Welcome to our dedicated page for Ormat Tech news (Ticker: ORA), a resource for investors and traders seeking the latest updates and insights on Ormat Tech stock.
Ormat Technologies (NYSE: ORA) delivers renewable energy solutions through geothermal power, recovered energy generation, and grid-scale storage systems. This news hub provides investors and industry professionals with essential updates on operational milestones, financial performance, and technological advancements.
Access authoritative coverage of ORA's electricity generation projects, equipment innovations, and energy storage deployments. Our curated news collection features earnings announcements, regulatory filings, partnership developments, and project commissioning updates – all critical for evaluating the company's market position.
Key focus areas include geothermal plant expansions, energy converter technology enhancements, and storage system optimizations. Track ORA's progress in vertical integration strategies and international market penetration through verified press releases and objective analysis.
Bookmark this page for streamlined access to ORA's evolving renewable energy initiatives. Regular updates ensure you maintain current awareness of operational developments impacting long-term value creation in the clean energy sector.
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.
Ormat Technologies (NYSE: ORA) will release its third quarter 2020 financial results on November 3, 2020, after market close. The company has scheduled a conference call for November 4, 2020, at 10 a.m. ET to discuss these results. Participants can join by dialing 1-877-511-6790 or 1-412-902-4141 for international calls. A replay will be available one hour after the call, accessible via specific phone numbers and the company's Investor Relations website. Ormat continues to lead in geothermal energy, with a global capacity of approximately 3,000 MW.
Ormat Technologies (NYSE: ORA) has signed Resource Adequacy Agreements for its 5 MW / 20 MWh Tierra Buena battery storage project in California. The agreements with Redwood Coast Energy Authority and Valley Clean Energy are each for 2.5 MW, totaling 5 MW. Set to begin operations by June 2022, this initiative supports California's mandate for 3.3 GW of resource adequacy by 2023. The project reinforces Ormat's commitment to renewable energy and grid stability as part of California's transition to 100% carbon-free electricity by 2045.
