ORMAT Technologys A0DK9X

Ormat is a world leader in the geothermal power sector.

The Company has more than four decades of experience in the development of state-of-the-art, environmentally sound power solutions, primary in geothermal and recovered energy generation.

Ormat is a vertically-integrated company whose primary business is to develop, build, own and operate geothermal and recovered energy generation (REG) power plants utilizing in-house designed and manufactured equipment.

In addition, Ormat supplies geothermal and recovered energy power generating equipment of its own design and manufacture, and complete power plants incorporating its equipment on a turnkey basis, as well as small size power units for remote continuous unattended operation.

As the end of September 07, Ormat operates the following geothermal power plants:

*       In the United States: Brady, Heber Complex, Mammoth Complex, Ormesa Complex, Puna and Steamboat

*       In Guatemala: Zunil and Amatitlan

*       In Kenya: Olkaria III

*       In Nicaragua: Momotombo

In the United States, Ormat owns and operates four OREG I Recovered Energy Generation plants.  Ormat's mission is to maintain our leadership position in the growing geothermal, recovered energy generation, and renewable energy business.

 

Ormat Technologies, Inc. Reports Third Quarter 2007 Results

Q3 Net Income up 13.1 Percent to $15.8 million; Q3 Revenue up 2.1 Percent to $79.5 million

RENO, Nev., November 6, 2007 - Ormat Technologies, Inc. (NYSE: ORA) today announced financial results for the third quarter ended September 30, 2007.

Third Quarter Results
For the third quarter of 2007, the Company reported total revenue of $79.5 million versus $77.8 million for the third quarter of 2006, with an increase of 8.9% in the Electricity Segment and a decrease of 15.8% in the Products Segment. The gross margin in the Electricity Segment was 42.3%, in line with the third quarter of 2006, while the gross margin in the Products Segment was 16.7%, an increase compared to the second quarter of 2007 and a decrease from the third quarter of 2006. Margin pressure in the Products Segment remains, in view of general industry cost increase.

Net income for the quarter was $15.8 million, or $0.41 per share (basic and diluted), compared to $13.9 million, or $0.39 per share (basic and diluted), in the third quarter of 2006. Net income in the third quarter of 2007 benefited from lower tax expense of $2.0 million compared with the third quarter of 2006. There were 38.1 million basic and 38.3 million diluted weighted average shares used in the computation of earnings per share in the third quarter of 2007 and 35.6 million basic and diluted weighted average shares during the same period of 2006.

Commenting on the results for the quarter, Dita Bronicki, Chief Executive Officer of Ormat, stated, "We had a good quarter in terms of both operational results and progress in the continued growth of our business. We had a record generation level in our California power plants resulting from the proactive actions we took in the first quarter, specifically in our Ormesa complex. We continued to broaden our portfolio with more than 250 MW under construction and development and with new lease agreements that we successfully secured to support future development. In October we raised additional equity through a "Block Trade" and a private placement that will help us to fund our future growth."

"The performance of our Electricity Segment this quarter illustrated our ability to turn opportunities into results. Top and bottom line growth were driven primarily by the increase in the number of megawatt hours we produced over last year. We also benefited from higher rates paid under several power purchase agreements with Southern California Edison."

Electricity Segment revenues for the quarter were $61.4 million versus $56.4 million in the same period a year ago. A majority of the increase in revenues on a year-over-year basis is attributable to an increase in capacity and better performance of our U.S. power plants, as well as higher energy rates in the Ormesa and Heber projects in California.

Products Segment revenues for the quarter ended September 30, 2007 were $18.1 million, as compared with $21.4 million for the same quarter a year ago, a decrease of 15.8%. Unlike the Electricity Segment, revenues in the Products Segment are more difficult to predict because of various factors, including timing of orders and the execution of each contract, and can vary from period to period.

Adjusted EBITDA for the third quarter was $38.0 million compared to $39.7 million in the same quarter a year ago. Adjusted EBITDA includes consolidated EBITDA and the Company's share in operating income and depreciation and amortization totaling $3.1 million and $2.7 million for the quarters ended September 30, 2007 and 2006, respectively, related to the Company's unconsolidated investment interest of 50% in the Mammoth project in California, and 80% in the Leyte project in the Philippines, which was transferred back to the offtaker on September 25, 2007. The reconciliation of GAAP net income to Adjusted EBITDA is set forth below in the release.

Cash, cash equivalents and marketable securities as of September 30, 2007 decreased to $29.0 million from $116.7 million as of December 31, 2006, reflecting primarily the investment the Company made in new generating capacity. This figure does not reflect the closing of the sale of 3,000,000 shares of common stock in a public offering on October 26, 2007 and the separate closing of the sale of 381,254 shares of common stock to the parent company, Ormat Industries Ltd., in an unregistered sale complying with the requirements of Regulation S under the Securities Act of 1933, as amended.

Ms. Bronicki continued, "We executed an offering of 3,381,254 shares in October that raised approximately $155 million. We believe this added capital will allow us to take advantage of future opportunities, whether it is the funding of construction, development and exploration activities or the purchase of new equipment."

On November 6, 2007, Ormat's Board of Directors approved the payment of a quarterly cash dividend of $0.05 per share pursuant to the Company's dividend policy, which targets an annual payout ratio of at least 20% of the Company's net income. The dividend will be paid on December 12, 2007 to shareholders of record as of the close of business on November 28, 2007.

Commenting on the outlook for 2007, Ms. Bronicki said, "Following our third quarter earnings results, we maintain our guidance for 2007 and expect our 2007 Electricity Segment revenues to be approximately $214 million. We also expect an additional approximately $18 million of revenues from our share of electricity revenues generated by Mammoth, and by Leyte, which we owned for nearly nine months during 2007, that are accounted for under the equity method. With regard to our Products Segment, we currently expect that our 2007 revenues will be on the high side of the guidance previously provided, which is between $70 million and $72 million."

Ms. Bronicki concluded, "In short, our Electricity and Products Segments are performing well and we are strategically investing in growth opportunities that will build on our success and contribute to our growth in the years to come."

Nine Month Results
For the nine month period ended September 30, 2007, total revenue increased 11.4% to $225.3 million from $202.3 million in the same period last year. Net income for the nine month period was $18.5 million, or $0.48 per share (basic and diluted), compared to $30.2 million, or $0.89 per share (basic and diluted), in the same period of 2006. There were 38.1 million basic and 38.2 million diluted weighted average shares used in the computation of diluted earnings per share in the first nine months of 2007 and 34.1 million basic and diluted weighted average shares during the same period in 2006.

Electricity Segment revenue for the nine month period was $160.4 million, an increase of 7.7% from $148.9 million in the same period a year ago. Products Segment revenue for the nine month period was $64.8 million, an increase of 21.5% from $53.4 million in the same period in 2006.

Adjusted EBITDA for the nine month period was $82.0 million dollars, compared to $97.3 million in the same period a year ago. Adjusted EBITDA includes consolidated EBITDA and the Company's share in operating income and depreciation and amortization totaling $8.9 million and $7.7 million for the nine months ended September 30, 2007 and 2006, respectively, related to the Company's unconsolidated investment interest of 50% in the Mammoth project in California, and 80% in the Leyte project in the Philippines which was transferred back to the offtaker on September 25, 2007. The reconciliation of GAAP net income to Adjusted EBITDA is set forth below in the release.

Conference Call Details
Ormat will host a live webcast to discuss its financial results and other matters in this press release at 9:00 a.m. E.S.T. on Wednesday November 7, 2007. The webcast will be available at www.ormat.com. During the webcast, management will refer to slides that will be posted on the web site. The slides and accompanying webcast can be accessed through the Event Calendar in the Investor Relations section of Ormat's website.

A 30-day archive of the webcast will be available approximately 2 hours after the conclusion of the live call. To listen to a replay, please call 1- 877-519-4471 in the United States and Canada and 1-973-341-3080 for international callers and utilize code 9378403.

About Ormat Technologies
Ormat Technologies, Inc. is a vertically-integrated company primarily engaged in the geothermal and recovered energy power business. The Company designs, develops, builds, owns and operates geothermal and recovered energy power plants using Organic Rankine Cycle (ORC) technology. Additionally, the Company designs, manufactures and sells geothermal and recovered energy power units and other power generating equipment, and provides related services. Ormat is a pioneer and a leader in the manufacture of ORC power equipment its products and systems are covered by approximately 70 patents. Ormat currently operates the following geothermal power plants: in the United States – Brady, Heber, Mammoth, Ormesa, Puna and Steamboat; in Guatemala – Zunil; in Kenya – Olkaria; and in Nicaragua – Momotombo. In the U.S., Ormat owns and operates four OREG1 Recovered Energy Generation plants.

