RENO, Nev., Dec. 30, 2024 (GLOBE NEWSWIRE) -- In a release issued earlier today by Ormat Technologies Inc. (NYSE: ORA), please note the original headline read "20MW/120MWH" when it should have read "20MW/20MWH." This error was introduced by GlobeNewswire. The corrected release follows: Ormat Commences Commercial Operation of Montague Energy Storage Facility, Delivering 20MW/20MWh of Energy Storage Capacity to the PJM Market Ormat Technologies Inc. (NYSE: ORA) (“Ormat” or the “Company”), a leading geothermal ...

Ormat Technologies Inc. (ORA) recently acquired 1,678 acres of land in Utah during the Bureau of Land Management (BLM) auction. The new land will help Ormat Technologies build two new geothermal power plants near its Cove Fort facility. The first plant’s (Cove Fort 2) exploration will start in 2025, with commercial operation estimated to begin in 2027. The second plant, Cove Fort North, will be developed later.ORA’s Position in Geothermal GenerationAs the impacts of climate change become more apparent, the ...

Company Announcement - Ormat Technologies Inc announced the successful commencement of commercial operations for its Montague energy storage facility, a 20MW/20MWh Battery Energy Storage System (BESS) located in New Jersey [1] - The Montague facility will provide ancillary services on the merchant market to PJM [1] Energy Storage Portfolio - With the addition of Montague, Ormat now operates 290MW/658MWh of energy storage projects [2] - The company has several additional energy storage projects currently under construction [2] - Ormat aims to achieve a 950MW-1050MW/2.5GWh-2.9GWh energy storage portfolio capacity target by 2028 [2] - The Montague project increases Ormat's total capacity in the PJM market to 120MW/120MWh [6] Strategic Growth and Market Position - Ormat is strategically growing its Energy Storage segment in key U.S. markets [6] - The company is committed to establishing a leading position in the U.S. energy storage market [7] - Ormat has over five decades of experience in geothermal and recovered energy generation (REG) [7] - The company is vertically integrated in geothermal and REG, with plans to accelerate long-term growth in the energy storage market [7] Company Overview - Ormat Technologies is a leading geothermal company with a global presence [7] - The company owns, operates, designs, manufactures, and sells geothermal and REG power plants [7] - Ormat's power plants are based on the Ormat Energy Converter, which converts heat into electricity [7] - The company has a total generating portfolio of 1,520MW, including 1,230MW of geothermal and solar generation and 290MW of energy storage [7] - Ormat's geothermal and solar generation portfolio is spread globally across the U.S., Kenya, Guatemala, Indonesia, Honduras, and Guadeloupe [7] Financial and Operational Highlights - The Montague project is expected to be eligible for a 30% Investment Tax Credit [6] - Ormat's energy storage portfolio is located entirely in the U.S. [7] - The company has engineered, manufactured, and constructed power plants totaling approximately 3,400MW of gross capacity worldwide [7]

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 ...