Raser Technologies Signs Term Sheet with Ormat Nevada to Provide Engineering, Procurement and Construction for Raser's Lightning Dock, New Mexico Geothermal Project

PROVO, Utah--(BUSINESS WIRE)--Raser Technologies Inc. (NYSE:RZ), an energy technology company, announced today that its subsidiary project company, Lightning Dock Geothermal No. 1, HI-01, LLC, signed a term sheet with Ormat Nevada, Inc., a subsidiary of Ormat Technologies, Inc. (NYSE:ORA), to provide the Engineering, Procurement and Construction (EPC) of the Lightning Dock, New Mexico geothermal project.

“We are pleased to work with Raser Technologies on their Lightning Dock geothermal development and we look forward to contributing to the success of this project with our best-in-class, bankable power plant technology and proven execution skills.”

“We are excited to work with a veteran in the geothermal business,” said Project Manager Mike Hayter. “Ormat is a known leader in manufacturing binary-cycle geothermal equipment and we recognize the benefits Ormat would bring to the Lightning Dock project. We are also pleased to announce that, in conjunction with Evergreen and FE Clean Energy, we found a solution that will provide the financing needed for this project.”

The term sheet names Ormat the provider of equipment for the project. The broad scope of work includes the installation of two large Ormat binary turbo generators and all associated above-ground plant equipment including, but not limited to, well field pumps, pipelines, cooling towers, electric interconnection equipment and transmission equipment.

Ormat President and COO Yoram Bronicki said, “We are pleased to work with Raser Technologies on their Lightning Dock geothermal development and we look forward to contributing to the success of this project with our best-in-class, bankable power plant technology and proven execution skills.”

The current project schedule slates the above ground construction to be completed within 24 months from the issuance of the notice to proceed.

About Ormat Technologies

Ormat Technologies, Inc. is the only vertically integrated company primarily engaged in the geothermal and recovered energy power business. The company designs, develops, owns and operates geothermal and recovered energy-based power plants around the world. Additionally, the Company designs, manufactures and sells geothermal and recovered energy power units and other power-generating equipment, and provides related services. The Company has more than four decades of experience in the development of environmentally sound power, primarily in geothermal and recovered-energy generation. Ormat products and systems are covered by 75 U.S. patents. Ormat has engineered and built power plants, that it currently owns or has supplied to utilities and developers worldwide, totaling approximately 1300 MW of gross capacity. Ormat's current generating portfolio includes the following geothermal and recovered energy-based power plants: in the United States - Brady, Brawley, Heber, Mammoth, Ormesa, Puna, Steamboat, OREG 1, OREG 2, OREG 3 and OREG 4; in Guatemala - Zunil and Amatitlan; in Kenya - Olkaria III; and, in Nicaragua - Momotombo.

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 Ormat relating to its proposed engineering, procurement and construction of the Lightning Dock geothermal power plant; our beliefs about the strength and enforceability of our agreements; our beliefs 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.