EXHIBIT 31.2
                                  ------------

                  CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER
                       PURSUANT TO RULE 13a - 14(a) OF THE
                   SECURITIES EXCHANGE ACT OF 1934, AS AMENDED

I, William Dwyer, certify that:

         1. I have  reviewed  this  quarterly  report  on  Form  10-Q  of  Raser
Technology, Inc., (the "Registrant");

         2. Based on my  knowledge,  this  report  does not  contain  any untrue
statement of a material fact or omit to state a material fact  necessary to make
the statements made, in light of the  circumstances  under which such statements
were made, not misleading with respect to the period covered by this report;

         3. Based on my knowledge, the financial statements, and other financial
information included in this report, fairly present in all material respects the
financial  condition,  results of operations and cash flows of the Registrant as
of, and for, the periods presented in this report;

         4. The Registrant's  other certifying officer and I are responsible for
establishing and maintaining  disclosure  controls and procedures (as defined in
Exchange Act Rules 13a-15(e) and 15d-15(e)) for the Registrant and have:

                     (a) Designed such disclosure  controls and  procedures,  or
              caused such  disclosure  controls  and  procedures  to be designed
              under  our  supervision,   to  ensure  that  material  information
              relating   to   the   Registrant,   including   its   consolidated
              subsidiaries, is made known to us by others within those entities,
              particularly  during  the  period  in which  this  report is being
              prepared;

                     (b)  Evaluated  the   effectiveness   of  the  Registrant's
              disclosure  controls and  procedures  and presented in this report
              our conclusions about the effectiveness of the disclosure controls
              and procedures, as of the end of the period covered by this report
              based on such evaluation; and

                     (c) Disclosed in this report any change in the Registrant's
              internal control over financial reporting that occurred during the
              Registrant's most recent fiscal quarter (the  Registrant's  fourth
              fiscal  quarter  in  the  case  of  an  annual  report)  that  has
              materially affected, or is reasonably likely to materially affect,
              the Registrant's internal control over financial reporting; and

         5. The  Registrant's  other  certifying  officer and I have  disclosed,
based  on  our  most  recent  evaluation  of  internal  control  over  financial
reporting,  to  the  Registrant's  auditors  and  the  audit  committee  of  the
Registrant's   board  of  directors  (or  persons   performing   the  equivalent
functions):

                     (a) All significant deficiencies and material weaknesses in
              the  design  or  operation  of  internal  control  over  financial
              reporting  which are  reasonably  likely to  aversely  affect  the
              Registrant's  ability to  record,  process,  summarize  and report
              financial information; and

                     (b) Any  fraud,  whether  or not  material,  that  involves
              management or other  employees who have a significant  role in the
              Registrant's internal control over financial reporting.

November 5, 2004                                  /s/  William Dwyer
----------------                                  ------------------
    (Date)                                        William Dwyer,
                                                  Chief Financial Officer