Ormat Technologies

What Ormat Technologies does

Ormat Technologies, Inc. (NYSE: ORA), founded in 1965 and headquartered in Reno, Nevada, is a vertically integrated renewable energy company specializing in geothermal power generation, recovered energy generation (REG) from waste heat, and utility-scale battery energy storage systems (BESS). The company operates across three segments: Electricity (development, ownership, and operation of geothermal and REG power plants — approximately 70% of revenue — selling output under long-term power purchase agreements to utilities and data center operators), Products (sale of proprietary geothermal power units and engineering, procurement, and construction (EPC) services to third-party developers), and Energy Storage (lithium-ion BESS facilities providing grid services such as frequency regulation and resource adequacy under long-term tolling agreements).

Ormat's core technology is the Ormat Energy Converter (OEC), a proprietary power generation unit based on the Organic Rankine Cycle (ORC) that converts low-, medium-, and high-temperature geothermal heat into electricity, protected by 192 patents and patent applications worldwide. The company complements the OEC with the Plain Bearings Turbine (PBT, up to 50 MW shaft power, 10-year maintenance interval), Between-Bearings Turbine (up to 50% output improvement over overhang designs), Wind Guiding Vanes (recovering ~2,000 MWh/year at Don A Campbell), Extended Lineshaft Assembly (30% flowrate uplift from existing wells), the new Ormega100 standardized binary unit (up to 100 MW gross for Enhanced Geothermal Systems), and proprietary production pumps (up to 1,200 m³/hr, 830m depth). The company owns Geodrill (in-house drilling) and operates 23,000m² of manufacturing facilities.

Commercially, Ormat pursues long-duration utility-scale power purchase agreements with investor-owned, municipal, and cooperative utilities (NV Energy, SCE, PG&E, LADWP, SCPPA, Clean Power Alliance, San Diego Community Power) and is increasingly contracting directly with hyperscale data center operators (150 MW Google via NV Energy Clean Transition Tariff expected 2028-2030, 20-year ~13 MW Switch PPA from Q1 2030). The company targets 1.65-1.75 GW total generating capacity and 950-1,050 MW / 2,500-2,900 MWh storage by year-end 2028, financed via a combination of long-term PPAs, hybrid tax equity partnerships with Morgan Stanley Renewables, and capital markets (including an $875 million convertible note offering in March 2026).

Name

Ormat Technologies

Legal name

Ormat Technologies, Inc.

Website

http://www.ormat.com

Company type

Public

Founded year

1965

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Ormat Technologies (NYSE: ORA) is a vertically integrated renewable energy company that develops, manufactures, owns, and operates geothermal, recovered energy, and battery storage power plants, serving utilities and hyperscale data center operators under long-term PPAs across 25+ countries.

Ownership category

akta.pro rank

Product category

Geothermal Power Generation

NAICS

Turbine and Turbine Generator Set Units Manufacturing (333611), Electric Power Generation (22111), Mining and Oil and Gas Field Machinery Manufacturing (33313)

SIC

Cogeneration Services & Small Power Producers (4991), Engines & Turbines (3510), Mining Machinery & Equip (No Oil & Gas Field Mach & Equip) (3532)

akta.pro primary industry

Waste Heat Recovery & Heat Integration (HRSG/ORC, Pinch Analysis, Heat Exchangers) (EUABAJAF)

akta.pro secondary industry

Utility-Scale BESS EPC & Integration (EUAEAEAA)

Keywords

• Geothermal power generation
• Recovered energy systems
• Battery energy storage
• Binary power plants
• Organic rankine cycle

Headquarters

HQ city

Reno

HQ country

United States

HQ region

North America

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Infrastructure, Operations, Supply Chain, Technology or R&D, Personnel

Revenue model

1. Electricity Generation (IPP Model): Development, ownership, and operation of geothermal, recovered energy, and solar power plants to generate electricity sold to utilities under long-term power purchase agreements. This represents the core electricity segment contributing approximately 70% of revenue.
2. Product Sales and EPC Services: Supply of proprietary geothermal equipment including Ormat Energy Converters, turbines, and related components, along with engineering, procurement, and construction services to third-party developers. Also includes equipment sales to international markets.
3. Energy Storage: Development, ownership, and operation of battery energy storage systems providing grid services including frequency regulation, peak-load reduction, and resource adequacy. Revenue generated through long-term tolling agreements and merchant market participation.
4. Recovered Energy Generation (REG): Conversion of waste heat from industrial processes (gas pipelines, cement plants, LNG terminals) into electricity using ORC technology.

Pricing tiers

Go-to-market motion1 record

Distribution channels4 records

Marketing channels5 records

Core offering

Ormat Technologies is a vertically integrated renewable energy company that designs, manufactures, owns, and operates geothermal power plants, recovered energy generation systems, and battery energy storage facilities. Its core product is the proprietary Ormat Energy Converter (OEC) based on Organic Rankine Cycle (ORC) technology, which converts low, medium, and high temperature heat from geothermal reservoirs, industrial waste heat, and other sources into electricity. The company sells electricity under long-term PPAs to utilities and data center operators, supplies OEC equipment and EPC services to third-party developers, and operates lithium-ion BESS facilities providing grid reliability services.

