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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) has completed the expansion of its McGinness Hills Phase 3 geothermal power plant in Eastern Nevada, boosting its net capacity to approximately 69 MW and the entire complex to 160 MW. The additional 21.25 MW will be supplied under a long-term agreement to the Los Angeles Department of Water and Power (LADWP), helping them achieve a renewable energy goal of 80% by 2030. The expansion demonstrates Ormat's commitment to maximizing output and efficiency in renewable energy production, providing power for around 12,000 homes and offsetting approximately 120,000 tons of CO2.
Ormat Technologies (NYSE: ORA) has announced a $171 million agreement to acquire two geothermal power plants in Nevada from TG Geothermal Portfolio, LLC. The assets include a combined net capacity of 67.5 MW and an underutilized transmission line. The acquisition aims to bolster Ormat's electricity segment growth, with expectations of generating $55 million in revenue and approximately $37 million in EBITDA in 2022. The transaction is set to close in the second half of 2021, pending regulatory approvals. Ormat's management anticipates enhancing the efficiency and productivity of these assets significantly.
Ormat Technologies has signed a 15-year power purchase agreement (PPA) with Clean Power Alliance (CPA), effective January 1, 2022. CPA will purchase 14 MW of renewable energy from Ormat’s Heber South Geothermal facility, aiding in CPA's greenhouse gas emission reduction goals and enhancing reliability for over one million customers. This agreement replaces a prior PPA with SCPPA and opens doors for future contracts. CEO Doron Blachar highlighted the security provided by this long-term agreement, supporting California's renewable energy regulations.
Ormat Technologies, Inc. (NYSE: ORA) reported Q1 2021 earnings with total revenues of $166.4 million, marking a 13.4% decline from $192.1 million in Q1 2020. The Electricity segment saw a slight increase, while the Product segment's revenues plummeted 81.8% to $8.6 million. Notably, the Energy Storage segment surged 589.1% to a record $12.7 million. Net income dropped 41.4% to $15.3 million, with adjusted net income at $24.1 million. The company maintains its full-year revenue guidance of $645-$680 million and adjusted EBITDA guidance of $400-$410 million, driven by growth in Electricity and Energy Storage segments.
Ormat Technologies Inc. (NYSE: ORA) will release its Q1 2021 financial results on May 5, 2021, after market close. A conference call is scheduled for May 6, 2021, at 9 a.m. ET to discuss these results. Investors can participate by dialing in or accessing the live webcast through the Company's Investor Relations section. Ormat, a leader in geothermal energy with over 3,200 MW of gross capacity globally, aims to accelerate growth in energy storage and solar markets.
Ormat Technologies (NYSE: ORA) has commenced commercial operations of the 10 MW/40 MWh Vallecito Battery Energy Storage System (BESS) in California. Under a 20-year agreement with Southern California Edison (SCE), Vallecito BESS will enhance local resource adequacy and provide ancillary services. This facility marks Ormat's second BESS in California, with further projects in various stages of development. Ormat aims to support California's transition to 100% emissions-free energy by 2045, leveraging its expertise in energy storage alongside its geothermal and recovered energy generation initiatives.
Orange Business Services has been named a preferred partner by GÉANT for the Open Clouds for Research Environments (OCRE) project, aimed at boosting cloud adoption within European research. This partnership will allow Orange to market public cloud services to National Research Education Networks (NREN) and over 8,000 institutions, benefiting around 50 million users. The project focuses on enhancing security and collaboration through Orange's Flexible Engine platform, which is also set to integrate with the GAIA-X ecosystem, promoting a unified European data infrastructure.
Amcor has advanced its operational efficiency by consolidating corporate applications into a hybrid cloud environment alongside an upgrade of its enterprise resource planning (ERP) tools. Partnering with Orange Business Services, Amcor aims to enhance application reliability and security through a fully managed hybrid cloud solution. This integration supports SAP HANA and allows effective workload management, ensuring business continuity and operational efficiency. The hybrid cloud also optimizes Amcor's existing network infrastructure to manage increasing internet traffic.
Ormat Technologies (NYSE: ORA) has issued a statement refuting claims made by Hindenburg Research, labeling them as inaccurate and misleading. The company highlights its commitment to ethical operations, supported by extensive due diligence from multinational banks financing its renewable energy facilities in Kenya, Honduras, and Guatemala. Ormat is monitoring ongoing investigations concerning board members linked to prior employment but asserts its strong performance and strategic direction, emphasizing a robust long-term growth plan in the geothermal and energy storage sectors.
Ormat Technologies, Inc. (NYSE: ORA) reported a 64.2% increase in net income attributable to stockholders for Q4 2020, totaling $20.7 million, or $0.39 per diluted share. Revenue for the quarter was $179.4 million, a 6.8% decline from Q4 2019. The electricity segment saw a slight revenue increase of 1.3%, while product revenues decreased by 37.5%. The company announced a 9% increase in its quarterly dividend to $0.12 per share. Looking ahead, 2021 revenue guidance is set between $640 million and $675 million.
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