Ormat Commences Commercial Operation of Montague Energy Storage Facility, Delivering 20MW/120MWh of Energy Storage Capacity to the PJM Market
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) ha annunciato il lancio con successo delle operazioni commerciali presso la sua struttura di stoccaggio energetico di Montague nel New Jersey. Il sistema di stoccaggio di energia con batteria (BESS) da 20MW/20MWh fornirà servizi ausiliari al mercato PJM e si prevede che possa qualificarsi per un credito d'imposta sugli investimenti del 30%.
Con questa aggiunta, la capacità totale di Ormat nel mercato PJM arriva a 120MW/120MWh. L'azienda ora gestisce 290MW/658MWh di progetti di stoccaggio energetico in totale, avanzando verso l'obiettivo del 2028 di una capacità del portafoglio di stoccaggio energetico tra 950MW-1050MW/2.5GWh-2.9GWh.
Ormat Technologies (NYSE: ORA) anunció el exitoso lanzamiento de operaciones comerciales en su instalación de almacenamiento de energía de Montague en Nueva Jersey. El sistema de almacenamiento de energía con batería (BESS) de 20MW/20MWh proporcionará servicios auxiliares al mercado PJM y se espera que califique para un crédito fiscal de inversión del 30%.
Con esta adición, la capacidad total de Ormat en el mercado PJM alcanza 120MW/120MWh. La empresa ahora opera 290MW/658MWh de proyectos de almacenamiento de energía en general, avanzando hacia su objetivo de 2028 de una capacidad de cartera de almacenamiento de energía de 950MW-1050MW/2.5GWh-2.9GWh.
Ormat Technologies (NYSE: ORA)는 뉴저지에 있는 Montague 에너지 저장 시설에서 상업 운영의 성공적인 시작을 발표했습니다. 20MW/20MWh 배터리 에너지 저장 시스템(BESS)은 PJM 상인 시장에 보조 서비스를 제공하며 30% 투자 세액 공제를 받을 것으로 예상됩니다.
이번 추가로 Ormat의 PJM 시장 총 용량은 120MW/120MWh에 달합니다. 현재 이 회사는 전체적으로 290MW/658MWh의 에너지 저장 프로젝트를 운영하고 있으며, 2028년까지 950MW-1050MW/2.5GWh-2.9GWh의 에너지 저장 포트폴리오 용량 목표를 향해 나아가고 있습니다.
Ormat Technologies (NYSE: ORA) a annoncé le lancement réussi des opérations commerciales de sa structure de stockage d'énergie de Montague dans le New Jersey. Le système de stockage d'énergie à batterie (BESS) de 20MW/20MWh fournira des services auxiliaires au marché PJM et devrait permettre de bénéficier d'un crédit d'impôt sur les investissements de 30 %.
Avec cette addition, la capacité totale d'Ormat sur le marché PJM atteint 120MW/120MWh. L'entreprise gère désormais 290MW/658MWh de projets de stockage d'énergie au total, avançant 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) gab bekannt, dass der erfolgreiche Start der kommerziellen Betriebe in seiner Montague-Energiespeicheranlage in New Jersey erfolgt ist. Das 20MW/20MWh Batteriespeichersystem (BESS) wird ergänzende Dienstleistungen für den PJM-Markt bereitstellen und wird voraussichtlich für einen Investmentsteuergutschrift von 30% qualifiziert sein.
Mit dieser Erweiterung erreicht die gesamte Kapazität von Ormat im PJM-Markt 120MW/120MWh. Das Unternehmen betreibt jetzt insgesamt 290MW/658MWh an Energiespeicherprojekten und arbeitet auf sein Ziel bis 2028 hin, eine Kapazität des Energiespeicherportfolios von 950MW-1050MW/2.5GWh-2.9GWh zu erreichen.
- New 20MW/20MWh BESS facility increases total PJM market capacity to 120MW/120MWh
- Project eligible for 30% Investment Tax Credit
- On track towards 2028 energy storage portfolio capacity target of 950MW-1050MW
- Expanding presence in strategic U.S. markets
- None.
Insights
The Montague facility launch marks a strategic expansion in Ormat's energy storage portfolio, adding
The timing is particularly advantageous as grid stability services become increasingly valuable in PJM's territory. This positions Ormat to capture premium pricing during peak demand periods and grid stress events. The company's expanded portfolio of
The Montague project strengthens Ormat's recurring revenue streams through merchant market participation in PJM, one of the most sophisticated electricity markets in the U.S. The
The strategic expansion aligns with increasing market demand for grid stability services, particularly in regions with high renewable penetration. The company's systematic approach to reaching its 2028 capacity targets while maintaining profitability focus suggests disciplined capital allocation. For investors, this represents continued execution of Ormat's growth strategy in the high-margin energy storage segment, complementing its core geothermal business.
RENO, Nev., Dec. 30, 2024 (GLOBE NEWSWIRE) -- 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 |
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