.

Senator Pete Domenici of New Mexico, a ranking member on the Senate Energy and Natural Resources Committee, commented about the renewable energy project saying, "I'm excited about this new geothermal facility, and what it can do for our State's energy future. If we are to meet our energy needs in the coming years, it is clear to me that we must put every available technology to use."

Dick Clayton, Executive Vice President for Raser Technologies, commented, "We believe that the completion of this renewable energy plant over the next several months will mark the beginning of an expanding role for geothermal power in our nation's energy future."

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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