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 Inc (NYSE: ORA) stands as a specialized renewable energy company operating exclusively in the geothermal and recovered energy space. As a vertically integrated operator controlling everything from equipment manufacturing to power plant operations, Ormat's news flow reflects developments across multiple business dimensions.
Investors tracking ORA receive updates on power purchase agreements that lock in revenue for decades, new plant commissioning that expands generation capacity, and equipment sales to international utilities. The company's dual revenue streams—electricity sales from owned plants and product sales to third parties—generate distinct news categories worth monitoring.
Geothermal development projects move through exploration, drilling, construction, and commercial operation phases, each producing material announcements. Unlike solar or wind projects that can be deployed rapidly, geothermal development requires years of resource assessment and capital-intensive drilling programs. Understanding this timeline helps contextualize project announcements.
Ormat's sustainability initiatives and environmental compliance generate periodic updates, reflecting the company's position in the clean energy transition. The baseload nature of geothermal—generating power continuously regardless of weather—positions these updates within broader grid reliability discussions.
Bookmark this page to track Ormat Technologies news including quarterly financial reports, plant expansions across Nevada, California, and international markets, strategic partnerships in the geothermal sector, and energy storage developments that complement the company's core generation business.
Ormat Technologies Inc. (NYSE: ORA) has successfully acquired multiple land parcels in Nevada's Annual Bureau of Land Management (BLM) Auction. These lease acquisitions will support Ormat's ongoing exploration and expansion efforts in the state, strengthening its commitment to advancing renewable energy solutions and meeting Nevada's increasing demand for sustainable energy.
The newly leased parcels offer significant potential for geothermal energy production, including:
- A new greenfield prospect
- An expansion opportunity for an existing operational asset
- Several additional parcels enhancing Ormat's land position on an existing greenfield prospect
CEO Doron Blachar expressed confidence in the high success rate of the acquired parcels, which will support Ormat's growth in the U.S. The company aims to explore and develop these resources to their fullest potential, providing reliable and eco-friendly energy to Nevada residents.
Ormat Technologies, Inc. (NYSE: ORA), a leading renewable energy company, has announced its plans to release third quarter 2024 financial results on Wednesday, November 6, 2024, after market close. The company will host a conference call to discuss these results on Thursday, November 7, 2024, at 10:00 a.m. ET.
To participate in the call, investors can dial +1-646-960-0440 approximately 15 minutes before the scheduled start time, using the access code 2705841. The call will also be accompanied by a live webcast hosted on the Investor Relations section of Ormat's website. A replay of the call will be available one hour after its conclusion by dialing +1-647-362-9199 with the same access code.
Ormat Technologies (NYSE: ORA) has signed its first tolling agreements in Texas for two 60MW/120MWh energy storage facilities. The seven-year agreements with Equilibrium Energy cover the Lower Rio and Bird Dog projects, expected to come online in Q2 2025 and Q4 2025, respectively. Both projects qualify for a 40% investment tax credit under the Inflation Reduction Act.
These agreements, securing fixed revenues, have enabled Ormat to start construction on the previously announced 100MW/200MWh Louisa project, set to be operational by the end of 2026. Together with Ormat's existing 33MW/33MWh merchant storage operation, the company will own and operate 253MW/473MWh of energy storage capacity in Texas by the end of 2026.
Ormat Technologies (NYSE: ORA) reported strong Q2 2024 financial results, with total revenues increasing 9.3% year-over-year to $213.0 million. The company saw growth across all three operating segments:
- Electricity segment revenues up 7% to $166.2 million
- Product segment revenues up 13.1% to $37.8 million
- Energy Storage segment revenues up 48.1% to $8.9 million
Profitability improved significantly, with operating income up 45% to $35.1 million and adjusted EBITDA up 25% to $126.1 million. Ormat raised its full-year 2024 EBITDA guidance, now expecting $520-$550 million. The company aims to increase its generating portfolio to 2.1-2.3 GW by end of 2026, capitalizing on growing demand for renewable energy solutions.
Ormat Technologies (NYSE: ORA) has signed a 15-year Resource Adequacy Purchase and Sale Agreement with the City of Riverside for the 80MW/320MWh Shirk Battery Energy Storage System in Visalia, California. This agreement marks Ormat's first storage contract with Riverside and the city's first long-term RA Agreement. The project, expected to be eligible for a 40% Investment Tax Credit, has a guaranteed commercial operation date of March 1, 2026, which Ormat believes can be achieved by the end of 2025.
This agreement aligns with Ormat's strategic growth focus on key U.S. markets like California and supports the transition of its Energy Storage business to a higher-growth segment with balanced contracted revenues. The Shirk project demonstrates Ormat's commitment to expanding its Energy Storage segment and enhancing its execution capabilities in the renewable energy sector.
Ormat Technologies (NYSE: ORA), a prominent renewable energy company, will release its second quarter financial results on August 6, 2024, after market close. The company will host a conference call to discuss these results at 9:00 a.m. ET on August 7, 2024. U.S. and Canadian participants can dial 1-888-770-2286, while international callers can use +1-646-960-0440 with access code 9122486. A live webcast of the call will be available on Ormat's Investor Relations website, with a replay accessible one hour after the call ends. The replay will be available at 1-800-770-2030 (U.S. and Canada) or +1-647-362-9199 (international) using the same access code. The webcast will also be archived for future reference.
Ormat Technologies (NYSE: ORA) will host an Investor and Analyst Day on June 20, 2024, at the New York Stock Exchange. The event will start at 08:00 a.m. EDT with a breakfast gathering, followed by presentations from the executive team at 09:00 a.m. EDT. Executives will outline Ormat's long-term strategy, growth framework, and updated financial objectives. A Q&A session will follow the presentations. The event will be webcast live and can be accessed on Ormat's Investor Relations website, where a replay will also be available.
Ormat Technologies, Inc. reported a 21.0% increase in total revenues for Q1 2024, led by growth across all operating segments. The company achieved record quarterly electricity revenues of $191.3 million, driven by strategic portfolio expansions. Ormat reiterated its full-year revenue and EBITDA guidance, demonstrating confidence in its business outlook.
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