RENO, Nev., Dec. 23, 2024 (GLOBE NEWSWIRE) -- Ormat Technologies Inc. (NYSE:ORA), a leading geothermal and renewable energy company, today announced it has successfully secured 1,678 acres in Utah's Bureau of Land Management (BLM) Auction. These lease acquisitions will significantly support Ormat's ongoing operations and development projects in the state, further strengthening the company's commitment to advancing renewable energy solutions and meeting Utah's increasing demand for sustainable energy. The ne ...

Press releaseParis, 20 December 2024 Transactions carried out as part of a share buyback program and outside of a liquidity contract Orange announces that it has purchased treasury shares within the framework of its 2024 share buyback program. These shares have been acquired to honor obligations related to long-term incentive plans for corporate officers and senior employees. The long-term incentive plans, which are conditional on presence and performance, were set up with the aim of involving Group key man ...

Core Viewpoint - Aura Minerals Inc. has successfully acquired Bluestone Resources Inc. with overwhelming approval from Bluestone's securityholders, marking a significant step in its growth strategy [1][2]. Group 1: Transaction Details - The acquisition was approved by 99.48% of the votes cast by Bluestone's shareholders present or represented by proxy at the meeting [2]. - Bluestone shareholders can choose to receive either C$0.287 in cash or 0.0183 common shares of Aura for each Bluestone share held, with a maximum of 1,393,736 Aura shares available [3]. - Additionally, shareholders will receive contingent value rights that could yield up to C$0.2120 per Bluestone share, payable in three equal annual installments upon the Cerro Blanco project achieving commercial production [3]. Group 2: Next Steps - The Arrangement requires approval from the Supreme Court of British Columbia, with a final order expected on January 6, 2025, and the transaction's closing date anticipated on January 13, 2025 [4]. Group 3: Company Background - Bluestone Resources is a Canadian precious metals exploration and development company focused on opportunities in Guatemala, with its flagship asset being the Cerro Blanco gold project [5]. - Aura Minerals is a mid-tier gold and copper production company operating in the Americas, with four operating mines and a focus on holistic mining practices [6].

RENO, Nev., Dec. 11, 2024 (GLOBE NEWSWIRE) -- Ormat Technologies, Inc. (NYSE: ORA) (“Ormat” or the “Company”), a leading geothermal and renewable energy technology company, announced today 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, subject to customary closing conditions. Ormat is not offering any of its common stock in the offering for its own account and will not receive an ...

RENO, Nev., Dec. 11, 2024 (GLOBE NEWSWIRE) -- Ormat Technologies, Inc. (NYSE: ORA) (“Ormat” or the “Company”), a leading geothermal and renewable energy technology company, announced today the commencement of an underwritten secondary offering of an aggregate of 3,700,000 shares of its common stock on behalf of ORIX Corporation. Ormat is not offering any of its common stock in the offering for its own account and will not receive any proceeds from the sale of the shares being offered by the selling stockho ...

Ormat Technologies (ORA) Contract and Market Position - Ormat Technologies signed a $200 million EPC contract with Contact Energy for the 101 MW Te Mihi Stage 2 geothermal power plant in New Zealand, set to replace the outdated Wairakei geothermal station and be completed by mid-2027 [1] - The company expects its Product Segment backlog to exceed $300 million by year-end, with most revenues from this contract recognized in 2026 and 2027 [5] - Ormat Technologies is a leader in geothermal energy generation, with expertise in binary technology, and is strengthening its position in New Zealand's renewable energy expansion through the Te Mihi Stage 2 project and 160 MW of other ongoing projects [4][5] - Contact Energy is planning Te Mihi Stage 3, expected to be operational by mid-2031, with Ormat likely to secure another EPC contract, further boosting future revenues [6] Geothermal Energy Market Growth - The global geothermal energy market is forecasted to grow at a CAGR of 3.1% from 2024 to 2030, driven by the need to reduce greenhouse gas emissions and the reliability of geothermal energy as a backup power source [2][3] - Geothermal energy is increasingly favored due to its ability to provide constant power unaffected by weather or daylight, making it a flexible and reliable energy source [2] Opportunities for ORA's Peers - Baker Hughes Company (BKR) has over 40 years of experience in geothermal energy, with projects in more than 30 countries, and is developing advanced technologies like a metal-to-metal mud motor for enhanced geothermal systems [8] - BKR has a long-term earnings growth rate of 25.9% and is expected to achieve 8.4% year-over-year sales growth in 2024 [9] - Halliburton Company (HAL) provides products and services to reduce costs and manage risks in geothermal projects, with a long-term earnings growth rate of 2.7% and expected 3.2% year-over-year sales growth in 2025 [9][10] ORA Stock Performance - ORA shares gained 3.4% in the past month, compared to the industry's 11% growth [11] - Since October 14, 2024, ORA's total return performance was 3.4%, slightly below the Other Alt Energy Market's 11% growth [12] ORA's Zacks Rank and Industry Comparison - ORA currently holds a Zacks Rank 3 (Hold) [13] - FuelCell Energy (FCEL), a better-ranked stock in the same industry, holds a Zacks Rank 2 (Buy) and delivered an average earnings surprise of 18.75% in the last four quarters, with 2025 sales expected to grow 86.9% year-over-year [13]

RENO, Nev., Nov. 12, 2024 (GLOBE NEWSWIRE) -- Ormat Technologies Inc. (NYSE: ORA), a leading renewable energy company, today announced the successful deal to transfer investment tax credits (ITCs) from the 80MW/320MWh Bottleneck Project to third party. This transaction, which was facilitated under the Inflation Reduction Act (IRA), represents a significant achievement in our goal to collect up to $152 million in cash tax benefits this year. The gross proceeds from this transaction were priced at $0.93 per d ...

