Ormat Selected for Approximately $35 Million in U.S. Department of Energy Funding to Advance EGS and Hydrothermal Development
The proposed work would test an engineered reservoir at Dixie Valley and examine the hydrothermal resource at Cove Fort.
Rhea-AI Summary
Ormat Technologies (ORA) was selected on September 24, 2026, for up to approximately $35 million in U.S. Department of Energy funding.
The selections cover two geothermal projects and are subject to completion of award negotiations with the department. Ormat’s Dixie Valley project in Nevada, with SLB and the University of Utah, was selected for up to $25 million. The proposed funding would support the design, drilling, testing and validation of an enhanced geothermal systems project that uses an engineered reservoir beside an existing hydrothermal system.
Ormat’s Cove Fort project in Utah, with the University of Utah, was selected for up to $9.7 million. That funding would support drilling and studies below the surface. The work is designed to improve understanding of how heat and fluids are distributed in carbonate rock formations. Neither funding selection is a completed award.
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News Explained
The DOE selections remain subject to award negotiations, and the company says funding may not be awarded, reduced, or rescinded during that process.
Key Figures
- Total selected DOE funding
- Up to approximately $35 million
- Two geothermal projects; subject to completion of award negotiations
- Dixie Valley DOE funding
- Up to $25 million
- EGS project; subject to award negotiations
- Cove Fort DOE funding
- Up to $9.7 million
- Hydrothermal development; subject to award negotiations
Key Terms
enhanced geothermal systems technical
hydrothermal technical
AI-generated analysis. How Rhea-AI works. Not financial advice.
DOE Funding to Support Development Activities at Ormat’s Dixie Valley, Nevada and Cove Fort, Utah Geothermal Projects
RENO, Nev., Sept. 24, 2026 (GLOBE NEWSWIRE) -- Ormat Technologies Inc. (NYSE: ORA) (“Ormat” or the “Company”), a leading geothermal and renewable energy company, today announced that it has been selected by the U.S. Department of Energy (“DOE”) for up to approximately
The Dixie Valley project, a collaboration with SLB and the University of Utah, was selected for up to
At Cove Fort, the project, in partnership with the University of Utah, was selected for up to
“We are pleased to have been selected for support from the DOE for two important projects within Ormat’s geothermal portfolio,” said Doron Blachar, Chief Executive Officer of Ormat Technologies. “These awards reinforce the important role that innovation and collaboration can play in advancing geothermal development in the United States. At Dixie Valley, the program will support our efforts to advance next-generation EGS technologies, while at Cove Fort, it will help deepen our understanding of the existing hydrothermal resource and its potential for further development.”
Blachar added, “Together, these projects reflect Ormat’s broader approach to geothermal growth by continuing to optimize and expand our industry leading capabilities and our existing resource base while actively investing in technologies that have the potential to significantly increase the addressable geothermal resource. We appreciate the DOE’s continued commitment to advancing geothermal energy as a reliable, 24/7 source of power, and we thank SLB and the University of Utah and their teams for their collaboration and partnership in advancing these important projects.”
ABOUT ORMAT TECHNOLOGIES
With over 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 3,600MW 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 1,850MW with a 1,355MW geothermal and solar generation portfolio that is spread globally in the U.S., Kenya, Guatemala, Indonesia, Honduras, and Guadeloupe, and a 495MW energy storage portfolio that is located in the U.S.
Ormat is the only single-solution company with tangible and proven end-to-end capabilities to commercialize, scale, and operate Enhanced Geothermal Systems. As electricity demand accelerates, driven by AI data centers, electric vehicles, industrial reshoring, and the electrification of heating and cooling, Ormat's geothermal and EGS capabilities position the Company to help meet this growing demand and lead technological advancement in the market. The Company's industry-leading business model and strong reputation are built on long-standing expertise, operational excellence, high-performance teams, and delivering reliable long-term energy generation.
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 and Adjusted EBITDA, 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, legal, market, industry and geopolitical developments and incentives, demand for renewable energy, the receipt or amount of government grants or awards, 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, including the possibility that DOE funding may not be awarded, may be reduced, or may be rescinded during the award negotiation process, and other risks described under "Risk Factors" as described in Ormat’s most recent annual report, and in subsequent filings.
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: Smadar Lavi VP Head of IR and ESG Planning & Reporting 775-356-9029 (ext. 65726) slavi@ormat.com | Investor Relations Agency Contact: Joseph Caminiti or Josh Carroll Alpha IR Group 312-445-2870 ORA@alpha-ir.com |
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
How much DOE funding was Ormat selected for at Dixie Valley and Cove Fort?
Ormat’s Dixie Valley project was selected for up to $25 million, and its Cove Fort project was selected for up to $9.7 million. Together, the selections were announced as up to approximately $35 million in funding, subject to completion of award negotiations with the DOE.
What is Ormat’s Dixie Valley geothermal project intended to demonstrate?
The Dixie Valley project is designed to test whether an engineered reservoir beside an existing hydrothermal system can provide sustained fluid circulation, improved permeability and thermal output relevant to commercial use. The planned work includes designing, drilling, testing and validating an enhanced geothermal systems doublet.
Could Ormat’s DOE funding change during award negotiations?
Yes. The funding selections are subject to completion of award negotiations with the DOE. Ormat identifies the possibility that funding may not be awarded, may be reduced or may be rescinded during that process.