Ormat Technologies shares rose 5.54% following announcement of a long-term geothermal Power Purchase Agreement with NV Energy to supply up to 150 megawatts of clean energy to Google's Nevada operations. The multi-project portfolio is expected to come online between 2028-2030, providing 15 years of revenue stability and supporting Ormat's long-term growth strategy.

The global geothermal energy market is projected to exceed $75.92 billion in 2026, driven by energy security needs and demand for reliable 24/7 renewable baseload power. Annual investment growth of 20% through 2030 is expected as geothermal's high capacity factors (>90%) position it as a strategic grid asset. However, high upfront capital costs, subsurface exploration risks, and long development timelines (5-8 years) remain significant constraints. U.S. tariffs on drilling equipment and critical minerals pose additional near-term uncertainties for global supply chains.

Ormat Technologies announced a 20-year Power Purchase Agreement with Switch to supply approximately 13MW of geothermal energy from its Salt Wells power plant in Nevada, with an option to add 7MW of solar capacity. Energy deliveries are scheduled to commence in Q1 2030 following facility upgrades. Ormat's CEO indicated potential for recontracting over 100MW of existing fleet capacity under this framework.

Ormat Technologies has completed the acquisition of the 20MW Blue Mountain geothermal power plant from Cyrq Energy. The acquisition increases Ormat's electricity generation portfolio and provides potential for capacity upgrades and the addition of a solar facility.

Ormat Technologies, a leading geothermal and renewable energy company, has won two 15-year tolling agreements for energy storage facilities in Israel, marking its first major entry into the Israeli utility-scale energy storage market. The projects, developed in partnership with Allied Infrastructure LTD, are expected to have a combined capacity of 300MW/1200MWh and are expected to enhance Ormat's portfolio profitability and stability.

Ormat Technologies has successfully commenced commercial operations of the 35MW Ijen geothermal power plant in Indonesia, marking a significant step in the facility's planned 110MW capacity. This project contributes to Indonesia's goal of adding 7.2GW of geothermal capacity by 2035.

The global geothermal power market is expected to grow at a CAGR of 2.88% during 2025-2033, driven by increasing demand for electricity, environmental concerns, and technological advancements. North America holds the largest market share, and key players include ABB, Ansaldo Energia, Calpine, Enel, First Gen, Fuji Electric, Halliburton, Ormat Technologies, Toshiba, and Yokogawa Electric.

Ormat Technologies announced the successful commencement of commercial operations for its Montague energy storage facility, a 20MW/20MWh Battery Energy Storage System located in New Jersey. The project will provide ancillary services to the PJM market and represents Ormat's continued commitment to growing its Energy Storage segment.

Ormat Technologies announced the pricing of a secondary offering of 3.7 million shares of its common stock on behalf of ORIX Corporation. Ormat is not offering any shares and will not receive any proceeds from the sale.

Ormat Technologies, Inc. announced the pricing of an underwritten secondary offering of 3,700,000 shares of its common stock on behalf of ORIX Corporation. The offering is expected to close on December 13, 2024.

Ormat Technologies, a leading renewable energy company, has released its 2023 Sustainability Report, showcasing its environmental, social, and governance (ESG) performance. Key achievements include avoiding 2.2 million metric tons of CO2 emissions, establishing an ESG Board Committee, and reducing greenhouse gas emissions intensity by 28% compared to 2019.

Ormat Technologies, a leading renewable energy company, announced that it will publish its second quarter 2024 financial results on August 6, 2024, and host a conference call on August 7, 2024, to discuss the results.