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. 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. Actual future results may differ materially from those projected as a result of certain risks and uncertainties. For a discussion of such risks and uncertainties, see "Risk Factors" as described in Ormat Technologies, Inc.'s Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 12, 2007 and the Prospectus Supplement filed with the SEC on October 23, 2007.

These forward-looking statements are made only as of the date hereof, and we undertake no obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise.

 

Quelle:  Energy - Stocks

Ormat and Amdocs: Our Top 2 M&A Candidates for 2008

posted on: December 13, 2007 | about stocks: DOX / GS / IBM / NETM / ORA / SAP

Print Email  With news of the Israeli company NetManage (NETM) being acquired by Rocket Software for approximately $69 million, which is a 95% premium over Tuesday’s closing price, coming on the heals of HP’s (HPQ) purchase of Nur Microprinters [NURMF.PK] earlier in the week, Israeli M & A is back with a vengeance.

In what was a very slow year up until now, has suddenly turned hotter than the New England Patriots.  With the focus squarely back on foreign firms picking up publicly traded Israeli firms for cheap, here at IOI, we would like to present our top 2 M&A picks for 2008: 

Ormat Technologies (ORA) engages in the geothermal and recovered energy power business. It has produced impressive growth with a 13% rise in net income last quarter. With rumors swirling that both Apax Private Equity and Goldman Sachs (GS), are looking at buying a 10% share of the company, and local business Chaim Katzman (no relation) continually raising his stake in the company, Ormat is a prime takeover target.

 

17.12.2007 08:04
Ormat Technologies, Inc. Signs New 20-Year Power Purchase Agreement with Southern California Edison for up to 100 Megawatts of Geothermal Power

RENO, Nev., Dec. 17 /PRNewswire-FirstCall/ -- Ormat Technologies, (News) Inc. today announced that its subsidiary signed a 20-year power purchase agreement with Southern California Edison (SCE) for the sale of energy to be produced by a new plant that will be built in Imperial Valley, Calif. The plant is expected to come on line by mid 2012 and is expected to have a total output of 30 megawatts. The agreement includes an option to increase capacity to 100 megawatts.

(Logo: http://www.newscom.com/cgi-bin/prnh/20040422/LATH066LOGO)

This agreement stems from a 2007 request for proposal from SCE and it is subject to approval by the Public Utilities Commission of California (CPUC)

The power rates agreed upon will not exceed the 2007 Market Price Referent ("MPR") as approved by the CPUC for a baseload plant for the use in the 2007 Renewable Portfolio Standard solicitations.

"The agreement for the new Imperial Valley Power Plant is the eighth such agreement between Ormat and SCE, and the second executed since the enactment of California's aggressive renewable portfolio standard legislation," said Dita Bronicki, chief executive officer of Ormat. We are very happy to bring more baseload through clean geothermal energy to California. We are already supplying approximately 160 megawatts of geothermal energy to SCE from the existing power plants that we operate and we have an additional 50 megawatts under construction. This new contract will further increase our share in SCE's impressive portfolio of clean energy generation."

In May, Ormat signed a 20-year agreement with Nevada Power Company, for the sale of energy produced from the Grass Valley Geothermal Power Plant. That contract has recently received the approval the Public Utilities Commission of Nevada.

About Ormat Technologies

Ormat Technologies, Inc., is a vertically-integrated company primarily engaged in the geothermal and recovered energy power business. The Company designs, develops, builds, owns and operates geothermal and recovered energy power plants using Organic Rankine Cycle (ORC) technology. Additionally, the Company designs, manufactures and sells geothermal and recovered energy power units and other power generating equipment, and provides related services. Ormat is a pioneer and a leader in the manufacture of ORC power equipment its products and systems are covered by approximately 70 patents. Ormat currently operates the following geothermal power plants in the United States - Brady, Heber, Mammoth, Ormesa, Puna and Steamboat; in Guatemala - Zunil and Amatitlan; in Kenya - Olkaria; and in Nicaragua - Momotombo. In the U.S., Ormat owns and operates four OREG1 Recovered Energy Generation plants.  

18.12.2007 12:55
Medco-Ormat-Itochu Consortium Complete Execution of Agreements for Sarulla Geothermal Project

RENO, Nev., Dec. 18 /PRNewswire-FirstCall/ -- Ormat Technologies, (News) Inc. announced today that the Medco- (News) Ormat-Itochu Consortium (the "Consortium"), which consists of Medco Energi Internasional Tbk; Ormat International Inc., a subsidiary of Ormat Technologies, Inc. ("Ormat"); and the Itochu Corporation, completed the execution of the project documents for the 340 MW Sarulla Geothermal Project in Indonesia. The Consortium signed an Amendment to the Joint Operating Contract ("JOC") with PT Pertamina Geothermal Energy ("PGE"), a wholly owned subsidiary of the Indonesian state-owned oil and gas company PT Pertamina (Persero), and, together with PGE, signed the Amendment to the Energy Sales Contract ("ESC") with the state-owned Indonesian power company PT Perusahaan Listrik Negara ("PLN"). Prior to the above, the Consortium and PLN executed a Deed of Assignment ("DOA"), whereby PLN assigned and transferred to the Consortium the rights and obligations under the JOC and ESC.

(Logo: http://www.newscom.com/cgi-bin/prnh/20040422/LATH066LOGO )

The Project, located in Tapanuli Utara, North Sumatra, represents the largest single-contract geothermal power project to date, and is a reflection of the large scale, high productivity and potential of Indonesian geothermal resources. The Project will be owned and operated by the Consortium members under the framework of the JOC with PGE, and is to be constructed in three phases, consisting of Ormat designed and supplied power generating units of 110 to 120 MW each, over the next five years. The first unit is scheduled to commence operation within 30 months of financial close, which is expected by the end of 2008. The remaining two units are scheduled to commence operation in stages within 18 months after the first unit's scheduled commissioning.

The total project cost is expected to be approximately $800 million, and it is expected that the Japan Bank for International Corporation ("JBIC") will provide the majority of the project financing based on the Umbrella Note of Mutual Understanding signed between the Ministry of Finance of Indonesia and JBIC. Ormat's equity participation shall initially be 25%, and may be reduced to not less than 12.75%.

Power delivered by the project will serve the base load of PLN's North Sumatra -- Aceh grid system and annual electricity sales revenue from the project is anticipated to be approximately $115 million when the full capacity is attained. The value of Ormat's scope of supply for the project is expected to be over $250 million.

Lucien Bronicki, Chairman and CTO of Ormat Technologies, stated, "The execution of the Sarulla project documents is an important landmark for Ormat, as we will be providing our technology to Indonesia for the first time. We congratulate the teams of PLN and Pertamina, as well as our Consortium partners Medco and Itochu, and express our appreciation for their efforts that have contributed to the Consortium achieving this milestone. Our commitment to the development of geothermal resources in Indonesia is strong and we are pleased to be sharing our long experience in constructing and operating geothermal plants. Ormat's air-cooled geothermal Combined Cycle technology, well proven over the last 15 years, is particularly suited to assure maximum utilization of the Sarulla resource in a sustainable manner."

Dita Bronicki, CEO of Ormat Technologies, added, "The signing today of the project documents is a significant milestone in the development of the Sarulla project. While the project is still subject to the uncertainty of the closing of financing, encouraged by the interest shown in financing this project by JBIC and other institutions, the Consortium shall make pre-development investments estimated at approximately $15 million before financial closing."

 

09.01.2008 10:10
Ormat Technologies, Inc. Announces Unregistered Sale of Common Stock

RENO, Nev., Jan. 9 /PRNewswire-FirstCall/ -- Ormat Technologies, (News) Inc. , today announced the closing of the sale of 693,750 shares of common stock to its parent company, Ormat Industries Ltd., in an unregistered sale complying with the requirements of Regulation S under the Securities Act of 1933, as amended. The price per share for the shares of common stock issued in the unregistered sale was $48.02 per share, representing a 5% discount to the closing market price of the Company's common stock ($50.55 per share) on December 3, 2007, the date the unregistered sale was approved by a majority of the Company's shareholders.

