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) has secured two 15-year tolling agreements for Energy Storage facilities in Israel through a tender issued by the Israeli Electricity Authority. The facilities will have a combined capacity of 300MW/1200MWh. The projects will be developed in a 50/50 partnership with Allied Infrastructure , marking Ormat's first major entry into Israel's utility-scale energy storage market.
The partnership is in advanced stages of obtaining interconnection and land use permits before beginning construction. The projects are expected to achieve commercial operation in 2028. The agreements include an option to terminate the initial contract and transition to the merchant market. This strategic move aligns with Ormat's goal to enhance portfolio profitability and stabilize margin performance in its storage business.
Ormat Technologies (NYSE: ORA) has announced the successful start of commercial operations for the 35MW Ijen geothermal power plant in East Java, Indonesia. The facility, jointly owned with PT Medco Power Indonesia through PT Medco Cahaya Geothermal (MCG), represents Ormat's first geothermal plant in East Java, with Ormat holding a 49% equity share (equivalent to 17MW).
The plant, equipped with Ormat Energy Converter (OEC), marks the completion of its first phase, supplying power to the Java grid under a 30-year power purchase agreement. The facility has a total planned capacity of 110 MW and contributes to Indonesia's ambitious goal of adding 7.2 GW of geothermal capacity by 2035.
Ormat Technologies (NYSE: ORA) has signed a 10-year Power Purchase Agreement (PPA) with Calpine Energy Solutions for up to 15 megawatts (MW) of geothermal energy from its Mammoth 2 power plant in California. The agreement, starting in Q1 2027, will replace the existing PPA with Southern California Edison Company.
The new PPA features increased production capacity and higher pricing, reflecting California's tight supply-demand balance for carbon-free electricity. This is driven by state Renewable Portfolio Standards compliance requirements and corporate demand for sustainable energy solutions.
The agreement will support Calpine Energy Solutions' retail portfolio while advancing Ormat's portfolio expansion strategy and long-term revenue generation goals. The energy will be sourced from the Mammoth 2 geothermal facility near Mammoth Lakes, California.
Ormat Technologies (NYSE: ORA), a leading geothermal and renewable energy company, has scheduled the release of its fourth quarter and full year 2024 financial results for Wednesday, February 26, 2025, after market close. The company will host a conference call to discuss the results on Thursday, February 27, 2025, at 10:00 a.m. ET.
Participants can join the call using different dial-in numbers: 1-800-715-9871 for United States and Canada, and +1-646-960-0440 for international callers, using access code 9044930. The call will include a live webcast available on the company's Investor Relations website section, with a replay option available one hour after the call's conclusion.
Ormat Technologies (NYSE: ORA) has announced the successful launch of commercial operations at its Montague energy storage facility in New Jersey. The 20MW/20MWh Battery Energy Storage System (BESS) will provide ancillary services to the PJM merchant market. The project, eligible for a 30% Investment Tax Credit, increases Ormat's total capacity in the PJM market to 120MW/120MWh.
With this addition, Ormat now operates 290MW/658MWh of energy storage projects and is progressing toward its 2028 target of 950MW-1050MW/2.5GWh-2.9GWh energy storage portfolio capacity.
Ormat Technologies (NYSE: ORA) announced the successful launch of commercial operations at its Montague energy storage facility in New Jersey. The 20MW/20MWh Battery Energy Storage System (BESS) will provide ancillary services to the PJM merchant market and is expected to qualify for a 30% Investment Tax Credit.
With this addition, Ormat's total capacity in the PJM market reaches 120MW/120MWh. The company now operates 290MW/658MWh of energy storage projects overall, progressing toward its 2028 target of 950MW-1050MW/2.5GWh-2.9GWh energy storage portfolio capacity.
Ormat Technologies (NYSE: ORA) has acquired 1,678 acres in Utah through a Bureau of Land Management (BLM) Auction. The strategic land acquisition will enable the development of two new power plants near the company's Cove Fort facility. The first plant, Cove Fort 2, is scheduled to begin exploration in 2025 with expected commercial operations in 2027, while Cove Fort North will be developed later. CEO Doron Blachar expressed confidence in the high probability of success for these parcels, which align with the company's growth plans in the U.S. The expansion aims to meet Utah's growing sustainable energy demands and strengthen Ormat's position in geothermal energy production.
Ormat Technologies (NYSE: ORA) announced the pricing of a secondary offering of 3,700,000 shares of common stock on behalf of ORIX at $76.20 per share. The offering is expected to close on December 13, 2024. Goldman Sachs & Co. , acting as the sole book-running manager and underwriter, has a 30-day option to purchase up to an additional 555,000 shares. Ormat will not receive any proceeds from this sale.
Ormat is a leading geothermal company with over five decades of experience, operating a 1,500MW generating portfolio consisting of 1,230MW geothermal and solar generation across multiple countries and a 270MW energy storage portfolio in the U.S.
Ormat Technologies (NYSE: ORA), a leading geothermal and renewable energy technology company, announced a secondary offering of 3,700,000 shares of common stock on behalf of ORIX . Goldman Sachs & Co. , serving as the sole book-running manager and underwriter, will have a 30-day option to purchase up to an additional 555,000 shares from ORIX. Ormat will not receive any proceeds from this offering as it is not selling any shares. The offering is being made through an automatically effective shelf registration statement on Form S-3 filed with the SEC on December 11, 2024.
Ormat Technologies (NYSE: ORA) has reached an understanding with Contact Energy for a $200 million EPC contract to develop the Te Mihi Stage 2 101MW geothermal power plant in New Zealand. The project, expected to be completed by mid-2027, marks Ormat's fourth large project in New Zealand and will replace the 1950's-built Wairakei geothermal power station. The company expects its year-end Product Segment backlog to exceed $300 million, with bulk revenues from this contract recognized during 2026-2027. Contact Energy is also planning Te Mihi Stage 3, expected online by mid-2031.
FAQ
What is the current stock price of Ormat Tech (ORA)?
What is the market cap of Ormat Tech (ORA)?
