Ormat Technologies Inc.

www.ormat.com

High-Tech Company
Public Company

(NYSE: ORA), (TASE: ORA)

TECH VERTICALS

Energy Storage, Energy Tech, Renewable Energy

General Data

Sector	Energy
Company Stage:	Revenue Growth
Established	1994
Number of Employees	1,600
Employees in Israel	400
Reg. Number:	abCDe

DESCRIPTION

Ormat Technologies is a leading geothermal 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 3,400MW of gross capacity.

TECHNOLOGY

Geothermal Power Plants, Remote Power Units, Waste Heat Recovery, Recovered Energy Power Plants, Energy Management & Storage, Renewable Energy.

ESTIMATED ANNUAL SALES

Year	Amount
2025	500
2024	490
2023	480
2022	470
2021	460
2020	450
2019	440
2018	430
2017	420
2016	410
2015	400
2014	390
2013	380
2012	370
2011	360

	TARGET MARKETS
	Governments, Private Utility Companies, Contractors and Geothermal Plant Owners and Operators, Interstate Natural Gas Pipeline Owners and Operators, Gas Processing Plant Owners and Operators, Cement Plant Owners and Operators.

	BUSINESS MODEL
	B2B

COMPETITORS

CalEnergy Generation , Calpine Corp. , Terra-Gen Power LLC

AFFILIATION

Account ID	Affiliation Type	Name	Parent Name	Status
C4C86FE4-1F7A-E111-AC59-00155D32A403		Ormat Technologies Inc.
89749520-FFF1-EF11-B818-00505695CD29	Investment Arm	Ormat New Ventures	Ormat Technologies Inc.

REMARKS

Date	Remark
23/11/2016	Northleaf purchased a 36.75% equity interest in the second phase of the Don A. Campbell power plant from Ormat's subsidiary, for a purchase price of $44.2 million.
30/04/2015	Ormat established a joint venture with Northleaf - a holding company subsidiary JV - 106-MW power plant portfolio, where Northleafe bought a 36.75% stake for $162.3m.
11/11/2014	Ormat Technologies, Inc. announced that it is entering into a definitive share exchange and plan of merger agreement with its parent entity, Ormat Industries Ltd. Under this agreement, Ormat Technologies will acquire Ormat Industries through a share exchange that will eliminate Ormat Industriess majority ownership interest in, and control of, Ormat Technologies. Under the terms of the Share Exchange Agreement, Ormat Industries shareholders will be entitled to receive 0.2592x shares for each share in Ormat Industries, or an aggregate of approximately 30.3 million shares. Upon closing of the transaction, existing Ormat Technologies shareholders will own approximately 38% and former Ormat Industries shareholders will own approximately 62% of Ormat Technologies.
01/06/2007	Ormat signed a deal with Morgan Stanley and Lehman Brothers for the co-management of Ormat's projects in Nevada. As part of the deal, the investors invested a total of $135.8m in two trenches.
	In Israel the official name is Ormat Systems Ltd.
	A spin-off from the Ormat Group, headed by Ormat Industries Ltd. of Israel (TASE: ORMT), which was established in 1965.

CONTACT INFO

Expand / Collapse All

Main Address: Reno, United States

Address	6884 Sierra Center Parkway
City	Reno
State/Province	NV
Country	United States
Zip	89511

Contact Person	abC Defghij
Contact E-Mail	abC Defghij
Company E-mail	abC Defghij
Telephone	abC Defghij
Fax	abC Defghij

Branch Address: Yavne, Israel

Address	1 Szydlowski Rd., New Industrial Area
POB	68
City	Yavne
Country	Israel
Zip	8110001

Contact Person	abC Defghij
Contact E-Mail	abC Defghij
Company E-mail	abC Defghij
Telephone	abC Defghij
Fax	abC Defghij

	MANAGEMENT

Key Executive

Name	Title	Previous Position
Mr. Doron Blachar	CEO
Mr. Assi Ginzburg	CFO	Delek US Holdings Inc. (VP, Strategic Planning)
Mr. Shimon Hatzir	EVP, Electricity Segment	Ormat Technologies (EVP, Engineering)
Mr. Ofer Benyosef	EVP, Energy Storage & Business Development
Ms. Jessica Woelfel	General Counsel, Chief Compliance Officer & Corporate Secretary
Ms. Liza Tavori	EVP, HR
Ms. Nirit Grushko	SVP, Engineering, R&D Innovation & QEHS
Mr. Elad Zalkin	SVP, Projects, Indonesia, Planning & Control, Business Excellence
Mr. Yehuda Bronicki	Co-Founder
Ms. Yehudit Bronicki	Co-Founder

