Ormat Technologies, Inc. (NYSE: ORA) is a world leader in the geothermal power plant sector. As a geothermal company we have three decades of experience in the development of state-of-the-art, environmentally sound power solutions, primarily in geothermal and recovered energy generation. In addition to designing, developing, building, owning and operating geothermal energy and recovered energy-based power plants in the United States and other countries, Ormat also designs, manufactures and sells power units and other power generating equipment for geothermal power plants and recovered energy-based electricity generation. Ormat was founded and is still managed by pioneers in the geothermal power generation field. Today, Ormat employs approximately 1060 people worldwide.
Green Energy You Can Rely On
Ormat Technologies, Inc. (NYSE: ORA) is a world leader in the geothermal power plant sector. As a geothermal company we have over four decades of experience in the development of state-of-the-art, environmentally sound power solutions, primarily in geothermal and recovered energy generation. In addition to designing, developing, building, owning and operating geothermal energy and recovered energy-based power plants in the United States and other countries, Ormat also designs, manufactures and sells power units and other power generating equipment for geothermal power plants and recovered energy-based electricity generation.
Ormat is today's only vertically-integrated provider of geothermal and recovered energy-based equipment, services and power that designs, develops, builds and manufactures most of the equipment used in its plants. The in-depth knowledge gained from these operations gives us a competitive edge by enabling efficient maintenance and timely response to operational issues.
State-of-the-Art Technology: The ORMAT® ENERGY CONVERTER (OEC)
Ormat’s geothermal power plants and other products are based on the ORMAT ENERGY CONVERTER (OEC). With over 80 patents world-wide, the OEC is a state-of- the-art implementation of Organic Rankine Cycle technology that we have refined and perfected through years of use under the most challenging conditions.
Ormat’s technology involves original designs of turbines, pumps and heat exchangers, as well as the formulation of non-ozone depleting organic motive fluids. We also construct combined cycle geothermal power plants in which the steam first produces power in a backpressure steam turbine and is subsequently condensed in the vaporizer of a bottoming organic vapor turbo generator, which produces additional power. In the conversion of environmentally friendly geothermal energy into electricity, Ormat's technology has several advantages over conventional geothermal steam turbine plants. In addition, Ormat owns or has the right to use our in-house developed products and systems patents; we are also involved in developing new heat extraction technology.
Empowering the World We Share
Founded in 1965, Ormat is committed to developing green, sustainable energy solutions. Through the development of pioneering technology, we are able to re-inject geothermal heat resources back into the earth, preserving reservoirs for future generations.
Wherever we operate, we are dedicated to working with the community and to supporting local development through job creation, education initiatives, development funds and volunteering. We work hand in hand with schools and institutions of higher learning to promote 'Green Energy' education, and lay the ground work for future scientific knowledge.
Ormat's Experienced Team
Ormat was founded and is still managed by pioneers in the geothermal power generation field. Today, Ormat employs over 1000 people worldwide. At cutting-edge research and manufacturing facilities, our engineers research power generation technologies and build and test power plants before deployment. At our geothermal power plants, we train and employ local residents who join the Ormat team.
Poised for Growth
Ormat's current portfolio drives profitable operations and financial stability. Through a combination of organic growth and acquisition of geothermal power plants from third parties, Ormat is well positioned for future growth. We plan to continue building a geographically balanced portfolio of geothermal, recovered energy assets and remote power solutions, while maintaining our position as a leading sustainable energy manufacturer, product innovator and service provider.
Over the past four decades, Ormat has pioneered a number of significant advances in the geothermal energy and recovered energy industries, laying the foundation for the rapid and profitable growth that we are experiencing today.
Ormat's engineers have developed highly original designs for turbines and other geothermal power and recovered energy generation equipment components, which have been optimized through the rigorous application of advanced thermodynamics and fluid dynamics.
Ormat's unique position of being both an independent power producer, as well as a manufacturer of geothermal energy and recovered energy equipment, provides us with a thorough firsthand understanding of customer needs and the ability to develop creative solutions based on field-tested experience.
Today, Ormat has installed approximately 1,370 MW of geothermal and Recovered Energy REG® power plants worldwide, for its own account and for third-party customers. Ormat products and power systems are installed in more than 71 countries. Ormat power solutions are designed for:
Geothermal Power Plants
Ormat, as a geothermal energy company, is a leader in the development of environmentally benign geothermal power plants that deliver clean, reliable, cost-effective and sustainable electricity. The company’s geothermal power plants produce clean energy with low noise, a low visual profile and nearly 100% fluid injection for minimal impact on the environment.
