Ormat Technologies Awarded Tolling Agreements for Two Energy Storage Facilities in Israel

Core Insights - Ormat Technologies has secured two 15-year tolling agreements for energy storage facilities in Israel, marking a significant step in its strategic transition towards a more stable and profitable portfolio [1][4] - The combined capacity of the awarded facilities is approximately 300MW/1200MWh, developed in partnership with Allied Infrastructure LTD [1][2] - The projects are in advanced stages of obtaining necessary permits and are expected to commence commercial operations by 2028 [3] Company Overview - Ormat Technologies is a leading geothermal and renewable energy technology company with over five decades of experience [5] - The company operates a total generating portfolio of 1.5GW, including a 1.2GW geothermal and solar generation portfolio globally [5] - Ormat is focused on expanding its energy storage services and aims to establish a leading position in the U.S. energy storage market [5] Partnership Details - The ownership of the energy storage projects will be shared equally (50/50) between Ormat and Allied Infrastructure LTD [2] - This partnership represents Ormat's first major entry into the Israeli utility-scale energy storage market [2][4] - The collaboration aims to further develop energy storage facilities in Israel [2]