(Logo: http://www.newscom.com/cgi-bin/prnh/20040422/LATH066LOGO)

The Company expects to use the aggregate net proceeds from the unregistered sale, in the amount of approximately $33.3 million, for its general corporate purposes and those of its consolidated subsidiaries. Such purposes may include construction of geothermal and recovered energy generation power plants and other investments, and financing of possible acquisitions.

The shares of common stock issued in the unregistered sale will not be registered under the Securities Act of 1933, as amended (the "Securities Act"), or any state securities laws, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act. This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities of the Company nor shall there be any sale of such securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.

30.01.2008 15:16
Ormat Technologies, Inc. to Host Conference Call Announcing Fourth Quarter and Year-end 2007 Earnings Results

RENO, Nev., Jan. 30 /PRNewswire-FirstCall/ -- Ormat Technologies, (News) Inc. plans to announce its fourth quarter and year-end 2007 earnings results in a press release that will be issued on Tuesday, February 26, 2008. The Company has scheduled a conference call to discuss the results at 9 a.m. EST on Wednesday, February 27, 2008.

(Logo: http://www.newscom.com/cgi-bin/prnh/20040422/LATH066LOGO)

The conference call will be broadcast live as a listen-only webcast. To listen to the call, please go to http://www.ormat.com/ approximately twenty minutes before the conference call is scheduled to begin. You will need to register, and may need to download and install the required audio software. The webcast will be archived for 30 days following the call.

wasserrecherchen bin ich auf diesen wert gestoßen. der scheint ja zukunft zu haben und doch ne gewisse größe / stabilität erreicht zu besitzen. wenn die rezession seinen gang geht, hol ich mir davon bestimmt was. habe noch nicht so genau hingeschaut, sehe aber keine kamikazegefahr.

englisch ist nicht so mein ding :-) ist es viel arbeit den text mit 1 bis 2 deutschen sätzen  zu umschreiben. zB  6. ORMAT Info bzgl. Unregistered Sale  

 

17.12.2007 - 17:08
Ormat: Hochrentabler Geothermiewert aus den USA
Das Bundesumweltministerium hat 2007 neue Forschungsprojekte im Bereich der erneuerbaren Energien mit einem Gesamtvolumen von 102 Mio. Euro bewilligt. Damit wurde erstmals die 100 Mio. Euro-Grenze überschritten. Insgesamt wurden 177 Projekte auf den Weg gebracht. Dies entspricht gegenüber dem Vorjahr einer Steigerung um 50 Prozent. 8,1 Prozent der Forschungsgelder, also lediglich 2,6 Mio. Euro flossen in Geothermie-Projekte, die in Zukunft verstärkt die Erdwärme energetisch nutzen.
Obwohl sich die Politik des US-Präsidenten George W. Bush alles andere als umweltfreundlich darstellt, gibt es im Land der unbegrenzten Möglichkeit zahlreiche Unternehmen, die im Bereich erneuerbare Energien nicht nur aktiv, sondern auch ausgesprochen erfolgreich sind. So erzielte zum Beispiel die Firma

Ormat Technologies (WKN: A0DK9X) im
dritten Quartal 2007 Umsätze in Höhe von 79,5 Mio. USD., was gegenüber der vergleichbaren Vorjahresperiode einem Plus von 2,1 Prozent entsprach. Deutlich stärker stieg der Nettogewinn des Unternehmens an. Er verbesserte sich um 13,1 Prozent auf 15,8 Mio. USD. Mit einer Marktkapitalisierung von über 1,4 Mrd. Euro gilt Ormat Technologies als Platzhirsch im Bereich Geothermie und als bestes Erfolgsbeispiel für alternative Methoden zur Energiegewinnung Das in Nevada beheimatete Unternehmen ist bereits seit mehr als drei Jahren an der New Yorker Börse notiert und hat sich seither von 15 USD auf aktuell 53 USD mehr als verdreifacht. Anleger, die vom Potenzial des Unternehmens grundsätzlich überzeugt sind, sich aber zugleich gegen begrenzte Kursrückschläge absichern möchten, können dies via
Discount-Zertifikate realisieren. Die Deutsche Bank hat zum Beispiel ein bis zum 17. Dezember 2008 laufendes
Discount-Zertifikat (WKN: DB0JGY)
im Angebot, das über einen Höchstbetrag bei 42 USD verfügt. Das heißt: Die Aktie von Ormat Technologies könnte während dieses Zeitraums sogar um 20 Prozent fallen, ohne die Auszahlung des Höchstbetrags zu gefährden. Leider hat das Zertifikat keine Quanto-Funktion, die den Anleger vor den zweifellos existierenden Währungsrisiken zwischen Euro und US-Dollar schützen würde. Aktuell weist es einen Discount von 27,8 Prozent auf und bietet dabei die Chance auf eine Rendite von maximal 8,8 Prozent p.a.

 

Feb 13, 2008 13:00 ET
Nevada Geothermal Issues Limited Notice to Proceed to Ormat for the Blue Mountain Faulkner 1 Power Plant

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 13, 2008) - Nevada Geothermal Power Inc. (NGP) (TSX VENTURE:NGP)(OTCBB:NGLPF) and Ormat Technologies Inc. (NYSE:ORA) announced today that NGP Blue Mountain I LLC (NGP I) has issued a US$20 million Limited Notice to Proceed (LNTP) under a fixed-price, date-certain engineering, procurement and construction (EPC) contract to be signed with Ormat Nevada Inc. to supply and construct the Phase 1 power plant of NGP's planned geothermal power development at Blue Mountain, Nevada.

Ormat will commence detailed engineering design, manufacturing and purchasing of certain long lead items for Blue Mountain's, Faulkner 1 geothermal power plant in order to meet the guaranteed substantial completion date of December 31, 2009. Full release of the EPC contact is subject to finalizing of the financing for the project and is expected to occur before June 30, 2008.

"Ormat is a recognized world leader in the geothermal industry and the Ormat binary technology complements Blue Mountain's resource parameters and chemistry most efficiently. The plant will extract more megawatt-hours of energy per unit volume of geothermal fluid compared to steam flash or other available technologies maximizing the overall megawatt potential for the Blue Mountain geothermal field," stated Brian Fairbank, President and CEO of NGP.

The plant design incorporates Ormat's proprietary power generation technology with water-cooling for maximum efficiency. The output of the plant will meet the power delivery requirements of the 20-year Power Purchase agreement between NGP and the Nevada Power Company.

"We are delighted to have been selected as the supplier and contractor of choice for NGP's first power plant. Our technology is perfectly suited for the Blue Mountain resource and we are looking forward to delivering a great performing power plant on schedule," said Dita Bronicki, CEO.

Blue Mountain, located 30 kilometers (20 miles) west of the town of Winnemucca, Nevada, is ideally situated for development. The proposed Faulkner I geothermal plant will require a 20-mile long transmission line over relatively flat, undeveloped desert land to a connection point located on the Utility's 120kV-transmission line north of Mill City, Nevada. The electric power will be sold to Nevada Power Company under a 20-year Power Purchase Agreement for up to 35 MW gross of geothermal power. Phase I at Blue Mountain is expected to commence power generation in late 2009.

About Ormat Technologies

Ormat Technologies, Inc. is a vertically integrated company primarily engaged in the geothermal and recovered energy power business. The Company designs, develops, builds, owns and operates geothermal and recovered energy-based power plants. Additionally, the Company designs, manufactures and sells geothermal and recovered energy power units and other power generating equipment, and provides related services. Ormat products and systems are covered by more than 70 patents. Ormat currently operates the following geothermal and recovered energy-based power plants: in the United States - Brady, Heber, Mammoth, Ormesa, Puna, Steamboat and OREG 1; in Guatemala - Zunil and Amatitlan; in Kenya - Olkaria; and in Nicaragua - Momotombo.

About Nevada Geothermal Power Inc.

Nevada Geothermal Power Inc. is a renewable energy company developing geothermal projects in the United States to provide electrical energy that is clean, renewable and sustainable. NGP currently owns a 100% leasehold interest in four properties: Blue Mountain that is expected to commence power generation late 2009 for up to 35 MW gross of geothermal power, Pumpernickel, Black Warrior, all located in Nevada and Crump Geyser in Oregon.

Nevada Geothermal Power Inc.