Ormat’s geothermal binary and combined cycle power plants are flexible, adaptable and efficiently matched to the available geothermal resources, which may encompass high enthalpy, high pressure steam fields; low-enthalpy, water-dominated sources; and resources with temperatures and chemistries that vary over time.
Recovered Energy REG Power Plants
Ormat specializes in one of the most cost-effective ways to develop additional generating capacity and contribute to a plant's energy efficiency, tapping otherwise unused or under-utilized energy, often with environmental benefits. The company's repowering technologies enable power plants to increase output without any additional fuel expense.
Remote Power Units and Other Generators
Ormat designs, manufactures and sells fossil fuel powered turbo-generators with a capacity ranging between 400 watts and 4,000 watts, which operate unattended in remote sites under extreme climate conditions. These units provide power for cathodic protection to avoid oil or gas spillage from pipelines, as well as safety equipment on offshore platforms and along oil and gas pipelines. Customers include contractors installing gas pipelines in remote areas.
Ormat stands behind the principles of honesty, openness, fairness and trust as pillars of our approach to corporate governance. These principles are reflected in the exacting standards that are set out in our Corporate Governance Guidelines, and our Code of Business Conduct and Ethics, both of which were adopted in 2004 and took effect as our company was formally registered for trading on the New York Stock Exchange. Each provides a framework that is aligned with regulatory requirements and reflects 'best practices' principles.
Ormat established and maintains adequate internal control over financial reporting and is in compliance with Sarbanes-Oxley Act (SOX). The effectiveness of Ormat's internal control has been audited by Price Waterhouse Coopers.
Ormat is a publicly traded company managed by a seven-member Board of Directors. Mr. Lucien Bronicki is Chairman and Chief Technology Officer, Mrs. Yehudit 'Dita' Bronicki is a Director and Chief Executive Officer and Mr. Yoram Bronicki is President and Director and Chief Operating Officer of the company. The other four directors serving on Ormat's board are non-executive and classified as independent. They are: Robert F. Clarke, Roger W. Gale, David Wagener, Dan Falk.
The Environmental Benefits of Geothermal and Recovered Energy
Geothermal energy is heat energy that comes from the earth's molten interior deep in the earth's crust. This valuable heat is brought near to the surface due to movements in the earth's crustal plates by intrusion of molten magma and by deep circulation of groundwater. Reservoirs of hot water under pressure are formed. By drilling wells into these reservoirs, steam and high-pressure hot water can be captured and directed to drive turbines in power plants, completing the conversion of this earth-bound energy from heat to electrical energy.
Cooled geothermal fluid is injected back to the reservoir where it is reheated and preserves the resource mass balance and sustainability. The advantages of geothermal energy are enormous; it harnesses a natural locally available energy source, it offers base load electricity 24/7 year-round supply with high reliability and provides an environmentally friendly energy alternative which produces no NOx emissions and negligible CO2 emissions.
Ormat Power Projects Eligible for Greenhouse Gas Emissions Trading
In December 2008, the Executive Board of the United Nations Framework Convention on Climate Change (UNFCCC) officially registered Ormat’s Amatitlan Geothermal Project in Guatemala as a Clean Development Mechanism (CDM). The project is expected to offset emissions of approximately 83,000 tons of CO2 per year. With Amatitlan registered under the CDM, the project will be eligible to receive certified emission reduction credits, each equivalent to one ton of carbon dioxide, which can be traded or sold. The project has a long-term contract to sell all of its emission reduction credits to a European buyer.
Improving Environmental Performance
Ormat's generating portfolio as of the end of 2008 includes a total of 14 geothermal and recovered energy power plants in the United States, Guatemala, Kenya, Nicaragua and New Zealand. While each power plant in our portfolio provides a positive alternative to carbon-intensive electricity generation, our company remains committed to ongoing action to minimize the environmental impact of our operations through reducing, reusing, recycling and applying leading edge technology. In fact, this approach is encapsulated in the Ormat Quality, Environmental, Health and Safety Policy, which guides these initiatives.
Connecting with the Community
As a responsible and responsive corporate citizen, Ormat believes it is important to cultivate positive relationships with a wide variety of stakeholders who have an interest in our geothermal and recovered energy power plants. To do so, we employ a variety of activities and communications tools which include websites about our power plants and ongoing projects that affect the local community; a community relations program that encourages employee volunteerism and purchasing from local vendors; participation in local boards such as the Mammoth Lakes Alternative Energy Task Force; the maintenance of an extensive list of stakeholders with whom we stay in touch with via email, phone calls, meetings, and tours of the power plant; and by providing local support to community organizations. These combined efforts ensure that stakeholders are provided with timely and accurate information about our operations and development plans and that they are able to learn more about geothermal energy and how it contributes to the local economy and a cleaner environment.