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Ormat Technologies, Inc. (NYSE: ORA) is a premier geothermal and recovered energy generation company with over 50 years of experience in the renewable energy sector. As the only vertically integrated company in this field, Ormat is dedicated to becoming a leading global provider of renewable energy solutions. The company is engaged in three primary business segments:
- Electricity Segment: Ormat develops, builds, owns, and operates geothermal, solar PV, and recovered energy-based power plants in the United States and internationally. It sells the electricity generated from these plants, contributing significantly to renewable energy adoption worldwide.
- Product Segment: This segment involves designing, manufacturing, and selling equipment for geothermal and recovered energy-based electricity generation. Ormat also provides services related to the engineering, procurement, and construction (EPC) of these power plants. Their proprietary Ormat Energy Converter (OEC) technology is a key component of their product offerings.
- Energy Storage Segment: Ormat owns and operates grid-connected storage systems that provide capacity, energy, and ancillary services directly to the electric grid, enhancing grid reliability and efficiency.
Ormat has a robust portfolio of 69 U.S. patents, reflecting its commitment to innovation and technological advancement. The company has engineered, manufactured, and constructed power plants that it either owns or has installed for utilities and developers worldwide. Their flexible and modular solutions are tailored to a wide range of geothermal and recovered energy resource characteristics, making them a versatile player in the renewable energy market.
Recent developments include the expansion of Ormat’s presence in the Caribbean through a geothermal project in Dominica. The company’s latest financial reports show significant growth, with a record quarterly revenue of $183.9 million in the Electricity segment and a 56.7% increase in the Product segment's adjusted EBITDA. These achievements underscore Ormat’s successful execution of its growth strategy, driving double-digit net income and adjusted EBITDA expansion.
Ormat employs around 470 people in the United States and over 600 overseas, highlighting its global footprint and capacity for international project execution. The company’s blend of operational expertise, innovative technology, and strategic growth initiatives positions it as a formidable force in the renewable energy landscape.
Ormat Technologies (NYSE: ORA) has secured two 15-year tolling agreements for Energy Storage facilities in Israel through a tender issued by the Israeli Electricity Authority. The facilities will have a combined capacity of 300MW/1200MWh. The projects will be developed in a 50/50 partnership with Allied Infrastructure , marking Ormat's first major entry into Israel's utility-scale energy storage market.
The partnership is in advanced stages of obtaining interconnection and land use permits before beginning construction. The projects are expected to achieve commercial operation in 2028. The agreements include an option to terminate the initial contract and transition to the merchant market. This strategic move aligns with Ormat's goal to enhance portfolio profitability and stabilize margin performance in its storage business.
Ormat Technologies (NYSE: ORA) has announced the successful start of commercial operations for the 35MW Ijen geothermal power plant in East Java, Indonesia. The facility, jointly owned with PT Medco Power Indonesia through PT Medco Cahaya Geothermal (MCG), represents Ormat's first geothermal plant in East Java, with Ormat holding a 49% equity share (equivalent to 17MW).
The plant, equipped with Ormat Energy Converter (OEC), marks the completion of its first phase, supplying power to the Java grid under a 30-year power purchase agreement. The facility has a total planned capacity of 110 MW and contributes to Indonesia's ambitious goal of adding 7.2 GW of geothermal capacity by 2035.
Ormat Technologies (NYSE: ORA) has signed a 10-year Power Purchase Agreement (PPA) with Calpine Energy Solutions for up to 15 megawatts (MW) of geothermal energy from its Mammoth 2 power plant in California. The agreement, starting in Q1 2027, will replace the existing PPA with Southern California Edison Company.
The new PPA features increased production capacity and higher pricing, reflecting California's tight supply-demand balance for carbon-free electricity. This is driven by state Renewable Portfolio Standards compliance requirements and corporate demand for sustainable energy solutions.
The agreement will support Calpine Energy Solutions' retail portfolio while advancing Ormat's portfolio expansion strategy and long-term revenue generation goals. The energy will be sourced from the Mammoth 2 geothermal facility near Mammoth Lakes, California.