Product overview

Ormat Technologies is a vertically integrated renewable energy company offering a portfolio of power generation products and services. The core offerings include geothermal power plants utilizing proprietary Ormat Energy Converter (OEC) technology based on Organic Rankine Cycle, recovered energy generation systems, battery energy storage solutions, and solar PV. The company operates across three business segments: Electricity (owning and operating geothermal and recovered energy power plants), Products (manufacturing power units and equipment including the OEC, turbines, and pumps), and Energy Storage (developing and operating BESS facilities). Notable products include the Ormega100 standardized 100MW binary unit for EGS environments, Plain Bearings Turbine (PBT) for geothermal applications, and various hybrid solar-plus-storage projects. The company serves utilities, independent power producers, data center operators, and industrial clients globally.

Differentiator

Problem solved

Functional benefit

Brands

• Geodrill: Subsidiary solely dedicated to drilling, owning and operating multiple drilling rigs worldwide.
• Ormat Energy Storage
• Ormat Energy Converter (OEC)
• Plain Bearings Turbine (PBT)

Products and services

• Geothermal Power Plants Vertically integrated geothermal power plant development, construction, ownership, and operation covering exploration, drilling, design, manufacturing, and operations. Capabilities include conventional steam, binary, combined cycle, and integrated two-level unit technologies for utilities and independent power producers globally.
• Ormat Energy Converter (OEC)

Quantifiable outcome

• Standardization reduces delivery times by approximately 30%
• +5 more outcomes

Named customers11 records

Segments4 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature9 records

Partnerships

Four partnerships are on record, tiered secondary and core.

• Innergex Renewables USA LLCsecondaryChannel Partner/ Reseller/ Distributor · 1 January 2026Acquired Hoku solar and storage facility in Hawaii from Innergex for $79.3 million, adding 30MW solar and 30MW/120MWh battery storage.
• SLBcoreStrategic or Co-development Partner · 27 October 2025Strategic collaboration to develop and deliver integrated geothermal project solutions combining SLB's reservoir expertise with Ormat's geothermal field development and power plant capabilities. Includes focus on traditional geothermal and EGS, with SLB obtaining a license of Ormat's EGS patent.
• NV EnergycoreChannel Partner/ Reseller/ DistributorUtility partner enabling Ormat's geothermal power delivery to Google Nevada data centers through Clean Transition Tariff program.
• Xcel EnergysecondaryChannel Partner/ Reseller/ DistributorPartnership for 300MW long-duration energy storage agreement for Google Minnesota data centers, with Ormat as potential supplier.

Scale indicators15 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• Eavor Technologies: Canadian closed-loop geothermal company developing next-generation geothermal heat exchangers. Directly comparable as both companies are commercializing non-conventional geothermal resources (EGS/closed-loop) and competing for the same hyperscale data center and utility customers seeking 24/7 renewable baseload.
• Fluence Energy: Global battery energy storage system integrator and IPP with utility-scale projects. Comparable as a direct competitor to Ormat's Energy Storage segment, targeting the same grid services, resource adequacy, and merchant market opportunities in PJM, CAISO, ERCOT, and ISONE.
• Stem Inc: AI-driven energy storage and software provider focused on commercial, industrial, and utility-scale battery storage. Comparable as a peer in the energy storage value chain competing for similar grid-services and resource adequacy contracts, though with greater focus on the C&I and software layer.

Emerging players

• Fervo Energy: US-based EGS developer using horizontal drilling and advanced stimulation techniques to commercialize enhanced geothermal systems. Overlaps with Ormat in EGS technology and target customer set (utilities, hyperscalers), though smaller and earlier-stage in commercial deployment.

Broad incumbents

• Enel Green Power: Global renewable IPP and a major geothermal operator with multi-GW geothermal capacity in Italy, the Americas, and other regions. Comparable as a diversified renewable IPP competing with Ormat for utility PPAs and exploring EGS, though much larger and broader in scope.
• Berkshire Hathaway Energy: US utility holding company with significant geothermal generation through subsidiaries including CalEnergy. Comparable as an owner-operator of utility-scale geothermal capacity competing in the same PPA market, particularly California and Nevada.
• Calpine Corporation: Largest US independent power producer with a diversified generation fleet. Comparable as an IPP pursuing baseload and 24/7 clean power contracts with utilities and large energy users; competes in California and Western US power markets alongside Ormat.
• Mitsubishi Power: Major manufacturer of turbines and power generation equipment, including geothermal turbines. Comparable as a competitor to Ormat's Products segment (turbines, OEC, PBT) and a potential EPC counterpart for geothermal developers.

Regional players

• Contact Energy: New Zealand-listed integrated generator-retailer with majority geothermal generation. Comparable as a vertically integrated geothermal IPP with PPA-based revenue, though focused primarily on the New Zealand market where Ormat also operates.
• KenGen: Kenya Electricity Generating Company, majority state-owned, operating East Africa's largest geothermal fleet. Comparable as a vertically integrated geothermal IPP in a region where Ormat also has a presence (Kenya is listed among Ormat's operating geographies).

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/channel/UC406sKw8q178HVwixjQPOAA
• LinkedInlinkedin.com/company/44998

Compliance7 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles16 records

Subsidiaries3 records

Funding overview

Funding rounds11 records

Investors3 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A3 records

Investments2 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Ormat Technologies