Brian D. Fairbank, P. Eng., President & CEO

DOE & National Laboratories Project Targets Commercial Viability for Enhanced Geothermal Systems

Ormat Desert Peak Aims to be First U.S. Commercial Power Project Using EGS

Reno, Nevada, February 14, 2008 - Work has begun on the first application of an Enhanced Geothermal System (EGS) utilizing a production well at a commercial geothermal site.  This project will demonstrate the viability of EGS and the technology's potential to generate clean, renewable baseload geothermal electricity in many areas throughout the country,  Ormat Technologies, Inc.(NYSE: ORA) announced today.
Ormat, the US Department of Energy (DOE), GeothermEx Inc., and other stakeholders will apply EGS technology to increase geothermal production from well number DP 27-15 at Ormat's Desert Peak facility near Reno, Nevada. EGS technology enhances the permeability of underground strata making it possible to extract additional heat from a reservoir's rocks.  Support for the project includes $1.6 million in direct DOE funding, more than two decades of development work at five national laboratories, working capital from Ormat, and the use of existing wells and facilities at the Ormat site.
"Ormat anticipates Desert Peak will be the country's first commercial project to tap into an EGS resource and produce substantial levels of electricity providing a rebirth for certain geothermal prospects in the U.S.,"said Ormat Chairman and Chief Technology Officer Lucien Bronicki.  "Our objective in the Desert Peak EGS project is to demonstrate that EGS technology can achieve its potential of providing 100,000 MW of clean, base-load power, as identified in last year's DOE study by Massachusetts Institute of Technology, and show that this technology will enable geothermal electricity to be produced in regions where it is not currently economically viable," he added.
Bronicki noted that the participants in this R&D project,  include in addition to DOE and GeothermEx, also Idaho National Laboratory, Lawrence Berkeley National Laboratory, Sandia National Laboratory, University of Utah EGI, TerraTek, Pinnacle Technologies and US Geological Survey.
Commenting on the potential of the Desert Peak Resource, Subir Sanyal, President of GeothermEx said:  "The Desert Peak resource, which currently supports 11 MW of electricity production from a conventional geothermal resource, is likely to have the potential to support 50 MW or more from an EGS development."
The Technology & Site
Ormat air-cooled power plants are the technology of choice for EGS developments, as they don't consume water in the conversion of energy into electricity; all the geothermal fluid is re-injected back to the ground, to be produced again after heating in the EGS reservoir.
The Ormat/GeothermEx-DOE program at Desert Peak follows on research started over two decades ago at the DOE's National Laboratories, and joins Europe, Australia and Japan, which have made significant progress with EGS over the past few years. This first phase of the DP 27-15 project will use the shared funding to field test the technology in an existing sub-commercial well. Any additional fluid produced from the well will then be use in the existing Ormat power plant at Desert Peak to efficiently generate commercial electricity for sale into the Northern Nevada power grid. In addition, the parties are planning to utilize the EGS facilities at Desert Peak as a potential test site for future technology developments.
The Brady/Desert Peak Geothermal Complex is one of five (5) geothermal facility complexes which Ormat owns and operates in the USA, producing a total of approximately 260 MW from conventional hydrothermal resources.

For more information contact: Stuart Johnson at 775-356-9029 ext. 2215

27.02.2008 06:04
Ormat Technologies, Inc. Reports Fourth Quarter 2007 and Year-End Results

RENO, Nevada, Feb. 26 /PRNewswire-FirstCall/ -- Ormat Technologies, (News) Inc. today announced financial results for the fourth quarter and full year ended December 31, 2007.

(Logo: http://www.newscom.com/cgi-bin/prnh/20040422/LATH066LOGO )

For the fourth quarter of 2007, total revenues were $70.6 million, an increase of 6.0% over the fourth quarter of 2006. Electricity Segment revenues for the quarter increased 19.2% over the fourth quarter of 2006. Net income for the quarter ended December 31, 2007 was $8.9 million compared to $4.2 million in the fourth quarter last year.

For the year ended December 31, 2007, total revenues were $296.0 million, a 10.0% increase over total revenues of $268.9 million for the year ended December 31, 2006. Net income for the year ended December 31, 2007 was $27.4 million compared with $34.4 million for the year ended December 31, 2006.

"The strong performance experienced by us beginning in the second quarter continued into the fourth quarter," said Dita Bronicki, President and Chief Executive Officer of Ormat. "We added 44 MW of new capacity to our ownership portfolio in 2007 and started the year 2008 with an additional 17 MW from our Galena III project out of a total of 128 MW we expect to add in 2008. Other significant achievements of last year include securing substantial land positions for future development, extensive exploration activity in a number of geothermal sites, and entering into new power purchase agreements for five projects that may add up to 256 MW of new capacity, our largest addition of PPAs in one year. These achievements contribute to maintaining our growth momentum."

"In our Products Segment, we made progress in the development of the Sarulla project and in the first quarter of 2008, we received a $20 million limited notice to proceed from a US customer for an engineering, procurement and construction contract that we expect to finalize shortly. Over the past few years, we have seen growth in the geothermal industry with new smaller players entering the market. We believe this industry wide growth holds potential for Ormat's Products Segment."

On February 26, 2008, Ormat's Board of Directors approved the payment of a quarterly cash dividend of $0.05 per share pursuant to the Company's dividend policy, which targets an annual payout ratio of at least 20% of the Company's net income, subject to Board approval. The dividend will be paid on March 27, 2008 to shareholders of record as of the close of business on March 14, 2008. The Company expects to pay a dividend of $0.05 per share in the next three quarters.

Dita Bronicki continued: "The renewable energy market is growing and is expected to continue to do so for years to come. There is increasing demand for clean, baseload power that is driven, in part, by a favorable regulatory environment in the United States and abroad. This reality provides strong support for our own growth plans. Our goals over the next few years are to continue to lead in innovation, to drive sustainable growth in our Electricity Segment and to secure new orders in our Products Segment. With our strong technical and financial base, we have a solid foundation for building our business over the long-term."

Electricity Segment revenues for the fourth quarter of 2007 were $55.5 million, an increase of 19.2% as compared to $46.6 million during the same quarter in 2006. Products Segment revenues for the fourth quarter of 2007 were $15.1 million, a decrease of 24.8% as compared to $20.1 million for the same quarter in 2006.

Net income for the quarter ended December 31, 2007 was $8.9 million, or $0.22 per share of common stock (basic and diluted) compared with net income of $4.2 million, or $0.12 per share of common stock (basic and diluted) for the quarter ended December 31, 2006. Net income for the quarter ended December 31, 2007 includes $1.2 million, or $0.03 per share (basic and diluted), of unrealized other-than-temporary loss related to certain auction rate securities, as described below. In the quarters ended December 31, 2007 and 2006, there were 40.9 million and 36.2 million, respectively, weighted average shares used in the computation of diluted earnings per share.

Electricity Segment revenues for the year ended December 31, 2007 were $216.0 million, an increase of 10.5% as compared to $195.5 million for the year ended December 31, 2006. Products Segment revenues for the year ended December 31, 2007 were $80.0 million, an increase of 8.8% as compared to $73.5 million for the year ended December 31, 2006.

Net income for the year ended December 31, 2007 was $27.4 million ($0.71 per share of common stock - basic and $0.70 per share of common stock - diluted) compared with net income of $34.4 million ($1.00 per share of common stock - basic and $0.99 per share of common stock - diluted) for the year ended December 31, 2006. Net income for the year ended December 31, 2007 includes $1.2 million, or $0.03 per share (basic and diluted), of unrealized other than temporary loss related to certain auction rate securities, as described below. In the years ended December 31, 2007 and 2006, there were 38.9 million and 34.7 million weighted average shares, respectively, used in the computation of diluted earnings per share.

Adjusted EBITDA for the quarter ended December 31, 2007 was $25.2 million as compared with $22.5 million for the quarter ended December 31, 2006. Adjusted EBITDA includes operating income and depreciation and amortization totaling $2.0 million and $4.4 million for the quarters ended December 31, 2007 and 2006, respectively, related to the Company's unconsolidated investment interest of 50% in the Mammoth Project in California and 80% in the Leyte Project in the Philippines.

For the year ended December 31, 2007, the Company's gross margin was 26.8% compared to 34.7% for the year ended December 31, 2006. Operating income for the year ended December 31, 2007 was $43.5 million as compared with $61.9 million for the year ended December 31, 2006, a decrease of 29.8%. The reduction in operating income is primarily attributable to increased costs in our Electricity Segment mainly in the first quarter and in the Products Segment during the whole year.

Adjusted EBITDA for the year ended December 31, 2007 was $107.2 million as compared with $119.8 million for the year ended December 31, 2006. Adjusted EBITDA includes operating income and depreciation and amortization totaling $14.6 million and $16.0 million for the years ended December 31, 2007 and 2006, respectively, related to the Company's unconsolidated investment interest of 50% in the Mammoth Project in California and 80% in the Leyte Project in the Philippines.