Ormat Technologies (NYSE: ORA), a leading geothermal and renewable energy company, has scheduled the release of its fourth quarter and full year 2024 financial results for Wednesday, February 26, 2025, after market close. The company will host a conference call to discuss the results on Thursday, February 27, 2025, at 10:00 a.m. ET.
Participants can join the call using different dial-in numbers: 1-800-715-9871 for United States and Canada, and +1-646-960-0440 for international callers, using access code 9044930. The call will include a live webcast available on the company's Investor Relations website section, with a replay option available one hour after the call's conclusion.
Ormat Technologies (NYSE: ORA) has announced the successful launch of commercial operations at its Montague energy storage facility in New Jersey. The 20MW/20MWh Battery Energy Storage System (BESS) will provide ancillary services to the PJM merchant market. The project, eligible for a 30% Investment Tax Credit, increases Ormat's total capacity in the PJM market to 120MW/120MWh.
With this addition, Ormat now operates 290MW/658MWh of energy storage projects and is progressing toward its 2028 target of 950MW-1050MW/2.5GWh-2.9GWh energy storage portfolio capacity.
Ormat Technologies (NYSE: ORA) announced the successful launch of commercial operations at its Montague energy storage facility in New Jersey. The 20MW/20MWh Battery Energy Storage System (BESS) will provide ancillary services to the PJM merchant market and is expected to qualify for a 30% Investment Tax Credit.
With this addition, Ormat's total capacity in the PJM market reaches 120MW/120MWh. The company now operates 290MW/658MWh of energy storage projects overall, progressing toward its 2028 target of 950MW-1050MW/2.5GWh-2.9GWh energy storage portfolio capacity.
Ormat Technologies (NYSE: ORA) has acquired 1,678 acres in Utah through a Bureau of Land Management (BLM) Auction. The strategic land acquisition will enable the development of two new power plants near the company's Cove Fort facility. The first plant, Cove Fort 2, is scheduled to begin exploration in 2025 with expected commercial operations in 2027, while Cove Fort North will be developed later. CEO Doron Blachar expressed confidence in the high probability of success for these parcels, which align with the company's growth plans in the U.S. The expansion aims to meet Utah's growing sustainable energy demands and strengthen Ormat's position in geothermal energy production.
Ormat Technologies (NYSE: ORA) announced the pricing of a secondary offering of 3,700,000 shares of common stock on behalf of ORIX at $76.20 per share. The offering is expected to close on December 13, 2024. Goldman Sachs & Co. , acting as the sole book-running manager and underwriter, has a 30-day option to purchase up to an additional 555,000 shares. Ormat will not receive any proceeds from this sale.
Ormat is a leading geothermal company with over five decades of experience, operating a 1,500MW generating portfolio consisting of 1,230MW geothermal and solar generation across multiple countries and a 270MW energy storage portfolio in the U.S.
Ormat Technologies (NYSE: ORA), a leading geothermal and renewable energy technology company, announced a secondary offering of 3,700,000 shares of common stock on behalf of ORIX . Goldman Sachs & Co. , serving as the sole book-running manager and underwriter, will have a 30-day option to purchase up to an additional 555,000 shares from ORIX. Ormat will not receive any proceeds from this offering as it is not selling any shares. The offering is being made through an automatically effective shelf registration statement on Form S-3 filed with the SEC on December 11, 2024.
Ormat Technologies (NYSE: ORA) has reached an understanding with Contact Energy for a $200 million EPC contract to develop the Te Mihi Stage 2 101MW geothermal power plant in New Zealand. The project, expected to be completed by mid-2027, marks Ormat's fourth large project in New Zealand and will replace the 1950's-built Wairakei geothermal power station. The company expects its year-end Product Segment backlog to exceed $300 million, with bulk revenues from this contract recognized during 2026-2027. Contact Energy is also planning Te Mihi Stage 3, expected online by mid-2031.
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