Raser Technologies Announces Additional Extension Agreement with Thermo No. 1 Financing Partners

PROVO, Utah--(Business Wire)--
Raser Technologies, Inc. (NYSE: RZ), an energy technology company, today
announced it has signed an additional extension agreement until November 2,
2009, with its financing partners for the Thermo No. 1 plant. This extension
will allow the parties time to finalize amendments to the Thermo Financing
Agreements.

The contract extension amends the date by which Raser and its partners
anticipate finalizing an updated agreement on the structure and final completion
date of the Thermo No. 1 plant. The previous deadline was October 16, 2009, and
with the new agreement, the date has been reset to November 2, 2009. The Thermo
Financing Agreements provide project financing and tax equity capital for the
project, and the Company is amending its Thermo Financing Agreements in order to
be consistent with recent tax law changes under the American Recovery and
Reinvestment Act of 2009. The Company is also amending other provisions and
deadlines in the Thermo Financing Agreements related to bringing the project to
full capacity. Raser expects to reach full capacity of 10 MW by the end of 2009.

"We continue to make progress on the amendments and are working closely with our
financing partners," said Richard Clayton, Principal Executive Officer.
"Finalizing these amendments will allow us the flexibility we need to complete
Thermo No. 1 and to continue developing our extensive geothermal capabilities
and the infrastructure necessary to deliver clean, renewable energy efficiently
and cost-effectively now and in the future."

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 is seeking to develop clean, renewable geothermal electric power plants
and bottom-cycling operations, incorporating licensed heat transfer technology.
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.

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 our ability to exploit available geothermal
resources; our beliefs about our well field completion plan; our beliefs about
the expected timing relating to the restructuring of our financial agreements;
our beliefs about the economic benefits of contemplated financing structures,
and our beliefs about our ability to qualify for government incentives. 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; 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, 2009, 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 report.

Raser Technologies, Inc.
Investor Relations
Issa Arnita, 801-765-1200
investorrelations@rasertech.com
or
Hayden IR
Cameron Donahue, 651-653-1854
cameron@haydenir.com

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