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Ormat Technologies, Inc. (NYSE: ORA) is a premier geothermal and recovered energy generation company with over 50 years of experience in the renewable energy sector. As the only vertically integrated company in this field, Ormat is dedicated to becoming a leading global provider of renewable energy solutions. The company is engaged in three primary business segments:
- Electricity Segment: Ormat develops, builds, owns, and operates geothermal, solar PV, and recovered energy-based power plants in the United States and internationally. It sells the electricity generated from these plants, contributing significantly to renewable energy adoption worldwide.
- Product Segment: This segment involves designing, manufacturing, and selling equipment for geothermal and recovered energy-based electricity generation. Ormat also provides services related to the engineering, procurement, and construction (EPC) of these power plants. Their proprietary Ormat Energy Converter (OEC) technology is a key component of their product offerings.
- Energy Storage Segment: Ormat owns and operates grid-connected storage systems that provide capacity, energy, and ancillary services directly to the electric grid, enhancing grid reliability and efficiency.
Ormat has a robust portfolio of 69 U.S. patents, reflecting its commitment to innovation and technological advancement. The company has engineered, manufactured, and constructed power plants that it either owns or has installed for utilities and developers worldwide. Their flexible and modular solutions are tailored to a wide range of geothermal and recovered energy resource characteristics, making them a versatile player in the renewable energy market.
Recent developments include the expansion of Ormat’s presence in the Caribbean through a geothermal project in Dominica. The company’s latest financial reports show significant growth, with a record quarterly revenue of $183.9 million in the Electricity segment and a 56.7% increase in the Product segment's adjusted EBITDA. These achievements underscore Ormat’s successful execution of its growth strategy, driving double-digit net income and adjusted EBITDA expansion.
Ormat employs around 470 people in the United States and over 600 overseas, highlighting its global footprint and capacity for international project execution. The company’s blend of operational expertise, innovative technology, and strategic growth initiatives positions it as a formidable force in the renewable energy landscape.
Ormat Technologies, Inc. (NYSE: ORA) announced a public offering of 3,600,000 shares of its common stock, priced to close on March 16, 2023. An additional 540,000 shares may be purchased by the underwriter within 30 days. The net proceeds will support general corporate needs, working capital, capital expenditures, and potential acquisitions. Goldman Sachs & Co. LLC is the sole book-running manager for the offering, which is conducted under an effective shelf registration statement filed in November 2020. The offering aims to bolster Ormat’s financial flexibility and growth opportunities in the energy sector.
Ormat Technologies (NYSE: ORA) has initiated an underwritten public offering of 3,600,000 shares of its common stock, with the underwriter holding a 30-day option to acquire an additional 540,000 shares. Proceeds from this offering will be allocated for general corporate purposes, including working capital, capital expenditures, and potential acquisitions of complementary businesses or assets. The offering is led by Goldman Sachs as the sole book-running manager, and its completion is subject to market conditions. The offering is made under an automatically effective shelf registration statement filed with the SEC.
Ormat Technologies (NYSE: ORA) reported total revenues of $734.1 million for 2022, marking a 10.7% year-over-year increase. The company's operating income rose by 10.7% in Q4 and 8.3% for the full year, despite a $30.5 million one-time impairment charge. Adjusted EBITDA is projected between $480 million and $510 million for 2023, reflecting a potential growth of up to 17%. Key growth drivers include new geothermal and solar power plants along with increased demand for renewable energy. The company faces challenges with a 4.6% decline in net income for Q4 but expects strong tailwinds from the Inflation Reduction Act.
Ormat Technologies Inc. (NYSE: ORA) announced plans to publish its fourth quarter and full year 2022 financial results on February 22, 2023, after market close. The company will host a conference call on February 23, 2023, at 10:00 a.m. ET to discuss these results. Interested U.S. and Canadian participants can dial 1-888-770-2286, while international attendees can reach out at +1-646-960-0440, using access code 9122486. The call will also be available via a live webcast on the Investor Relations section of the company's website. A replay will be accessible shortly after the call's conclusion.
Ormat Technologies (NYSE: ORA) signed a Financing Agreement with PT Sarana Multi Infrastruktur and PT Medco Power Indonesia to develop the Ijen Geothermal Power Plant in East Java. The project will generate 34 MW, scheduled for completion in 2025. Medco Power holds a 51% stake while Ormat holds 49%. This partnership supports Indonesia's shift to renewable energy, contributing to the country's climate change goals. Ormat aims to expand its footprint in Indonesia, reinforcing its position in geothermal power and energy storage.
Ormat Technologies (NYSE: ORA) announced the pricing of an upsized secondary offering of 3,750,000 shares of common stock at $90.00 per share on behalf of ORIX Corporation. The offering is set to close on November 21, 2022, subject to customary conditions. Ormat is not selling any shares nor will it receive proceeds from this offering. BofA Securities and J.P. Morgan are acting as joint book-running managers. Underwriters have a 30-day option for an additional 562,500 shares.
Ormat Technologies (NYSE: ORA) announced a secondary offering of 3,500,000 shares of common stock on behalf of ORIX Corporation. Ormat will not sell any shares or receive proceeds from the offering. BofA Securities and J.P. Morgan act as joint book-running managers, with a 30-day option for underwriters to purchase an additional 525,000 shares. The offering is made under a shelf registration statement filed with the SEC, and participation is forthcoming based on the related prospectus. This move highlights Ormat's strategic positioning in the renewable energy sector.
Ormat Technologies, Inc. (NYSE: ORA) reported a 10.7% YoY increase in total revenues for Q3 2022, reaching $175.9 million, bolstered by growth in its Electricity segment, which rose 7.1%.
Operating income also saw an 8.1% increase to $38.9 million, while net income climbed 21.5% to $18.1 million. Despite a decrease in gross profit margin to 34.7%, driven by previous insurance proceeds, the outlook remains positive with a 150% increase in backlog and a secured $100 million contract in New Zealand and Indonesia. Guidance for total revenues in 2022 is between $720 million and $735 million.
Ormat Technologies (NYSE: ORA) will publish its Q3 2022 financial results on November 2, 2022, after market close. A conference call to discuss the results is scheduled for November 3, 2022, at 9:00 a.m. ET. Interested participants can join by calling designated numbers for the U.S., Canada, or internationally. The webcast will be available on the company's Investor Relations website. Ormat Technologies is recognized for its expertise in geothermal and energy storage, owning and operating approximately 3,200 MW of gross capacity across several countries.
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