As of December 31, 2007, the Company had cash, cash equivalents and short- term marketable securities of $60.7 million compared to $116.7 million as of December 31, 2006. This decrease is principally due to our use of $216.4 million of cash resources to fund capital expenditures and $131.8 million to repay long-term debt to our parent and to third parties (including the $50.7 million capital note on December 3, 2007) during 2007. The decrease in our cash resources was partially offset by the $137.2 million net proceeds from our sale of 3,000,000 shares of common stock in October 2007, the $17.5 million net proceeds from our sale of 381,254 shares to our parent, the $69.2 million net proceeds from the OPC tax monetization transaction, and $56.5 million derived from operating activities in the year ended December 31, 2007.

The decrease in the Company's cash, cash equivalents and short-term marketable securities is also partially due to the deterioration in the market for auction rate securities. Although the auction rate securities that the Company holds continue to pay current interest based on valuation models and an analysis of other-than-temporary impairment factors, the Company has recorded a pre-tax impairment charge of $2.0 million in the fourth quarter of 2007. In addition, the Company has recorded an unrealized pre-tax loss of approximately $0.8 million in other comprehensive loss as a result of other auction rate securities whose decline in fair value is deemed temporary. The portion of the Company's auction rate securities associated with failed interest rate reset auctions has been included in long-term assets in the consolidated balance sheets as of December 31, 2007.

Commenting on the outlook for 2008, Ms. Bronicki said, "We expect our 2008 Electricity Segment revenues to be approximately $245 million. We also expect an additional $9 million of revenues from our share of electricity revenue generated by a subsidiary, which is accounted for under the equity method. With regard to our Products Segment, we currently expect that our 2008 revenues will be between $70 million and $80 million."

Conference Call Details

Ormat will host a conference call to discuss its financial results and other matters discussed in this press release at 9:00 a.m. E.S.T. on Wednesday, February 27, 2008. The call will be available as a live, listen- only webcast at http://www.ormat.com/. During the webcast, management will refer to slides that will be posted on the web site. The slides and accompanying webcast can be accessed through the Event Calendar in the Investor Relations section of Ormat's website.

A 30-day archive of the webcast will be available approximately 2 hours after the conclusion of the live call. To listen to a replay, please call (800) 642-1687 in the United States and Canada and (706) 645-9291 for international callers and utilize code 33479880.

About Ormat Technologies

Ormat Technologies, Inc. is a vertically integrated company primarily engaged in the geothermal and recovered energy power business. The Company designs, develops, builds, owns and operates geothermal and recovered energy- based power plants. Additionally, the Company designs, manufactures and sells geothermal and recovered energy power units and other power generating equipment, and provides related services. Ormat products and systems are covered by more than 70 patents. Ormat currently operates the following geothermal and recovered energy-based power plants: in the United States - Brady, Heber, Mammoth, Ormesa, Puna, Steamboat and OREG 1; in Guatemala - Zunil and Amatitlan; in Kenya - Olkaria; and in Nicaragua - Momotombo.

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. 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. Actual future results may differ materially from those projected as a result of certain risks and uncertainties. For a discussion of such risks and uncertainties, see "Risk Factors" as described in our periodic reports under the Exchange Act and our other filings with the Securities and Exchange Commission.

Ormat Technologies, Inc. and Subsidiaries Condensed Consolidated Statements of Operations For the Three and Twelve-months periods Ended December 31, 2007 and 2006 (Unaudited) Three Months Ended Year Ended December 31, December 31, 2007 2006 2007 2006 (in thousands, except per share amounts) Revenues: Electricity $55,545 $46,581 $215,969 $195,483 Products 15,108 20,101 79,950 73,454 Total revenues 70,653 66,682 295,919 268,937 Cost of revenues: Electricity 38,193 34,234 148,698 124,356 Products 12,852 17,946 68,036 51,215 Total cost of revenues 51,045 52,180 216,734 175,571 Gross margin 19,608 14,502 79,185 93,366 Operating expenses: Research and development expenses 946 494 3,663 2,983 Selling and marketing expenses 2,794 2,430 10,645 10,361 General and administrative expenses 5,528 4,736 21,416 18,094 Operating income 10,340 6,842 43,461 61,928 Other income (expense): Interest income 2,358 1,655 6,565 6,560 Interest expense (5,147) (7,420) (26,983) (30,961) Foreign currency translation and transaction gains (losses) (568) 306 (1,339) (704) Impairment of auction rate securities (2,020) (2,020) Other non-operating income 295 322 890 694 Income before income taxes, minority interest, and equity in income of investees 5,258 1,705 20,574 37,517 Income tax benefit (provision) 475 2,009 (1,822) (6,403) Minority interest 2,297 - 3,882 (813) Equity in income of investees 878 507 4,742 4,146 Net income $8,908 $4,221 $27,376 $34,447 Earnings per share: Basic $0.22 $0.12 $0.71 $1.00 Diluted $0.22 $0.12 $0.70 $0.99 Weighted average number of shares used in computation of earnings per share: Basic 40,670 36,056 38,762 34,593 Diluted 40,852 36,175 38,880 34,707

Net income for the quarters ended December 31, 2007 and 2006 includes stock-based compensation expense of $1.0 million, or $0.02 per share (basic and diluted) and $0.5 million, or $0.01 per share (basic and diluted). respectively.

Net income for the years ended December 31, 2007 and 2006 includes stock- based compensation expense of $3.2 million, or $0.08 per share (basic and diluted) and $1.5 million, or $0.04 per share (basic and diluted), respectively.

Ormat Technologies, Inc. and Subsidiaries Condensed Consolidated Balance Sheets As of December 31, 2007 and December 31, 2006 (Unaudited) December 31, 2007 2006 (in thousands) Assets Current assets: Cash and cash equivalents $47,227 $20,254 Marketable securities 13,489 96,486 Restricted cash, cash equivalents and marketable securities 29,236 56,425 Receivables: Trade 46,519 36,463 Related entities 385 879 Other 9,008 5,277 Due to Parent 253 1,459 Inventories, net 10,312 7,403 Costs and estimated earnings in excess of billings on uncompleted contracts 3,608 11,216 Deferred income taxes 1,732 1,819 Prepaid expenses and other 7,059 4,911 Total current assets 168,828 242,592 Long-term marketable securities 2,762 - Restricted cash, cash equivalents and marketable securities 5,605 - Unconsolidated investments 30,560 37,207 Deposits and other 15,294 15,081 Deferred income taxes 14,675 6,172 Property, plant and equipment, net 743,386 624,089 Construction-in-process 234,014 169,075 Deferred financing and lease costs, net 14,044 15,800 Intangible assets, net 47,989 50,086 Total assets $1,277,157 $1,160,102 Liabilities and Stockholders' Equity Current liabilities: Accounts payable and accrued expenses $75,836 $70,445 Billings in excess of costs and estimated earnings on uncompleted contracts 4,818 5,803 Current portion of long-term debt: Limited and non-recourse 7,667 8,482 Full recourse 1,000 1,000 Senior secured notes (non- recourse) 25,475 40,054 Due to Parent, including current portion of notes payable to Parent 31,695 82,379 Total current liabilities 146,491 208,163 Long-term debt, net of current portion: Limited and non-recourse 14,490 22,157 Full recourse - 1,000 Senior secured notes (non-recourse) 273,840 299,316 Notes payable to Parent, net of current portion 26,200 57,841 Deferred lease income 76,198 78,883 Deferred income taxes 22,928 21,674 Liability for unrecognized tax benefits 5,330 - Liabilities for severance pay 15,201 13,378 Asset retirement obligation 13,014 16,832 Total liabilities 593,692 719,244 Minority interest 65,382 64 Commitments and contingencies (Notes 5, 6 and 10) Stockholders' equity: Common stock 41 38 Additional paid-in capital 513,109 353,399 Retained earnings 103,545 85,053 Accumulated other comprehensive income 1,388 2,304 Total stockholders' equity 618,083 440,794 Total liabilities and stockholders' equity $1,277,157 $1,160,102 Ormat Technologies, Inc. and Subsidiaries Reconciliation of adjusted EBITDA (Unaudited)

