RENO, Nev., Sept. 06, 2023 (GLOBE NEWSWIRE) -- Ormat Technologies Inc. (NYSE: ORA), a leading renewable energy company, today announced that it will ring the opening bell at the New York Stock Exchange on Wednesday, September 6th as the Company celebrates entering its 20th year of listing on the exchange. CEO, Doron Blachar, along with colleagues and management members, will be at the Stock Exchange to commemorate this important milestone in the Company’s history.
“We are honored to celebrate Ormat’s history as a publicly traded company by ringing the NYSE opening bell,” said Doron Blachar, CEO of Ormat Technologies. “As we reflect on 20 years of trading on the NYSE, I am proud of what we have accomplished, and am particularly proud of the Company’s continued growth in developing and providing geothermal, storage and other renewable resources across the globe. As a market leader in the geothermal industry, Ormat’s efforts and successes have contributed to the deeper development of clean, renewable energy production, globally.”
Blachar continued, “Since Ormat began trading on the NYSE, our Company has grown its annual revenues from $219 million to over $700 million. We have expanded our portfolio from ten electricity generation and recovered energy projects to 42 complexes including 13 energy storage facilities. Our generating capacity portfolio increased from 343 MW to 1.28 GW across geothermal, energy storage, solar PV and recovered energy, which includes 170MW/298MWh of energy storage capacity. While Ormat has been publicly traded for nearly two decades, its long-term goals and central mission has remained consistent throughout, and we are on target to reach our goal of 1.9 to 2.0 GW portfolio by the end of 2025. This continued growth demonstrates our commitment to advancing renewable electricity generation and energy storage technologies, sustainably delivering profitable growth for our shareholders, and furthering the efforts of the ongoing energy transition to create positive, lasting impacts for our stakeholders and communities.”
ABOUT ORMAT TECHNOLOGIES
With over five 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 3,200 MW 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, PV solar and energy storage plus PV solar. Ormat’s current total generating portfolio is 1,277 MW, comprised of a 1,107 MW geothermal and solar generation portfolio that is spread globally in the U.S., Kenya, Guatemala, Indonesia, Honduras, and Guadeloupe, and a 170 MW energy storage portfolio located in the U.S.
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, 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, market and industry developments 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 and other risks described under "Risk Factors" as described in Ormat’s annual report on Form 10-K filed with the Securities and Exchange Commission (“SEC”) on February 24, 2023, and in Ormat’s subsequent quarterly reports on Form 10-Q and annual reports on Form 10-K that are filed from time to time with the SEC.
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:||Investor Relations Agency Contact:|
|Smadar Lavi||Alec Steinberg or Joseph Caminiti|
|VP Head of IR and ESG Planning & Reporting||Alpha IR Group|
|775-356-9029 (ext. 65726)||312-445-2870|