Welcome to our dedicated page for Ormat Tech news (Ticker: ORA), a resource for investors and traders seeking the latest updates and insights on Ormat Tech stock.
Ormat Technologies develops, owns, and operates geothermal, solar PV, recovered energy, and battery energy storage assets, while also designing and selling equipment for geothermal and recovered energy power plants. News about ORA commonly covers quarterly results, power purchase agreements, commercial operations at storage facilities, geothermal development, Enhanced Geothermal Systems strategy, and capital actions such as convertible senior notes.
The company’s updates also reference the Ormat Energy Converter, recovered energy generation projects, energy storage services, and renewable power portfolios in the United States and international geothermal markets.
Ormat Technologies (NYSE: ORA) will host its investor day event on March 30, 2022, starting at 9:00 a.m. ET in New York City. The executive leadership team will present the company’s long-term strategy, multi-year growth framework, and financial objectives. Following the presentations, a Q&A session will take place. A live webcast and accompanying slides will be accessible on that day, with a replay available afterward on the Ormat Investor Relations website.
Ormat Technologies (NYSE: ORA) reported an outage at its 40 MW Heber 1 geothermal power plant in California due to a fire on February 25, 2022. The incident primarily affected the steam turbine-generator area, leading to a 25 MW outage, expected to reduce monthly revenues by about $1.5 million. While approximately 15 MW is anticipated to resume operations shortly, Ormat aims to minimize the impact on its Adjusted EBITDA, backed by business interruption insurance. No injuries were reported, and a thorough assessment of damages and repair costs is ongoing.
Ormat Technologies, Inc. (NYSE: ORA) reported a strong Q4 2021, with total revenues up 6.5% year-over-year to $191 million, led by an 8.2% growth in the Electricity segment. Adjusted EBITDA reached a record $116 million, a 6.3% increase from the previous year. However, net income decreased by 8.7%, impacted by higher interest expenses and losses from a minority investment. For 2022, the company projects revenues between $725 million and $750 million and an Adjusted EBITDA of $430-$450 million, indicating continued growth supported by capacity expansions in geothermal and energy storage.
Ormat Technologies Inc. (NYSE: ORA) plans to release its fourth quarter and year-end 2021 financial results on February 23, 2022, after market closure. A conference call and webcast will be held at 10 a.m. ET on February 24, 2022, to discuss these results and future growth expectations. The company boasts over 3,200 MW of gross capacity in geothermal and recovered energy generation, along with a 1.1 GW generation portfolio. Ormat is focused on expanding into the energy storage sector, with significant efforts to establish itself in the U.S. market.
Ormat Technologies reported Q3 2021 financial results, highlighting strong revenue growth in its Electricity segment, driven by newly acquired geothermal assets. Total revenues were $158.8 million, nearly unchanged from last year, while GAAP net income fell 5% to $14.9 million. Adjusted net income saw a 13.7% increase, reaching $17.8 million. Product revenues declined by 64.5% due to COVID-19 impacts, yet the backlog increased to $67 million. The company reiterated its adjusted EBITDA guidance of $400 million to $410 million for 2021, supported by the growth in geothermal and energy storage sectors.
Ormat Technologies Inc. (NYSE: ORA) plans to release its third quarter 2021 financial results on November 3, 2021, after market close. A conference call to discuss these results is scheduled for 10 a.m. ET on November 4, 2021. Interested participants can join by dialing 1-844-200-6205 or +1-929-526-1599 (for international calls), using access code 248607. A replay will be available shortly after the call, along with a live webcast. Ormat is recognized as a leader in geothermal energy, with a robust portfolio of 1.1 GW across several countries.
Ormat Technologies (NYSE: ORA) and PT Archi Indonesia Tbk have formed a Joint Venture named PT Toka Tindung Geothermal to explore geothermal energy in North Sulawesi. Ormat holds a 75% stake, and Archi owns 25%. The JV aims to develop geothermal power at the Toka Tindung gold mine, aligning with Indonesia's renewable energy goals. This marks Ormat's third JV in Indonesia, enhancing its global growth strategy in the geothermal sector. Ormat plans to execute exploration and field development drilling programs, contributing to sustainable energy solutions.
Ormat Technologies (NYSE: ORA) has secured a contract with Polaris Infrastructure (TSX: PIF) to supply a 10 MW geothermal air-cooled Ormat Energy Converter (OEC) for the San Jacinto facility in Nicaragua. This contract follows a slowdown due to COVID-19, indicating a growing demand for their products. The project involves 11 months for design, manufacture, and delivery, which is expected to enhance capacity and provide affordable electricity in Nicaragua. Ormat aims to expand its energy storage market presence while leveraging 55 years of experience in geothermal energy.
Ormat Technologies has announced the expansion of its Pomona Complex with a new 20MW/40MWh facility, Pomona-2, under a 10-year agreement with PG&E to ensure resource adequacy. The project, leveraging existing infrastructure from Pomona-1, is expected to commence commercial operations by October 2022. This expansion contributes to Ormat's goal of adding 200-300MW of energy storage by the end of 2023. The agreement aligns with California's directive to address capacity shortfalls due to extreme weather.
Ormat Technologies, Inc. (NYSE: ORA) reported a 16% decline in total revenues for Q2 2021, totaling $146.9 million, reflecting performance issues in the Product segment and temporary setbacks in Electricity. Despite growth in Energy Storage revenues (up 123.8%), net income dropped by 43.5% to $13 million, or $0.23 per diluted share. The company increased its revenue guidance for 2021 to between $650 million and $685 million, bolstered by a 59% increase in Product backlog to $59 million. The expansion of geothermal assets contributes to long-term growth goals of over 1.5 GW total capacity by 2023.