Raser Technologies, Inc. (NYSE:RZ), an energy technology company, announced today that it and its wholly owned subsidiary Lightning Dock Geothermal HI-01, LLC (LDG) have signed an agreement with Evergreen-FE Lightning Dock, LLC (“Evergreen-FE”), a collaboration between the FE Clean Energy Group, a group of funds focused on investments in renewable energy and energy efficiency projects, and Evergreen Clean Energy, LLC to fund the resource development of the Company’s Lightning Dock Geothermal Project in Animas County, New Mexico.

Lightning Dock Project Expected To Deliver 15 Megawatts of Geothermal Power To Phoenix, Arizona (Photo: Business Wire)

The agreement contemplates that Evergreen-FE will invest $15.3 million in LDG to finance the development of the Lightning Dock Geothermal Project in exchange for a 51% interest in LDG and that Raser will develop and manage the project, subject to the negotiation and execution of definitive agreements satisfactory to the parties. To facilitate the continuing resource development of the Lightning Dock Geothermal Project while definitive documents are being completed, the agreement provides for an initial investment in the form of loans of up to approximately $2 million to LDG to fund the continued resource development of the project. The loans will be secured by a first priority lien on certain LDG equipment. Upon, and subject to, execution of definitive documents governing Evergreen-FE's equity investment in LDG , the loan balance will be credited towards the purchase price payable by Evergreen-FE for its interest in LDG.

George Sorenson, Chairman of FE Clean Energy Group, commented, “We are excited to move forward with Raser and believe the Lightning Dock project will be a successful project providing clean, renewable energy to residents in Phoenix, Arizona.”

Raser recently re-entered a well (TFD 55-7) at Lightning Dock that was drilled in 1984 and was later abandoned. Initial test results from the well are encouraging and indicate geothermal water temperatures greater than 300 degrees Fahrenheit with favorable chemical properties.

LDG is in advanced discussions with equipment manufacturers to provide binary cycle generators for the Lightning Dock project. LDG anticipates negotiating a turnkey, fixed price agreement for engineering, procurement and construction (EPC) for the project. It is contemplated that the EPC contractor will provide construction financing for the project’s generating facility.

Dean Rostrom, Principal of Evergreen Clean Energy added, “We are working on the construction and financing arrangements and anticipate moving towards conclusion over the next several weeks. The Lightning Dock project is moving along as planned and we look forward to a successful project.”

Raser has a 20-year Power Purchase Agreement (PPA) with Salt River Project to sell renewable energy from the Lightning Dock Project into Phoenix, Arizona. When complete, the proposed project is expected to deliver up to 15 MW of geothermal power.

About FE Clean Energy Group

FE Clean Energy Group manages four funds focused on investments in the middle market energy efficiency services sector and in return-driven sustainable development. FE Clean Energy Group specializes in investing in privately held companies that deliver energy efficiency, emissions reduction, renewable energy and reliable power services to the industrial, commercial and public sectors. FE Clean Energy’s experience is in originating and structuring energy efficiency and emission reduction project investments. Further information on FE Clean Energy Group can be found at: www.fecleanenergy.com

About Evergreen Clean Energy LLC

Evergreen partners with the world’s leading developers to meet the demand for clean energy in a smart and efficient new way. Evergreen’s partners contribute the best available natural resources, latest technologies, and most innovative processes, while Evergreen contributes an efficient financing program that accelerates production of clean energy. Further information on Evergreen may be found at: www.evergreencleanenergy.com

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.

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 the proposed Lightning Dock geothermal power project; our beliefs about our ability to negotiate definitive agreements with Evergreen-FE relating to its proposed equity investment in LDG;our beliefs about the strength and enforceability of our agreements; our belief about our ability to obtain financing and develop future geothermal projects and the geothermal industry in general. 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 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, 2010, 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.

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