Shares of Ormat Technologies Inc. (ORA) rose 1.5% to $83.13 on Nov. 8, 2024, following the company’s third-quarter 2024 results.Ormat reported third-quarter 2024 adjusted earnings per share of 42 cents, which beat the Zacks Consensus Estimate of 30 cents by 40%. However, the bottom line declined 10.6% from 47 cents in the year-ago quarter.Stay up-to-date with all quarterly releases: See Zacks Earnings Calendar.The company reported GAAP earnings of 36 cents per share compared with 59 cents in the year-ago qu ...

Financial Data and Key Metrics - Total revenue for Q3 2024 was $211.8 million, a 1.8% YoY increase, driven by 4.7% growth in the Electricity segment [10] - Gross profit was $58.9 million, with a consolidated gross margin of 27.8%, down from 28.8% in Q3 2023 [10] - Net income attributable to stockholders was $22.1 million, or $0.36 per diluted share, compared to $35.5 million, or $0.59 per diluted share, in Q3 2023 [10] - Adjusted EBITDA increased by 16.3% YoY to $137.7 million, driven by contributions from acquired Enel assets, improved operational performance, and higher pricing at the Puna power plant [11] Business Segment Performance Electricity Segment - Revenue increased by 4.7% to $164.6 million, driven by contributions from Enel assets and improved performance at the Puna complex [13] - Gross margin was 30.2%, down from 31.8% in Q3 2023, primarily due to lower generation at the Dixie Valley facility [16] - The segment contributed 82% of total adjusted EBITDA [16] Products Segment - Revenue declined by 6.2% to $37.4 million, with a backlog of $165 million as of November 5, 2024 [15] Energy Storage Segment - Revenue declined by 11.1% to $9.8 million, mainly due to lower prices in the ERCOT market [15] - The segment contributed 8% of total adjusted EBITDA [16] Market Performance - The company generated 5.7 million megawatt hours in the Electricity segment, a 7.9% YoY increase, driven by Enel assets and improved performance at the Puna complex [21] - The Olkaria power plant in Kenya reached 147 megawatts of capacity, with revenues increasing by 4.5% YoY [22] - The Dixie Valley facility experienced lower generation due to an unplanned outage, negatively impacting revenue and EBITDA by $4.2 million and $4.1 million, respectively [23] Strategic Direction and Industry Competition - The company aims to grow its operating portfolio to 2.1-2.3 gigawatts by the end of 2026, driven by strong demand for renewable energy, particularly from data centers [8] - The company is transitioning its Energy Storage business to a more stable and profitable portfolio, highlighted by new agreements and the commercial operation of the 80 MW/320 MWh Bottleneck project [7] - The U.S. remains the primary focus for growth due to regulatory support and increasing electricity demand [26] Management Commentary on Operating Environment and Future Outlook - The company expects full-year 2024 revenues to range between $875 million and $893 million, with adjusted EBITDA between $540 million and $555 million [28] - Management is confident in achieving long-term growth targets, supported by strong cash flow, tax benefit monetization, and new long-term agreements [29] Other Important Information - The SEC concluded its investigation into the company without recommending enforcement action, allowing the company to focus on its operations [9] - The company declared a quarterly dividend of $0.12 per share, payable on December 4, 2024 [19] Q&A Session Summary Question: Geothermal Development and CapEx - The company secured all nominated lands in the BLM auction and expects to expedite exploration and permitting due to a proposed categorical exclusion to NEPA [32][33] - CapEx for 2025 is expected to be higher than 2024, with a focus on full-size drilling, which is more expensive than core hole programs [35] Question: Potential Changes to IRA Legislation - The company is prepared to mitigate risks related to potential changes in IRA legislation by using Safe Harbor provisions for geothermal and storage projects [38][39] Question: PPA Pricing Trends - PPA pricing for geothermal projects continues to trend upward, with current prices north of $100 per megawatt hour [40] Question: Pricing of New Tolling Agreements in Texas - The company did not disclose specific pricing details but indicated that margins for storage projects are expected to improve, reaching 20%-30% over the next few years [43] Question: Merchant Pricing Trends - The company expects occasional weather events to positively impact merchant pricing, particularly in Texas, but overall volatility will be reduced due to a shift toward contracted revenues [44][45]

Ormat Technologies (NYSE: ORA ) ranks among the leading global players in geothermal power generation, with an installed capacity of, 1230MW as of September 2024. The company's revenue was stable between FY18 and FY21, while a very ambitious new business planPrivate investors and former financial advisor specializing in researching growth companies. Articles published will cover both American and European companies up to a maximum capitalization of $15B and will be done with a fundamental analysis focus. Th ...