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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 (NYSE: ORA) reported strong first quarter results for 2022, with total revenues increasing 10.4% year-over-year to $183.7 million. The electricity segment led growth, showing a 12.1% rise in revenues, while net income attributable to stockholders grew 20.8% to $18.4 million. Adjusted EBITDA increased 8.7% to $107.9 million. Despite a significant drop in energy storage revenues of 48.5%, product segment revenues surged 69.2%. The company remains optimistic, aiming for annual adjusted EBITDA of $500 million by year-end 2022.
Ormat Technologies (NYSE: ORA) announced a 15-year power purchase agreement (PPA) with Peninsula Clean Energy, effective January 1, 2023. The agreement involves the sale of 26 MW of renewable energy from Ormat's Heber 2 geothermal facility in California, which is the first to meet California's new CPUC MTR guidelines. This PPA supports Peninsula Clean Energy's goal of providing 100% renewable electricity by 2025. Ormat's CEO emphasized the importance of renewable energy for the region, aligning with state requirements for zero-emission energy sources.
Ormat Technologies Inc. (NYSE: ORA) announced plans to release its Q1 2022 financial results on May 2, 2022, after market close. A conference call to discuss these results will occur on May 3, 2022, at 8:30 a.m. ET. Ormat is recognized for its expertise in geothermal energy, energy storage, and solar power generation. With over 3,200 MW of gross capacity, the company aims to strengthen its position in the U.S. energy storage market. Investors can access the call details and the subsequent replay through the company’s Investor Relations website.
Ormat Technologies (NYSE: ORA) will host its investor day event on March 30, 2022, starting at 9:00 a.m. ET in New York City. The executive leadership team will present the company’s long-term strategy, multi-year growth framework, and financial objectives. Following the presentations, a Q&A session will take place. A live webcast and accompanying slides will be accessible on that day, with a replay available afterward on the Ormat Investor Relations website.
Ormat Technologies (NYSE: ORA) reported an outage at its 40 MW Heber 1 geothermal power plant in California due to a fire on February 25, 2022. The incident primarily affected the steam turbine-generator area, leading to a 25 MW outage, expected to reduce monthly revenues by about $1.5 million. While approximately 15 MW is anticipated to resume operations shortly, Ormat aims to minimize the impact on its Adjusted EBITDA, backed by business interruption insurance. No injuries were reported, and a thorough assessment of damages and repair costs is ongoing.
Ormat Technologies, Inc. (NYSE: ORA) reported a strong Q4 2021, with total revenues up 6.5% year-over-year to $191 million, led by an 8.2% growth in the Electricity segment. Adjusted EBITDA reached a record $116 million, a 6.3% increase from the previous year. However, net income decreased by 8.7%, impacted by higher interest expenses and losses from a minority investment. For 2022, the company projects revenues between $725 million and $750 million and an Adjusted EBITDA of $430-$450 million, indicating continued growth supported by capacity expansions in geothermal and energy storage.
Ormat Technologies Inc. (NYSE: ORA) plans to release its fourth quarter and year-end 2021 financial results on February 23, 2022, after market closure. A conference call and webcast will be held at 10 a.m. ET on February 24, 2022, to discuss these results and future growth expectations. The company boasts over 3,200 MW of gross capacity in geothermal and recovered energy generation, along with a 1.1 GW generation portfolio. Ormat is focused on expanding into the energy storage sector, with significant efforts to establish itself in the U.S. market.
Ormat Technologies reported Q3 2021 financial results, highlighting strong revenue growth in its Electricity segment, driven by newly acquired geothermal assets. Total revenues were $158.8 million, nearly unchanged from last year, while GAAP net income fell 5% to $14.9 million. Adjusted net income saw a 13.7% increase, reaching $17.8 million. Product revenues declined by 64.5% due to COVID-19 impacts, yet the backlog increased to $67 million. The company reiterated its adjusted EBITDA guidance of $400 million to $410 million for 2021, supported by the growth in geothermal and energy storage sectors.
Ormat Technologies Inc. (NYSE: ORA) plans to release its third quarter 2021 financial results on November 3, 2021, after market close. A conference call to discuss these results is scheduled for 10 a.m. ET on November 4, 2021. Interested participants can join by dialing 1-844-200-6205 or +1-929-526-1599 (for international calls), using access code 248607. A replay will be available shortly after the call, along with a live webcast. Ormat is recognized as a leader in geothermal energy, with a robust portfolio of 1.1 GW across several countries.
Ormat Technologies (NYSE: ORA) and PT Archi Indonesia Tbk have formed a Joint Venture named PT Toka Tindung Geothermal to explore geothermal energy in North Sulawesi. Ormat holds a 75% stake, and Archi owns 25%. The JV aims to develop geothermal power at the Toka Tindung gold mine, aligning with Indonesia's renewable energy goals. This marks Ormat's third JV in Indonesia, enhancing its global growth strategy in the geothermal sector. Ormat plans to execute exploration and field development drilling programs, contributing to sustainable energy solutions.
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