We calculate EBITDA as net income before interest, taxes, depreciation and amortization, equity income of investees, minority interest and other non- operating expense (income). We calculate adjusted EBITDA to include operating income, depreciation and amortization, interest and taxes attributable to our equity investments in the Mammoth and Leyte Projects. EBITDA and adjusted EBITDA are not measurements of financial performance under accounting principles generally accepted in the United States of America and should not be considered as an alternative to cash flow from operating activities or as a measure of liquidity or an alternative to net earnings as indicators of our operating performance or any other measures of performance derived in accordance with accounting principles generally accepted in the United States of America. EBITDA and adjusted EBITDA are presented because we believe they are frequently used by securities analysts, investors and other interested parties in the evaluation of a Company's ability to service and/or incur debt. However, other companies in our industry may calculate EBITDA and adjusted EBITDA differently than we do. The following table reconciles net income to EBITDA and adjusted EBITDA, for the three and twelve month periods ended December 31, 2007 and 2006:

Three Months Ended Year Ended December 31, December 31, 2007 2006 2007 2006 (in thousands) (in thousands) Net income $8,908 $4,221 $27,376 $34,447 Adjusted for: Equity in income of investees (878) (507) (4,742) (4,146) Minority interest (2,297) - (3,882) 813 Interest expense, net (including amortization of deferred financing costs) 4,809 5,765 20,418 24,401 Other non-operating income (loss) 273 (628) 449 10 Income tax provision (benefit) (475) (2,009) 1,822 6,403 Depreciation and amortization 12,917 11,302 49,111 41,822 EBITDA 23,257 18,144 90,552 103,750 Equity in income of Mammoth-Pacific L.P. and Ormat Leyte 878 507 4,742 4,420 Depreciation, amortization, interest and taxes attributable to the Company's equity in Mammoth-Pacific L.P. and Ormat Leyte 1,105 3,881 9,881 11,625 Adjusted EBITDA $25,240 $22,532 $105,175 $119,795 Ormat Technologies Contact: Investor Relations Contact Dita Bronicki Todd Fromer / Marybeth Csaby CEO KCSA Strategic Communications 775-356-9029 212-896-1215 / 212-896-1236 dbronicki@ormat.com tfromer@kcsa.com / mcsaby@kcsa.com
Photo: http://www.newscom.com/cgi-bin/prnh/20040422/LATH066LOGO

29.02.2008 10:04
Ormat Technologies Inc.: market perform (Avondale Partners LLC)
Rating-Update:

Nashville (aktiencheck.de AG) - Die Analysten von Avondale Partners stufen die Aktie von Ormat Technologies (ISIN US6866881021 (News)/ WKN A0DK9X) nach wie vor mit dem Rating "market perform" ein. Das Kursziel werde von 46 USD auf 48 USD angehoben. (29.02.2008/ac/a/u) Analyse-Datum: 29.02.2008

Closed-loop, organic Rankine-cycle plants are adding multimegawatts

— without additional fuel.  

By David Engle  

Combined heating and power is a mantra of distributed energy efficiency, but how about capturing the heat to yield more power?  When the waste heat itself isn’t directly needed for warmth, using it to boil water for steam-cycle generation does make sense, provided the gain in electricity will be enough—say, 10 MW or more—to justify the capital cost, operational overhead, and maintenance.

But even in this case, suppose the given heat source is in a remote locale, as undoubtedly many thousands are—for example, at compressor stations along North America’s natural-gas network ?

Although lots of potentially valuable heat is roaring up those stacks, harnessing it would not be easy, and making steam wouldn’t often make sense. For one thing, abundant water would be needed—not always easy to find in the boondocks.

For another, getting wastewater permits might be tough. And what if a mishap occurs in winter?

“When a steam unit goes down,” observes Ron Rebenitsch, whose job entails evaluating and developing such out-of-the-way energy projects, “parts begin to freeze up, and this will damage a lot of equipment.”

Rebenitsch, of the Basin Electric Power Cooperative (BEPC) in Bismarck, ND, is far more comfortable with four newly arriving power plants being provided by Ormat Technologies’ heat recovery generator:

the Ormat Energy Converter, or OEC.

Since their development in Israel several decades ago and entry into the US in 1972, OECs now boast a diverse portfolio of successful geothermal and heat-recovery projects worldwide. About 70 patents are applied in this unique system, which optimizes a closed-loop, organic Rankine cycle. The OEC design offers a range of benefits for a select power niche, covering a surprisingly broad range of applications, as the following discussion shows.

No Steam Needed At BEPC, for example, each of Rebenitsch’s four plants with single-digit megawatt output eliminates the need for steam conversion, thus avoiding attendant water-handling problems.  As a working fluid in lieu of water, several options are available, depending on local conditions and needs. At the BEPC’s plants on the frigid northern plains, the choice was pentane. Aside from its desirable thermodynamic properties, pentane eliminates problems associated with boiler turbine plants, such as corrosion, burdensome water-conditioning, potential freezing, excessive pressures, and operator oversight.

And in Rebenitsch’s case, it means “no wells to dig or maintain, no blowdown, no makeup water, and no chemical pretreatment,” he says.

Along with these advantages, the OEC can run, says one Connecticut-based proponent, on “simple waste heat, such as engine exhaust, of much lower temperature than is needed for boilers,” notes Carl Nett, an independent consulting engineer who is assisting Ormat in finding and developing new niche applications, mainly in the northeastern US. Even very modest available temperatures of, say, 300°F can be harnessed and transformed into “clean electric power without additional fuel,” he adds.

No fuel means, of course, no air emissions and typically minuscule operating costs-"on average about 0.3 to 0.4 cents per kilowatt-hour," he says.  More specifically, in order to operate, the OEC plant requires both a heating and a cooling-cycle source (water or, for the latter, air), with a temperature differential (delta-T) of about 125°F or more. With this minimal requirement, a range of sources is available—as noted, for example, the most obvious perhaps being engine exhaust heat and ambient cooling air. Other good candidates might include heat from industrial processes like cement or lime plants—or even natural hot springs.

A geothermal version of the OEC taps warm spots in the earth:

Worldwide, to date, the installed base of these systems alone comes to about 900 MW, with 350 MW installed in the US.  Rather amazingly, modest heat in sufficient quantity from any of these or other sources can be directly transformed to electricity.

Ormat Vice President Dan Schochet, based at the company’s corporate headquarters in Reno, NV, explains that when the OEC unit receives liquid heat flow from any source, “it doesn’t know the difference between geothermal and something that’s been heated by gaseous waste heat,” and so, whatever the input, “it just generates electricity.”

Due to a design that minimizes “wear and tear” (for example, turbine speeds of only 1,800 rpm or so), a closed loop, and few moving parts, maintenance costs per kilowatt-hour are only a fraction of comparably powered fueled generators; and the equipment’s proven lifespan without major overhauls, notes Schochet, can exceed 20 years.

How it Works, What it Costs, How it Pays

When the OEC is tapping a higher temperature source of, say, gaseous waste heat in a recovered energy generation (REG) application, its remarkable feat begins by first using this heat to warm thermal oil to temperatures ranging (depending on the application) from 400°F to 550°F.  In designs based on lower-temperature, liquid waste heat, this first step can be bypassed.  Next, the hot fluid is pumped through piping to the OEC, where it transfers its heat to an organic working fluid, such as pentane, causing rapid evaporation.  As the pentane flashes to its inherently dry vapor phase, its pressure surges rapidly, driving a turbine.  In this closed loop, the spent vapor is then gathered and condensed back to liquid form, usually by air cooling, in a way that often further contributes heat energy to be captured and added to the turbine output.  Once in liquid phase, the working fluid cycles back to the heat-exchangers, and the process continuously repeats.  What determines the eventual power output are two things: first, the amount of available heat and its temperature (not surprisingly); and, second, the condenser cooling temperature.

As Nett explains, “In an organic Rankine-cycle, the higher the temperature differential and the lower the condensing temperature, the more efficient the cycle gets.”  He illustrates by describing a very early (if uncharacteristically exotic) OEC project built in El Paso, TX, where the delta-T was provided by a salt-gradient solar pond. Nett recounts of this plant, built over two decades ago:

“Solar rays heated salt water at the bottom of the pond to 160°F to 200°F—sufficient to flash the motive fluid even at 160°F.”  Then, matched against this was “much cooler, nearly salt-free water at the pond’s surface, with near-ambient air temperature,” he says.  The resulting delta-T averaged around  100°F—“allowing the OEC to successfully generate power,” he notes.

“The pond stored energy from day through night and even into colder cloudy periods,” and the system ran for 15 years.

