Raser Chairman Delivers Testimony at Congressional Hearings on Electrification of Transportation

WASHINGTON--Raser Technologies, Inc. , an energy technology company, announced today that Raser Chairman Kraig Higginson testified before the United States Senate Appropriations Subcommittee on Energy and Water Development, February 23, 2010 in Washington, D.C. The hearings were called by Subcommittee Chairman Senator Byron Dorgan (D-ND), to hear testimony from industry leaders and the Department of Energy regarding the opportunities and challenges presented in increasing the number of electric vehicles in the light duty automotive sector.

“just 60 cents per equivalent gallon, or about one fourth as much as gas.”

“It was encouraging to witness today the bi-partisan support we are seeing on this important issue and discuss the technology that exists today that can support cleaner and more efficient transportation for every American,” said Kraig Higginson, Chairman Raser Technologies. “There is a growing consensus among members of Congress and business leaders that the electrification of transportation is the most practical and immediate way to reduce dependence on oil and reduce green house gas emissions.”

Also testifying were key industry leaders including Fred Smith, Founder and Chairman of FedEx, Dr. Henry Kelly, Deputy Assistant Secretary of the Department of Energy, Dr. Alan Taub, Vice President of Global Research and Development for General Motors, Mary Ann Wright, Vice President & Managing Director of Johnson Controls, a leading automotive battery supplier.

In his opening remarks, Senator Dorgan commented that breaking our addiction on imported oil is the single most important issue facing America’s national security. Fred Smith from FedEx, who runs a fleet of over 70,000 vehicles, stated that, “Operating a vehicle on electricity in the United States is considerably less expensive than operating a vehicle on gasoline. In large part, this is due to the high efficiency of electric motors, which can turn more than 90 percent of the energy content of electricity into mechanical energy.” He went on to contrast the costs of a gasoline vehicle at about 10 cents per mile to the costs of an electric vehicle at just 2.5 cents per mile. Mr. Higginson concurred and added that when charging at night on electricity, the average cost is “just 60 cents per equivalent gallon, or about one fourth as much as gas.”

Raser Vice President of Marketing David West, who also attended the hearing, commented, “We presented evidence to the committee showing that gasoline consumption and its harmful emissions could be cut in half or more through the broad use of plug-in electric trucks.”

In his written testimony, Mr. Higginson reported to the committee that the largest reduction in emissions and gas consumption could be achieved through offering plug-in electric trucks because “trucks are consistently the number-one selling vehicle in America. Offering additional incentives for America’s early adopting fleets to buy plug-in electric trucks could help accelerate the commercialization of new clean electric technology.”

Raser also included written statements of support from Pacific Gas & Electric, which operates the largest utility fleet in the country, and the City of Anaheim, California. Transcripts of the remarks of all participants in the hearing can be found at http://appropriations.senate.gov/ht-energy.cfm?method=hearings.view&id=ca34e260-6f45-4524-97d2-f8c0f5f99f8c.

About Raser Technologies

Raser 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 and Raser’s Symetron™ technology developed internally by its Transportation and Industrial segment. Raser’s Transportation & 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.