CORRECTION -- Ormat Technologies Inc.
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) ha annunciato il lancio con successo delle operazioni commerciali presso il suo impianto di stoccaggio energetico Montague nel New Jersey. Il sistema di stoccaggio energetico a batteria (BESS) da 20MW/20MWh fornirà servizi ausiliari al mercato PJM. Il progetto, idoneo per un credito d'imposta sul investimento del 30%, aumenta la capacità totale di Ormat nel mercato PJM a 120MW/120MWh.
Con questa aggiunta, Ormat gestisce ora 290MW/658MWh di progetti di stoccaggio energetico e sta progredendo verso il suo obiettivo del 2028 di una capacità di portafoglio di stoccaggio energetico di 950MW-1050MW/2.5GWh-2.9GWh.
Ormat Technologies (NYSE: ORA) ha anunciado el exitoso lanzamiento de operaciones comerciales en su instalación de almacenamiento de energía Montague en Nueva Jersey. El Sistema de Almacenamiento de Energía de Batería (BESS) de 20MW/20MWh proporcionará servicios auxiliares al mercado PJM. El proyecto, elegible para un Crédito Fiscal de Inversión del 30%, aumenta la capacidad total de Ormat en el mercado PJM a 120MW/120MWh.
Con esta adición, Ormat ahora opera 290MW/658MWh de proyectos de almacenamiento de energía y avanza hacia su objetivo de 2028 de una capacidad de cartera de almacenamiento de energía de 950MW-1050MW/2.5GWh-2.9GWh.
오르맛 테크놀로지스 (NYSE: ORA)가 뉴저지에 있는 몬타주 에너지 저장 시설에서 상업적 운영의 성공적인 출범을 발표했습니다. 20MW/20MWh 배터리 에너지 저장 시스템(BESS)은 PJM 상업 시장에 보조 서비스를 제공할 것입니다. 30% 투자 세액 공제를 받을 수 있는 이 프로젝트는 Ormat의 PJM 시장에서의 총 용량을 120MW/120MWh로 증가시킵니다.
이번 추가로 Ormat는 현재 290MW/658MWh의 에너지 저장 프로젝트를 운영하고 있으며 2028년까지 950MW-1050MW/2.5GWh-2.9GWh의 에너지 저장 포트폴리오 용량을 목표로 나아가고 있습니다.
Ormat Technologies (NYSE: ORA) a annoncé le lancement réussi des opérations commerciales de sa station de stockage d'énergie Montague dans le New Jersey. Le système de stockage d'énergie par batterie (BESS) de 20MW/20MWh fournira des services auxiliaires au marché commerçant PJM. Le projet, éligible à un crédit d'impôt sur l'investissement de 30 %, augmente la capacité totale d'Ormat sur le marché PJM à 120MW/120MWh.
Avec cet ajout, Ormat exploite désormais 290MW/658MWh de projets de stockage d'énergie et progresse vers son objectif de 2028 d'une capacité de portefeuille de stockage d'énergie de 950MW-1050MW/2.5GWh-2.9GWh.
Ormat Technologies (NYSE: ORA) hat den erfolgreichen Start des kommerziellen Betriebs seiner Montague-Energiespeicheranlage in New Jersey angekündigt. Das 20MW/20MWh Batteriestellsystem (BESS) wird zusätzliche Dienstleistungen für den PJM-Markt bereitstellen. Das Projekt, das für einen Investitionssteuergutschrift von 30% berechtigt ist, erhöht die Gesamtkapazität von Ormat im PJM-Markt auf 120MW/120MWh.
Mit dieser Ergänzung betreibt Ormat nun 290MW/658MWh an Energiespeicherprojekten und kommt seinem Ziel von 2028 näher, eine Kapazität des Energiespeicherportfolios von 950MW-1050MW/2.5GWh-2.9GWh zu erreichen.
- Successful launch of new 20MW/20MWh energy storage facility
- Project eligible for 30% Investment Tax Credit
- Total energy storage capacity increased to 290MW/658MWh
- On track for 2028 portfolio capacity target of 950MW-1050MW
- None.
Insights
The commissioning of the 20MW/20MWh Montague BESS facility represents a strategic expansion in the PJM market, where grid services command premium pricing. The facility's eligibility for a
The expansion brings Ormat's total energy storage capacity to 290MW/658MWh, marking significant progress toward their ambitious 950MW-1050MW/2.5GWh-2.9GWh 2028 target. In the PJM market specifically, Ormat now operates 120MW/120MWh of storage capacity, positioning them as a significant player in one of North America's largest electricity markets.
Think of energy storage facilities as premium parking spots in a congested city - they provide essential services when and where they're most needed, commanding higher revenue potential. The Montague facility's merchant market participation allows for flexible revenue optimization through various ancillary services, including frequency regulation and operating reserves.
The Montague project's financial structure leverages the Investment Tax Credit effectively, improving project returns while minimizing capital requirements. For investors, this represents efficient use of tax incentives in a high-demand market segment. The merchant market strategy in PJM typically yields higher margins compared to fixed-price contracts, though with some revenue variability.
