Ormat Commences Commercial Operation of Montague Energy Storage Facility, Delivering 20MW/120MWh of Energy Storage Capacity to the PJM Market

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]