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) reported strong Q2 2024 financial results, with total revenues increasing 9.3% year-over-year to $213.0 million. The company saw growth across all three operating segments:
- Electricity segment revenues up 7% to $166.2 million
- Product segment revenues up 13.1% to $37.8 million
- Energy Storage segment revenues up 48.1% to $8.9 million
Profitability improved significantly, with operating income up 45% to $35.1 million and adjusted EBITDA up 25% to $126.1 million. Ormat raised its full-year 2024 EBITDA guidance, now expecting $520-$550 million. The company aims to increase its generating portfolio to 2.1-2.3 GW by end of 2026, capitalizing on growing demand for renewable energy solutions.
Ormat Technologies (NYSE: ORA) has signed a 15-year Resource Adequacy Purchase and Sale Agreement with the City of Riverside for the 80MW/320MWh Shirk Battery Energy Storage System in Visalia, California. This agreement marks Ormat's first storage contract with Riverside and the city's first long-term RA Agreement. The project, expected to be eligible for a 40% Investment Tax Credit, has a guaranteed commercial operation date of March 1, 2026, which Ormat believes can be achieved by the end of 2025.
This agreement aligns with Ormat's strategic growth focus on key U.S. markets like California and supports the transition of its Energy Storage business to a higher-growth segment with balanced contracted revenues. The Shirk project demonstrates Ormat's commitment to expanding its Energy Storage segment and enhancing its execution capabilities in the renewable energy sector.
Ormat Technologies (NYSE: ORA), a prominent renewable energy company, will release its second quarter financial results on August 6, 2024, after market close. The company will host a conference call to discuss these results at 9:00 a.m. ET on August 7, 2024. U.S. and Canadian participants can dial 1-888-770-2286, while international callers can use +1-646-960-0440 with access code 9122486. A live webcast of the call will be available on Ormat's Investor Relations website, with a replay accessible one hour after the call ends. The replay will be available at 1-800-770-2030 (U.S. and Canada) or +1-647-362-9199 (international) using the same access code. The webcast will also be archived for future reference.
Ormat Technologies (NYSE: ORA) will host an Investor and Analyst Day on June 20, 2024, at the New York Stock Exchange. The event will start at 08:00 a.m. EDT with a breakfast gathering, followed by presentations from the executive team at 09:00 a.m. EDT. Executives will outline Ormat's long-term strategy, growth framework, and updated financial objectives. A Q&A session will follow the presentations. The event will be webcast live and can be accessed on Ormat's Investor Relations website, where a replay will also be available.
Ormat Technologies, Inc. reported a 21.0% increase in total revenues for Q1 2024, led by growth across all operating segments. The company achieved record quarterly electricity revenues of $191.3 million, driven by strategic portfolio expansions. Ormat reiterated its full-year revenue and EBITDA guidance, demonstrating confidence in its business outlook.
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