Raser Technologies Announces Extension of Thermo No. 1 Final Completion Date

Raser Technologies, Inc. (NYSE: RZ), an energy technology company, announced today that it reached an agreement to extend the Final Completion Date for the Thermo No. 1 project from June 30, 2010 to July 9, 2010, after which time Raser expects to provide an update on the project, including final payment arrangements to the financing parties from the U.S. Treasury grant proceeds received earlier this year.

“This extension will give us time to work with our project financing partners in evaluating the performance of the plant and final distribution of the funds from the Treasury grant still in escrow,” commented Raser’s Executive Vice President Dick Clayton.

Construction on the Thermo No. 1 project began in July 2008 and the plant began selling electricity to Anaheim, CA in April 2009. In February 2010, Thermo No. 1 received $33 million dollars from the U.S. Treasury Department under the Section 1603 renewable energy grant program created by the American Recovery and Reinvestment Act of 2009.

About Raser Technologies

Raser (NYSE: RZ) is an environmental energy technology company focused on geothermal power development and technology licensing. Raser’s Power Systems segment develops clean, renewable geothermal electric power plants with one operating plant in southern Utah and eight active and early stage projects in four western United States: Utah, New Mexico, Nevada and Oregon, as well as a concession for 100,000 acres in Indonesia. Raser’s Transportation and Industrial 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.