Metretek Technologies Completes $28.2 Million Private Placement of Common Stock

Metretek Technologies, Inc. (Amex:MEK) announced today
that it has successfully completed its previously announced private
placement of 2,012,548 shares of its common stock to certain
institutional and accredited investors at a price of $14.00 per share,
raising gross proceeds of approximately $28.2 million. In addition,
officers and directors of the Company sold 390,452 shares of common
stock to the investors in the private placement at the same price per
share. Roth Capital Partners, LLC acted as the placement agent in the
private placement.
   The net cash proceeds to the Company of approximately $26 million
will be used for the repayment of indebtedness, for capital
expenditures, and for working capital purposes.
   The private placement was made only to accredited investors in a
transaction exempt from the registration requirements of the
Securities Act of 1933, as amended (the "Securities Act"). The shares
of common stock sold have not been registered under the Securities
Act, or any state securities laws, and unless so registered, may not
be offered or sold absent registration or an applicable exemption from
the registration requirements of the Securities Act and applicable
state securities laws. The Company has agreed to file a registration
statement covering the resale from time to time of the shares of
common stock sold in the private placement.
   This press release does not constitute an offer to sell, or the
solicitation of an offer to buy, any securities, nor shall there be
any sale of the securities in any jurisdiction in which such offering
would be unlawful.
   Metretek Technologies, Inc. through its subsidiaries -- Southern
Flow Companies, Inc.; PowerSecure, Inc.; and Metretek, Incorporated
(Metretek Florida) -- is a diversified provider of energy measurement
products, services and data management systems to industrial and
commercial users and suppliers of natural gas and electricity.

   Safe-Harbor Statement:

   All forward-looking statements contained in this press release are
made within the meaning of and under the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995. Forward-looking
statements are all statements other than statements of historical
facts, including but not limited to statements regarding the closing
of the private placement and all other statements concerning the
plans, intentions, expectations, projections, hopes, beliefs,
objectives, goals and strategies of management, including statements
about other future financial and non-financial items, performance or
events and about present and future products, services, technologies
and businesses; and statements of assumptions underlying any of the
foregoing. Forward-looking statements are not guarantees of future
performance or events and are subject to a number of known and unknown
risks, uncertainties and other factors that could cause actual results
to differ materially from those expressed, projected or implied by
such forward-looking statements. Important risks, uncertainties and
other factors include, but are not limited to, the timely and
successful development, production and market acceptance of new and
enhanced products, services and technologies of the Company; the
ability of PowerSecure to develop and expand its core distributed
generation and its new energy-related businesses, services and
technologies, to manage its growth and to address the effects of any
future changes in tariff structures and environmental requirements on
its business solutions; effects from time to time of hurricanes and
other severe weather conditions on the demand for Southern Flow's
products and services; the ability of Metretek Florida to successfully
develop and expand its products, service, technologies and markets;
the effects of competition; changes in customer and industry demand
and preferences and purchasing patterns; the Company's ability to
attract, retain and motivate key personnel; the ability of the Company
to secure and maintain key contracts, relationships and alliances and
to make successful acquisitions; the effects of pending and future
litigation, claims and disputes; changes in the energy industry
generally and in the natural gas and electricity industries in
particular, including price levels; general economic, market and
business conditions; the effects of international conflicts and
terrorism; and other risks, uncertainties and other factors identified
from time to time in the Company's reports and filings with the
Securities and Exchange Commission. Accordingly, there can be no
assurance that the results expressed, projected or implied by any
forward looking statements will be achieved, and readers are cautioned
not to place undue reliance on any forward-looking statements. The
forward-looking statements in this press release speak only as of the
date hereof and are based on the current plans, goals, objectives,
strategies, intentions, expectations and assumptions of, and the
information currently available to, management. The Company assumes no
duty or obligation to update or revise any forward-looking statements
for any reason, whether as the result of changes in expectations, new
information, future events, conditions or circumstances or otherwise.