Ormat Technologies, Inc. - ORA STOCK NEWS

New research by Orange Business Services reveals that 40% of multinational corporations struggled with supply chain issues during the pandemic. The survey, encompassing 320 enterprises, showed a heightened awareness of supply chain risks, with 83% of respondents acknowledging increased concerns. Nearly 80% of companies have accelerated digital supply chain strategies, with 50% planning to revamp risk management within two years. The study also found 85% of businesses are investing in sustainability initiatives, despite a decline in focus during the crisis.

BNP Paribas has partnered with Orange Business Services to implement an SD-WAN solution across over 1,800 bank branches in France. This collaboration aims to enhance user experience for both customers and employees during BNP Paribas's digital transformation. The SD-WAN guarantees a secure, scalable infrastructure with improved application performance. The integration includes more than 3,600 access lines and enhanced security features, demonstrating a strong partnership that prioritizes business continuity and agility.

Ormat Technologies has completed the acquisition of a 25 MW battery energy storage system in Upton County, Texas, from Con Edison Development. This project, expected to commence operations by the end of 2021, will enhance energy optimization within the ERCOT market. The facility will complement an existing 157 MW solar PV facility, addressing the growing demand for renewable energy solutions amid extreme weather challenges. This acquisition aligns with Ormat's goal to integrate 80 MW to 175 MW of revenue-generating energy storage assets by the end of 2022.

On December 2, 2020, Ormat Technologies announced a proposed settlement in a consolidated derivative litigation case. The settlement includes corporate governance enhancements aimed at improving internal controls over accounting and compliance with financial reporting regulations. The settlement hearing is scheduled for March 22, 2021, where the court will determine the fairness of the settlement. Ormat shareholders who wish to object must submit their objections by February 22, 2021. Shareholders not filing objections will waive their rights concerning the settlement.

Ormat Technologies has expanded its public stock offering by 15%, successfully selling a total of 4,772,500 shares at $74.00 per share, accumulating approximately $340 million in net proceeds. The underwriters exercised their option to purchase an additional 622,500 shares.

CEO Doron Blachar expressed pride in attracting high-quality institutional investments and emphasized the company's commitment to enhancing shareholder value while providing renewable energy solutions. The proceeds will be allocated for corporate purposes, including potential acquisitions.

Ormat Technologies, Inc. (NYSE: ORA) priced its public offering of 4,150,000 shares at $74.00 each, aiming to close on November 23, 2020. The proceeds will support general corporate needs, capital expenditures, and potential acquisitions. Joint book-running managers include J.P. Morgan Securities LLC and BofA Securities, with a 30-day option for underwriters to purchase an additional 622,500 shares. The offering follows a shelf registration statement with the SEC. Ormat is a key player in geothermal energy with over 3,000 MW of power capacity globally.

Ormat Technologies, Inc. (NYSE: ORA) has announced a public offering of 4,150,000 shares of common stock, with an option for underwriters to purchase an additional 622,500 shares. The offering, subject to market conditions, will help fund general corporate purposes and potential acquisitions. J.P. Morgan Securities LLC and BofA Securities are the joint book-running managers of the offering. This move is part of Ormat's strategy to strengthen its position in the geothermal and renewable energy sectors.

Ormat Technologies (NYSE: ORA) has resumed operations at the Puna Geothermal Power Plant in Hawaii, following a two and a half year shutdown due to the Kilauea Volcano eruption. As of November 5, 2020, the plant is supplying 1 to 2 MW of electricity, with plans to increase output to 15 MW by year-end 2020, pending the successful connection of a new production well. The recovery plan includes adding geothermal wells and a new substation, aiming for full operational capacity by mid-2021. This effort supports Hawaii's renewable energy goals, enhancing grid reliability and reducing fossil fuel dependency.

Ormat Technologies (NYSE: ORA) reported its Q3 2020 results, showing a 33.5% increase in operating income to $51.7 million, bolstered by improved cash flow from operations. Total revenues decreased by 6.8% to $158.9 million, affected by a 31.2% decline in product revenues. Notably, a favorable tax settlement in Kenya is expected to positively impact earnings by $6 million. Adjusted EBITDA rose 25.3% to $107.1 million. The company provided an updated guidance for 2020 revenues and Adjusted EBITDA, indicating strong operational execution.