	BOARD

Board

Member	Title	Affiliation
abC Defghij	Chairman	Former CEO, Ormat
abC Defghij	Board Member	Board of Directors, Gilat Satellite Networks
abC Defghij	Board Member	CEO & Founder, KC Strategies LLC
abC Defghij	Board Member	Managing Partner, Alnitak Capital
abC Defghij	Board Member	Board Director, REE Automotive
abC Defghij	Board Member	Former CEO, First International Bank of Israel
abC Defghij	Board Member	Former SVP, Chevron Global Power Company
abC Defghij	Board Member	Senior Managing Director, ORIX
abC Defghij	Board Member	Former CEO, Netvision

Public Offerings

Deal Date	Type of Offering	Exchange	Amount Raise	Valuation	Remarks
Mar. 18, 2026	Sixth Public Offering		abCDe	abCDe	Private Offering to qualified institutional investors; $725m of 1.50% Series A Convertible Senior Notes due 2031 and $150m of 0% Series B Convertible Senior Notes due 2031.
Mar. 14, 2023	Fifth Public Offering		abCDe	abCDe	Goldman Sachs is the sole participant in this offering.
Jun. 22, 2022	Fourth Public Offering	NYSE	abCDe	abCDe	A private offering of Green Convertible Senior Notes due 2027 ; $56m from initial purchasers' exercised option to purchase additional $56m aggregate principal amount of Notes.
Feb. 05, 2015	Dual Listing	TASE	abCDe	abCDe
Oct. 26, 2007	Third Public Offering	NYSE	abCDe	abCDe
Apr. 10, 2006	Second Public Offering	NYSE	abCDe	abCDe	Including $92m in Green Shoe option for Lehman Bros. exercised at 19/12/06
Dec. 11, 2004	IPO	NYSE	abCDe	abCDe	Including Green Shoe option

	FINANCIAL ROUNDS

Total Capital Raised
abCDe

Financial Rounds

Numbers of Investors

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Round

Date

Stage

Amount

Valuation

Secondary Deal

Jul. 27, 2017

Revenue Growth

abCDe

* New investor

Investor	Type	Amount	Remarks
abC Defghij	Other	abCDe	Purchased 22.1% of the company for $627m from FIMI, Bronicki Investments and senior members of management. 11/2022: Sold 6.8% of the company through the stock exchange for $338m. 12/2024: Sold more shares of the company through the stock exchange for $282m. Goldman Sachs served as the underwriter for the offering. Now holds 5.3% of the company.

Secondary Deal

Nov. 22, 2011

Revenue Growth

abCDe

* New investor

Investor	Type	Amount	Remarks
abC Defghij	Private Equity Fund	abCDe	Acquired 12% of Ormat Industries' (owns 60% of Ormat Technologies) shares from the Bronicki family for $155m; Owns 24.2% of the company, including 10.5% through shares purchase in the market. 09/2016: Sold some of it shares for $19m, now holds 14% of the company. 07/2017: Sold all remaining holdings to Orix for $410m.
abC Defghij	Financial Services Company	abCDe	Invested alongside FIMI and holds shares indirectly.

PIPE

Aug. 04, 2010

Revenue Growth

abCDe

* New investor

Investor	Type	Amount	Remarks
abC Defghij	Institutional Investor	abCDe
abC Defghij	Institutional Investor	abCDe	Holds 6% of the company
abC Defghij	Investment Company	abCDe

PIPE

May. 24, 2009

Revenue Growth

abCDe

PIPE

Apr. 21, 2008

Revenue Growth

abCDe

* New investor

Investor	Type	Amount	Remarks
abC Defghij	Venture Capital Fund	abCDe
abC Defghij	Investment Management Company	abCDe

PIPE

Jun. 01, 2007

Revenue Growth

abCDe

* New investor

Investor	Type	Amount	Remarks
abC Defghij	Venture Capital Fund	abCDe
abC Defghij	Investment Management Company	abCDe

Other

abCDe

* New investor

Investor	Type	Amount	Remarks
abC Defghij	Holding Company	abCDe	03/2004: sold its 14.6% holding

	R&D Grants

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Round

Date

Stage

Amount

Remarks

R&D Grant

Oct. 01, 2005

abCDe

* New investor

Investor	Type	Amount	Remarks
abC Defghij*	Bi-Lateral R&D Program	abCDe	Granted by the EU Sixth Framework Program for R&D

	Acquisitions made by Ormat Technologies

Acquired Company	Sector	Date	Amount	Remarks
abC Defghij	N/A	Jan. 24, 2018	abCDe	Under terms of the agreement, US Geothermal shareholders will receive $5.45 per share in cash. On fully diluted basis, including payment to US Geothermal’s option holders, Ormat will pay $109.9 million. The closing of the deal is subject to customary conditions, including receipt of regulatory approvals and approval by persons holding a majority of the outstanding shares of US Geothermal common stock. The transaction is expected to close in the second quarter of 2018.
abC Defghij	Energy...	Jan. 03, 2017	abCDe

Last Updated:	abCDe
IVC Number:	abCDe