Ormat Technologies(US:ORA) Newsfilterยท2024-12-23 13:30Core Insights - Ormat Technologies Inc. has secured 1,678 acres in Utah's Bureau of Land Management Auction, enhancing its operations and development projects in the state [1][2][3] - The newly acquired land will facilitate the development of two new power plants, with the first (Cove Fort 2) expected to begin exploration in 2025 and achieve commercial operation by 2027 [2][3] - The CEO of Ormat emphasized the high probability of success for the targeted parcels, marking a significant milestone in harnessing geothermal energy for a sustainable future [3] Company Overview - Ormat Technologies is a leading geothermal and renewable energy company with over five decades of experience, focusing on geothermal and recovered energy generation [4] - The company operates a total generating portfolio of 1,500 MW, which includes 1,230 MW from geothermal and solar generation globally, and a 270 MW energy storage portfolio located in the U.S. [4] - Ormat is vertically integrated, engaging in the design, manufacture, and operation of geothermal power plants, and is expanding into energy storage services and solar photovoltaic solutions [4]