RZ Raser Technologies, Inc.

Pacific Gas & Electric Company (PG&E) and Raser Technologies, Inc. (NYSE: RZ) announced today that PG&E will be the first company in the United States to take delivery of Raser’s new extended range electric (E-REV) fleet trucks, designed to achieve an average of 100 miles per gallon in typical daily driving when recharged at night from a typical household outlet.

The extended range electric pick-up truck can drive the first 40 miles on powerful lithium-ion batteries. It can continue driving over 300 miles by generating its own electricity from a small onboard gasoline-powered generator or “range extender.”

PG&E expects to take delivery of the first two E-REV fleet trucks modified with Raser’s E-REV powertrain for initial testing and demonstration before the end of 2010.

“PG&E is committed to reducing our emissions and strives to be a leader in green fleet technology,” said David Meisel, transportation services director at PG&E. “We have been evaluating the market for over a year, and are proud to integrate the first two near-zero emissions pick-up trucks into our fleet.”

Pacific Gas and Electric Company operates the nation’s largest utility fleet with more than 14,000 vehicles. It also offers some of the cleanest electricity, with more than half of its power coming from renewable and non-carbon sources.

Raser says it plans to offer its E-REV powertrain in both GM and Ford models to accommodate the growing demand for clean vehicles that can capture available federal and state incentives designed to offset the additional cost of electrification. With a backlog of over 10,000 soft orders for plug-in fleet vehicles already, Raser plans to begin limited delivery to other fleets for field testing as early as 2011. Raser also plans to offer its E-REV powertrain in popular SUV models in the near future.

“With Raser’s new E-REV powertrain, America’s most popular trucks and SUVs can also be some of the cleanest vehicles on the road,” commented David West, Vice President, Marketing for Raser Technologies.

For more information click here www.rasertech.com/trucks.

About PG&E

Pacific Gas and Electric Company, a subsidiary of PG&E Corporation (NYSE:PCG), is one of the largest combined natural gas and electric utilities in the United States. Based in San Francisco, with 20,000 employees, the company delivers some of the nation’s cleanest energy to 15 million people in northern and central California. For more information visit www.pge.com/about/newsroom/.

About Raser Technologies

Raser (NYSE: RZ) is an environmental energy technology company focused on electric vehicles and renewable energy development. Raser’s Power Systems segment is seeking to develop clean, renewable energy power plants and bottom-cycling operations, incorporating licensed heat transfer technology and Raser’s Symetron™ technology developed by its Transportation and Industrial segment. Raser’s Transportation & Industrial segment focuses on extended-range plug-in-hybrid vehicle solutions using Raser’s award-winning Symetron™ technology to improve the torque density and efficiency of the drive systems used in electric and hybrid-electric vehicle powertrains and industrial applications. More 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 develop, build and sell plug-in electric vehicles; our beliefs about the timing of when the E-REV vehicles will be delivered for demonstration and to the market; our beliefs about the performance and market applicability of our products and technology; our beliefs about the status and enforceability of our intellectual property; our beliefs about the performance capabilities of our technology; our beliefs about the capabilities, expertise and intentions of our partners and potential partners. 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 attract, train and retain key personnel; and such other risks as identified in our quarterly report on Form 10-Q for the quarter ended March 31, 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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