This example also illustrates that, designwise, OECs are customized and site-specific in matching available heat and cooling sources.  Installed costs will thus vary widely, depending on size, of course, and on the available delta-T. Typically, prices will range from $2,000 to $4,000 per kilowatt—much pricier than a reciprocating engine. But Nett stresses that the fuel costs are zero and the maintenance costs minuscule.  Resulting electricity cost per kilowatt-hour “drops to well below that of other generation technologies,” enabling the investment to be recouped, he says.

Cost recovery will, of course, depend on what you would have paid, comparatively, for grid power.  One rough rule of thumb here: When your local per-kilowatt-hour generating rates exceed 5 cents or so (considering, of course, that the associated delivery tariffs will typically double this), “the OEC payback” should arrive “within something on the order of three years or so,” suggests energy project developer Kip Waddell, who assisted Rebenitsch and BEPC in the implementation.

As for financing, Nett reports an encouraging trend toward qualifying heat-recovery systems under renewable energy portfolio standards. So far, authorities in Pennsylvania, Ohio, Nevada, South Dakota, North Dakota, New Mexico, and Hawaii have reportedly learned about heat-recovery systems and are taking them into consideration in defining existing and future RPS criteria.

And in mid-2007, the state of Connecticut ruled that Ormat’s OEC specifically does qualify as a Connecticut Class 1 renewable energy source. This, says Nett, now “paves the way for OEC projects to receive renewable energy credits,” trading in late 2007 in the $52-per-megawatt-hour range.

Nett is optimistic that five other New England Power Pool states will follow suit as OECs become better known.

Heat-to-Power

Along the Alliance Pipeline Another recent adopter, NRGreen Power in Calgary, AB, is also finding that nearby states “have given [it] the same status that solar, geothermal, and wind power have under renewable energy portfolio standards,” notes Jim Goldmann, vice president of transportation services and business development.

NRGreen is installing four 5-MW OEC plants in Saskatchewan to capture heat from compressors pushing gas along the 2,331-mile Alliance Pipeline from British Columbia into Chicago. One OEC was commissioned in December 2006 in Kerrobert, SK; three others in that province will be running in 2007-2008. Once the ties to SaskPower utility are attached, each plant will be capable of yielding 5 MW for NRGreen Power to sell to the provincial grid “on a long-term contract at a scheduled price for up to 20 years,” notes Goldmann.

Why the concept of heat recovery and this plant seemed so desirable to NRGreen can be explained for a half-dozen good reasons, which Goldmann enumerates. First, modular construction design allows delivery from abroad “largely complete to the site,” he says. Second, reliability has already been proved at numerous sites worldwide. Third, fully automated and nearly unattended operation provides each “robust little plant” with the built-in ability “to synchronize with the grid and even do load-following,” he notes. Fourth, environmental friendliness promises to earn green credit vouchers or other incentives and rewards. Fifth, at 5-MW output each, “they will fit into most distribution systems” and typically won’t tie up heavy-gauge transmission capacity.  Finally, the pipeline’s turbines are running an exceptionally high 99.4% theoretical availability rate, “which is excellent for using their continuous-flow baseload type waste heat,” Goldmann notes. This steady rate and quantity “fortifies the grid and provides [much needed] baseload rather than more peaking power.”

SaskPower was thus more than happy to contribute materially to making the project go and has also made the usually difficult interconnection challenge a breeze.  Unit number one, online for nearly a year now, is “working quite fine,” Goldmann says. “Our compressor-station operators have learned the basics and are successfully managing the power plants without any more labor.  We’re quite happy.”  More Power on the Northern Border Pipeline South of Saskatchewan and likewise pushing gas southward is the 1,200-mile Northern Border Pipeline, from Montana to Iowa. Thirteen turbine compressor stations are spaced alongside, about 80 miles apart. Each 39,000-horsepower RB 211 turbine yields lots of heat, and they’re running most of the time, reports BEPC’s Rebenitsch, whose customer base overlaps much of the pipeline territory.  Heat streams out at 800–900°F, which is more than enough for variable heat-recovery conversion to about 5–8 MW, available at each site.  Having no use for the exhaust heat, the Northern Border Pipeline’s owners (TC PipeLines LP and ONEOK Partners LP) were venting it to atmosphere. Northern Border didn’t need the extra power that could be output either, but BEPC could use it to serve its 4,923 co-op utility members supplying about 2,500,000 customers.  Ormat thus offered to build, own, and operate multiple heat-recovery plants, then sell the power to BEPC on a guaranteed, long-term contract. Per-kilowatt-hour rates are somewhat tied to market fluctuations, says Rebenitsch, but also designed for stability and predictability “for a very long term ... and at a very competitive price ... comparable to the cheapest coal plants.” The arrangement has “reduced our risk dramatically” compared with more volatile energy projects like wind power, he says.  Co-op members also are underwriting the cost of 15 miles of interconnection lines. Transformers step the power up to 69 kV for integration into the grid and transmissions system. A four-quadrant meter measures power flow in all directions; and thus, “all of the power will be sold,” day or night, he says.  Northern Border’s role in the deal is simply to cash the royalty check paying for the engines’ exhaust.  In 2006, four OEC plants went into service, each rated at 5.5 MW. Each also yields zero emissions, has no significant environmental impact, and requires minimal maintenance and no additional operator.  Rebenitsch sums up the heat-recovery system admiringly: “This is a very clean design,” he says. “Simple and elegant. I’m very pleased with the technology.”  For its year of service to date, “It’s running very reliably.”  As for its future, he sees “tremendous potential.”

BEPC is looking for new heat-recovery partners anywhere in the region—that is, any facility out there with heat of around 300°F-plus, in quantity.

Processing Gas With Energy Surety

A final profile describes Ormat’s first industrial application of heat recovery in the US, commissioned by the Neptune natural-gas processing plant in Centerville, LA, in 2004.

During the first four years of its operation, the plant yielded 2.3-MW of electricity day and night rather effortlessly, “ninety-nine percent of the time,” says plant manager David Rogers  Prior to its installation, unscheduled shutdowns at the plant—caused by outages of purchased power—had prevented Neptune from operating at steady peak levels. The site faced “a critical need for reliability,” Rogers recalls. Solving this was one of several decisive factors spurring the owners’ (Enterprise Products Partners LP) interest in self-generated power; others included the prospect of profiting materially from “exporting power to the grid in certain operating modes,” Rogers adds, as well as the ability to use the wasted heat energy productively.  Exhaust from two Solar Mars turbines translates into a total heat rate and electricity output of 4.5 MW for the package.  Says Rogers: “Instead of diverting waste heat to the atmosphere, we capture and convert it—through a heat-medium oil, which is then used to heat a pentane solution,” and which, as was noted, “is vaporized to drive the generator package that produces the electricity.”  The OEC’s modular hardware arrived on skidded sections ready for quick onsite assembly. Positioning of elements was set at a point located about 100 feet and 250 feet, respectively, from the exhaust ports of the two Mars engines.  At each spot, heat-exchangers warm the Therminol 59 oil medium to  approximately 500°F; piping delivers it to the OEC unit, where this extremely hot oil vaporizes the pentane, driving generators.  As previously described, the pentane is then cooled, condensed, and pumped back to the vaporizer in a continuous closed-loop recycling.  Installation and commissioning issues were minimal, says Rogers, consisting of a just a couple of modifications: A tandem seal was added to the pentane condensate pumps; venting was redirected to the plant’s flare header rather than to atmosphere; and variable frequency drives were installed on feed-pump motors.  So, all in all, the OEC worked reliably right out of the box, says Rogers: “It was very good, and the modifications we implemented made it even better.”  Monitoring and control are done via two remote computer stations located onsite. Start and stop sequences are initiated by the operator from one of the two remote computer stations. “Other than surveillance and monitoring of the process, there’s very little operator intervention,” he notes.  Preventative maintenance consists of oil changes, greasing of equipment, cleaning of condenser coils, and replacement of generator air filters.  No exceptional safety or noise abatement issues are posed where the unit is located; and the learning curve was minimal.  In sum: “It is a great application for our needs, and working with Ormat to get to this point has been a good experience,” says Rogers. “The relationship between Enterprise and Ormat has been mutually beneficial and continues to get better as Ormat continues to support us, and we support them by showing the OEC frequently to interested parties looking for solutions to challenges similar to ours.”  As for operational benefits, the plant’s designers sized the OEC package to supply only the 480-V loads on the plant’s two processing trains. This leaves two 2,400-V, 1,500-horsepower motors needing to utilize power from the local purchase power grid. When the motors switch on, the plant shifts to power-import mode.  Thanks to the combination of turbines and heat-recovery self-generation in tandem, the Neptune plant now enjoys, says Rogers, “the ability to disconnect and go on island mode, so we can still process gas, whether the purchase power grid is up or down. All of our 480-V users stay online, and we can ride through purchase power outages.”

