Ormat Publishes 2024 Sustainability Report, Marking 60 Years of Innovation and Impact
Rhea-AI Summary
Ormat Technologies (NYSE: ORA), a leading geothermal and renewable energy company, has published its 2024 Sustainability Report, showcasing significant environmental and social achievements. The company helped avoid 2,488,811 metric tons of CO2e emissions, which is 11 times more than its emissions.
Key accomplishments include a 5% reduction in Scope 1 & 2 emissions intensity compared to the base year, enhanced TCFD-aligned climate disclosures, and nearly $1 million in community contributions. The report follows GRI standards, SASB requirements, and TCFD recommendations, demonstrating Ormat's commitment to transparency and sustainable practices.
Positive
- Avoided 2,488,811 metric tons of CO2e emissions, 11 times more than company emissions
- Achieved 5% reduction in Scope 1 & 2 emissions intensity
- Contributed nearly $1 million to community initiatives globally
- Enhanced climate-related disclosures and scenario analysis aligned with TCFD
Negative
- None.
News Market Reaction
On the day this news was published, ORA gained 0.22%, reflecting a mild positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
RENO, Nev., Sept. 02, 2025 (GLOBE NEWSWIRE) -- Ormat Technologies Inc. (NYSE: ORA), a leading geothermal and renewable energy company, today announced the release of its annual Sustainability Report.
The report highlights Ormat’s progress in advancing its long-term sustainability strategy, expanding overall renewable energy and storage capacity, and strengthening its environmental, social, and governance (ESG) performance. The results of this report reflect the company’s ongoing commitment to delivering low-carbon solutions, while creating value for communities around the world.
Key highlights of the 2024 Sustainability Report include:
- Climate Action: Helped avoid approximately 2,488,811 metric tons of CO2e emissions - over 11 times more greenhouse gas emissions than it emitted, underscoring its positive contribution to the climate.
- Emissions Reduction: Met our annual target by reducing Scope 1 & 2 emissions intensity by an average of
5% compared to the base year. - TCFD Disclosures: Conducted climate-related scenario analysis and enhanced its climate-related disclosures in order to align with the recommendations of the Task Force on Climate-Related Financial Disclosures (TCFD).
- Community Impact: Nearly
$1 million contributed to community initiatives across Ormat’s global locations.
“Our 2024 Sustainability Report highlights both our achievements and our unwavering focus on the future,” said Doron Blachar, Chief Executive Officer. “By increasing our renewable energy capacity, strengthening our sustainability governance, and enhancing transparency through comprehensive reporting and disclosures, we are not only creating long-term value for our stakeholders, but are also contributing to a better future by developing and providing baseload, clean energy to meet the planet’s electricity needs.”
The 2024 Sustainability Report is written according to the Global Reporting Initiative (GRI) standards and guided by the Sustainability Accounting Standards Board (SASB) requirements and recommendations and is aligned with the TCFD Recommendations.
The full Report is available on the Sustainability section of the Company’s website at https://www.ormat.com.
ABOUT ORMAT TECHNOLOGIES
With six decades of experience, Ormat Technologies, Inc. is a leading geothermal company, and the only vertically integrated company engaged in geothermal and recovered energy generation (“REG”), with robust plans to accelerate long-term growth in the energy storage market and to establish a leading position in the U.S. energy storage market. The Company owns, operates, designs, manufactures and sells geothermal and REG power plants primarily based on the Ormat Energy Converter – a power generation unit that converts low-, medium- and high-temperature heat into electricity. The Company has engineered, manufactured and constructed power plants, which it currently owns or has installed for utilities and developers worldwide, totaling approximately 3,400MW of gross capacity. Ormat leveraged its core capabilities in the geothermal and REG industries and its global presence to expand the Company’s activity into energy storage services, solar Photovoltaic (PV) and energy storage plus Solar PV. Ormat’s current total generating portfolio is 1,618MW with a 1,268MW geothermal and solar generation portfolio that is spread globally in the U.S., Kenya, Guatemala, Indonesia, Honduras, and Guadeloupe, and a 350MW energy storage portfolio that is located in the U.S.
ORMAT’S SAFE HARBOR STATEMENT
Information provided in this press release may contain statements relating to current expectations, estimates, forecasts and projections about future events that are "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that we expect or anticipate will or may occur in the future, including such matters as our projections of annual revenues, expenses and debt service coverage with respect to our debt securities, future capital expenditures, business strategy, competitive strengths, goals, development or operation of generation assets, market and industry developments and the growth of our business and operations, are forward-looking statements. When used in this press release, the words “may”, “will”, “could”, “should”, “expects”, “plans”, “anticipates”, “believes”, “estimates”, “predicts”, “projects”, “potential”, or “contemplate” or the negative of these terms or other comparable terminology are intended to identify forward-looking statements, although not all forward-looking statements contain such words or expressions. These forward-looking statements generally relate to Ormat's plans, objectives and expectations for future operations and are based upon its management's current estimates and projections of future results or trends. Although we believe that our plans and objectives reflected in or suggested by these forward-looking statements are reasonable, we may not achieve these plans or objectives. Actual future results may differ materially from those projected as a result of certain risks and uncertainties and other risks described under "Risk Factors" as described in Ormat’s annual report on Form 10-K filed with the Securities and Exchange Commission (“SEC”) on February 27, 2025, and in Ormat’s subsequent quarterly reports on Form 10-Q that are filed from time to time with the SEC.
These forward-looking statements are made only as of the date hereof, and, except as legally required, we undertake no obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise.
| Ormat Technologies Contact: | Investor Relations Agency Contact: |
| Smadar Lavi | Joseph Caminiti or Josh Carroll |
| VP Head of IR and ESG Planning & Reporting | Alpha IR Group |
| 775-356-9029 (ext. 65726) | 312-445-2870 |
| slavi@ormat.com | ORA@alpha-ir.com |
FAQ
What are the key highlights of Ormat Technologies' (NYSE: ORA) 2024 Sustainability Report?
How much did Ormat (NYSE: ORA) reduce its emissions intensity in 2024?
How much did Ormat Technologies invest in community initiatives in 2024?
What sustainability reporting standards does Ormat (NYSE: ORA) follow?
How much CO2e emissions did Ormat help avoid in 2024?
