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, Inc. (NYSE: ORA) is a geothermal and renewable energy company whose news flow reflects its activities in geothermal power, recovered energy generation (REG), solar PV and grid‑connected energy storage. As a vertically integrated player in geothermal and REG, Ormat regularly issues updates on project development, operating milestones and long‑term contract activity across its global portfolio.
News about Ormat often covers the commencement of commercial operations at new facilities, such as the Arrowleaf hybrid solar‑plus‑storage project in California or the Lower Rio battery energy storage system in Texas. The company also reports on long‑term power purchase agreements and tolling agreements, including a 25‑year PPA extension with the Southern California Public Power Authority for the Heber 1 geothermal facility and a 20‑year PPA with Switch for geothermal capacity from the Salt Wells power plant in Nevada.
Investors and analysts following ORA can expect regular announcements on international geothermal concessions and agreements, such as the award of the Telaga Ranu Geothermal Working Area in Indonesia and Geothermal Exploration and Energy Conversion Agreements with PLN. Ormat’s news releases also highlight strategic collaborations to advance next‑generation geothermal technologies, including agreements with Sage Geosystems Inc. and SLB to pilot Pressure Geothermal and enhanced geothermal systems (EGS) at Ormat sites.
In addition, Ormat publishes quarterly and annual earnings results, guidance updates and segment performance details, typically accompanied by conference call announcements. For those tracking ORA stock, this news stream provides insight into the company’s electricity, product and energy storage segments, its contract backlog, and its stated plans to expand its energy storage footprint and geothermal development pipeline.
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.
Ormat Technologies (NYSE: ORA) has finalized its acquisition of TG Geothermal Portfolio for $171 million, which includes $206 million in assumed debt. This acquisition enhances Ormat's geothermal capacity in Nevada, adding two operating plants with 67.5 MW capacity and rights to Coyote Canyon, a promising greenfield project. The company anticipates generating $55 million in revenue and approximately $37 million in EBITDA from these assets in 2022. Moreover, the acquisition strengthens Ormat's presence in renewable energy and expands its transmission capabilities to California.