[August 21, 2008] Raser Completes Setting of First 20 Geothermal Generating Units at Thermo Tweet PROVO, Utah --(Business Wire)-- Raser Technologies, Inc. (NYSE Arca:RZ) announced today that it has completed setting the first 20 geothermal generating units at its Thermo plant in Beaver County, Utah. Raser had previously announced the setting of the first five units on August 12 and has continued its rapid deployment completing the setting of the first 20 units earlier this week. The plant is on schedule and Raser expects to have all 50 units set by the end of next week. The Company has also continued its well field development and construction efforts on the Thermo site while working to complete the steps necessary to close its construction and permanent financing for its Thermo project. "We are pleased with the quality of work and in meeting tight deadlines by our construction partners in this monumental effort," stated Brent M. Cook, Raser's Chief Executive Officer. "We are on schedule to accomplish something that we believe has never been done in the geothermal world. We anticipate that with an October completion, this will be the first commercial geothermal power plant developed in less than a year. This could not be accomplished without great development partners and very supportive state and county officials. We appreciate all those that have worked with us on this project and look forward to completing it with their continued help. We invite you to visit our website www.rasertech.com to see additional photos of the ongoing progress at the project site." Raser also announced that the previously announced groundbreaking ceremony for its Lightning Dock project in New Mexico has been moved due to scheduling conflicts with state officials to a press conference with Governor Bill Richardson. The press conference will be held at noon on Friday, August 22, 2008 at the Governor's Albuquerque office. Kraig Higginson, Raser's Chairman and Dick Clayton, Executive Vice President and General Counsel, will represent Raser at the press conference. 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 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; our beliefs about our ability to obtain project financing for the geothermal power plants we intend to develop; 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. [ Back To TMCnet.com's Homepage ]