The project strengthens Ormat's recurring revenue base while diversifying away from pure geothermal operations. The company's expanding storage portfolio - now at 290MW/658MWh - creates a more balanced business model. Simple terms: imagine adding a steady-income apartment building to complement an existing business - it provides stability while tapping into growing market demand.
RENO, Nev., Dec. 30, 2024 (GLOBE NEWSWIRE) -- In a release issued earlier today by Ormat Technologies Inc. (NYSE: ORA), please note the original headline read "20MW/120MWH" when it should have read "20MW/20MWH." This error was introduced by GlobeNewswire. The corrected release follows:
Ormat Commences Commercial Operation of Montague Energy Storage Facility, Delivering 20MW/20MWh of Energy Storage Capacity to the PJM Market
Ormat Technologies Inc. (NYSE: ORA) (“Ormat” or the “Company”), a leading geothermal and renewable energy technology company, announced today the successful commencement of commercial operations for its Montague energy storage facility. This 20MW/20MWh Battery Energy Storage System (BESS), located in New Jersey, will provide ancillary services on the merchant market to PJM.
The Montague project, which is expected to be eligible for a
Doron Blachar, Chief Executive Officer of Ormat Technologies, stated, “We are pleased to announce the successful commencement of commercial operations at our Montague facility, which reflects our dedication to expanding our Energy Storage portfolio in strategic U.S. markets while also continuing to make progress in improving our profitability. With the addition of Montague, Ormat now operates 290MW/658MWh of energy storage projects, and we have several additional projects currently under construction, demonstrating our strong development capabilities and commitment to achieving our 950MW-1050MW/2.5GWh-2.9GWh 2028 energy storage portfolio capacity target.”
Blachar continued, “The addition of the Montague project brings valuable ancillary services to the PJM market, enhancing the reliability of the grid while also supporting the transition to a cleaner energy future. We are proud to support the PJM market with our premium renewable power generation and energy storage solutions.”
ABOUT ORMAT TECHNOLOGIES
With over five decades of experience, Ormat Technologies, Inc. is a leading geothermal company and the only vertically integrated company engaged in geothermal and recovered energy generation (“REG”), with robust plans to accelerate long-term growth in the energy storage market and to establish a leading position in the U.S. energy storage market. The Company owns, operates, designs, manufactures and sells geothermal and REG power plants primarily based on the Ormat Energy Converter – a power generation unit that converts low-, medium- and high-temperature heat into electricity. The Company has engineered, manufactured and constructed power plants, which it currently owns or has installed for utilities and developers worldwide, totaling approximately 3,400MW of gross capacity. Ormat leveraged its core capabilities in the geothermal and REG industries and its global presence to expand the Company’s activity into energy storage services, solar Photovoltaic (PV) and energy storage plus Solar PV. Ormat’s current total generating portfolio is 1,520MW with a 1,230MW geothermal and solar generation portfolio that is spread globally in the U.S., Kenya, Guatemala, Indonesia, Honduras, and Guadeloupe, and a 290MW energy storage portfolio that is located in the U.S.
ORMAT’S SAFE HARBOR STATEMENT
Information provided in this press release may contain statements relating to current expectations, estimates, forecasts and projections about future events that are "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that we expect or anticipate will or may occur in the future, including such matters as our projections of annual revenues, expenses and debt service coverage with respect to our debt securities, future capital expenditures, business strategy, competitive strengths, goals, development or operation of generation assets, market and industry developments and the growth of our business and operations, are forward-looking statements. When used in this press release, the words “may”, “will”, “could”, “should”, “expects”, “plans”, “anticipates”, “believes”, “estimates”, “predicts”, “projects”, “potential”, or “contemplate” or the negative of these terms or other comparable terminology are intended to identify forward-looking statements, although not all forward-looking statements contain such words or expressions. These forward-looking statements generally relate to Ormat's plans, objectives and expectations for future operations and are based upon its management's current estimates and projections of future results or trends. Although we believe that our plans and objectives reflected in or suggested by these forward-looking statements are reasonable, we may not achieve these plans or objectives. Actual future results may differ materially from those projected as a result of certain risks and uncertainties and other risks described under "Risk Factors" as described in Ormat’s annual report on Form 10-K filed with the Securities and Exchange Commission (“SEC”) on February 23, 2024, and in Ormat’s subsequent quarterly reports on Form 10-Q that are filed from time to time with the SEC.
These forward-looking statements are made only as of the date hereof, and, except as legally required, we undertake no obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise.
| Ormat Technologies Contact: Smadar Lavi VP Head of IR and ESG Planning & Reporting 775-356-9029 (ext. 65726) slavi@ormat.com | Investor Relations Agency Contact: Joseph Caminiti or Josh Carroll Alpha IR Group 312-445-2870 ORA@alpha-ir.com |
FAQ
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