Afterwards, he adds, “whenever power returns, we can re-sync back to the purchase power grid, either to import or export electricity, depending on what operating mode we’re in.”

Neptune recently won a major gas processing customer—British Petroleum—who were decisively swayed by the plant’s exceptional power surety.  In 2005, with Neptune’s own energy supply well-assured, its business problems shifted, ironically, to coping with the impact on regional infrastructure ensuing from hurricanes Rita and Katrina. The gas pipeline business declined badly; currently, volumes are only about half of what they once were. Thus, the full 4.5-MW output isn’t being used, Rogers notes. Actual gross average generation has been running at approximately 2.3 MW, two-thirds of which is being utilized by the plant. Fortunately, though, the local public power provider, Central Louisiana Electric Co. (CLECO), is required to purchase the remaining 700–800 kW. Rogers comments:  “We are not in the power-generating business, but selling power back to CLECO is a nice benefit in that we can actually see income from that.”  Neptune’s OEC cost $8.6 million, and payback was originally projected in just three years. However, the business setback of two big storms has extended that time frame to six years, based on actual numbers, says Rogers.  Meanwhile, the Gulf region continues its recovery; Neptune foresees offshore gas production ramping up steadily through mid-2008.

Where There’s Heat, There’s Potential Power

These cases all happen to involve the natural-gas industry, but that should not be construed to suggest that combustion-generated heat is the only viable source for good heat-recovery—or is even the preferred one.

On the contrary, as the following examples indicate, the company’s project portfolio spans a range of applications and heat-and-cooling delta-T options.

A few cases include the following:

* In Austria and Thailand, hot springs are driving OECs to meet the electrical needs of vacation resort spas.

* In Kenya, a flower grower receives 3–4 MW from an onsite geothermal OEC.

* In Martinsburg, WV, Ormat recently signed a $5.7 million agreement for an OEC at a cement plant where hot air from a clinker cooler would otherwise be vented to atmosphere; now an OEC at the back end will put it to work.

* The State of Connecticut is underwriting future clean-power projects to the tune of 150 MW; an as yet undetermined but significant percentage of this will consist of multiple 2.4-MW, high-temperature, molten-carbonate fuel cells. Nett points out that several of these projects have proposed coupling to OEC plants to convert fuel cell exhaust heat to electricity. He comments: “The OEC is a great fit with megawatt-class, high-temperature fuel cells… to cost-effectively convert the [about 700°F] fuel cell waste heat.” Doing this “will raise the project’s overall electric generating efficiency to  well over 50%, and improve the project economic considerably.”

* Another innovative application in progress involves super-cooled liquid natural gas (LNG) at –200°F. Often stored at seaport terminals, LNG sits in tanks adjacent to seawater at 45°F and up. With that temperature as the heat input, and with the LNG for condenser cooling, the resulting delta-T of around 250°F, says Nett, is  “extremely attractive for OEC implementation.”

Construction of the first such plant has been contracted with Enagas, SA, of Spain, according to an Ormat press release.  To date, heat recovery projects worldwide total about 50 MW—and demand is growing.

Nett sums up:

“Rising costs for fuel and power, combined with society’s increasing insistence on green solutions, all bode very well for Ormat’s future.”

PRESS RELEASE

Ormat Technologies, Inc. Announces May 6, 2008 Annual Meeting of Stockholders


Reno, Nevada, March 10 2008 – Ormat Technologies, Inc. (NYSE: ORA) is pleased to announce that its 2008 annual meeting of stockholders will be held on Tuesday, May 6, 2008 at 1:30 P.M. local time at the offices of Chadbourne & Parke LLP, 30 Rockefeller Plaza, New York, New York.

A Notice of Internet Availability of Proxy Materials, including details of the annual meeting, will be mailed to stockholders of record as of March 21, 2008. Only stockholders of record at the close of business on that date will be entitled to vote at the meeting.

About Ormat Technologies
Ormat Technologies, Inc. is a vertically integrated company primarily engaged in the geothermal and recovered energy power business. The Company designs, develops, builds, owns and operates geothermal and recovered energy-based power plants. Additionally, the Company designs, manufactures and sells geothermal and recovered energy power units and other power generating equipment, and provides related services. Ormat products and systems are covered by more than 75 patents. Ormat currently operates the following geothermal and recovered energy-based power plants: in the United States - Brady, Heber, Mammoth, Ormesa, Puna, Steamboat and OREG 1; in Guatemala - Zunil and Amatitlan; in Kenya - Olkaria; and in Nicaragua - Momotombo.

PRESS RELEASE

Ormat Announces First Geothermal Joint Ownership with Investor Owned Utility

Reno, Nevada, March 26, 2008 - Ormat Technologies, Inc. (NYSE: ORA), a leading geothermal developer in the United States, and Sierra Pacific Resources (NYSE: SRP) announce a collaboration that opens a new frontier in bringing geothermal to the forefront of utility energy development. Ormat Nevada, Inc. and Nevada Power Company, respective subsidiaries of the two companies, have entered into a Joint Ownership Agreement (JOA) for a geothermal power project that is currently under development by ORMAT Nevada, Inc.

The project, known as the Carson Lake geothermal project, is located in Churchill County, Nevada, on federal lands, a portion of which includes the Naval Air Station Fallon. Ormat Nevada Inc. will develop the project until the resource is sufficiently defined at a level that is capable of supporting at least 30 MW and Nevada Power Company has regulatory approval to acquire its 50 percent ownership. Following such acquisition, Ormat Nevada will continue to develop the project on behalf of the owners.  If the development results in a resource that cannot support at least 30 MW, the parties are not obligated to close the acquisition and Ormat may continue development of the project by itself.

Under the JOA each party will own a 50 percent undivided interest in the project as tenants-in-common.  To acquire its project interest, Nevada Power Company will pay 50 percent of the costs expended to the closing date of the acquisition plus a fee.  Drilling, Construction, and O&M costs moving forward will be governed by the JOA and separate Drilling Services, EPC Agreements, and an O&M Agreement.

To enable the JOA closing, the parties will amend an existing Power Purchase Agreement (PPA) to reflect the joint ownership of the Project.  Each party will be entitled to 50 percent of the production tax credit (PTC) or 50 percent of the Investment tax credit (ITC) as applicable. The agreement is subject to PUCN approval.

"Ormat is proud to be recognized and pursued as a credit worthy, experienced partner," said Dita Bronicki, Chief Executive Officer of Ormat.  "This new development path with Sierra Pacific Resources indicates that utilities are committed to renewable energy and demonstrates that geothermal is no longer a high priced alternative but a utility-grade, baseload resource."

About Ormat Technologies
Ormat Technologies, Inc., is the only vertically-integrated company primarily engaged in the geothermal and recovered energy power business. The company designs, develops, owns and operates geothermal and recovered energy-based power plants around the world. Additionally, the company designs, manufactures and sells geothermal and recovered energy power units and other power-generating equipment, and provides related services. The company has more than four decades of experience in the development of environmentally-sound power, primarily in geothermal and recovered-energy generation.. Ormat products and systems are covered by more than 75 patents. Ormat currently operates the following geothermal and recovered energy-based power plants: in the United States - Brady, Heber, Mammoth, Ormesa, Puna, Steamboat and OREG 1; in Guatemala - Zunil and Amatitlan; in Kenya - Olkaria; and in Nicaragua - Momotombo.

    Ormat Technologies Inc.

NYSE: ORA
Apr 02, 2008 09:04 ET
Ormat Technologies and Nevada Geothermal Power Execute EPC Contract for Blue Mountain Faulkner 1 Power Plant

VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 2, 2008) - Nevada Geothermal Power Inc. (NGP) (TSX VENTURE:NGP)(OTCBB:NGLPF) and Ormat Technologies Inc.'s (NYSE:ORA), subsidiary Ormat Nevada Inc. announced today that NGP Blue Mountain I LLC (NGP I) has entered into an Engineering, Procurement and Construction Contract (EPC) for a 49.5 MW power plant, consisting of three Ormat Energy Converters (OEC's) at Blue Mountain's geothermal project in Nevada. The plant design incorporates Ormat's proprietary power generation technology with water-cooling for maximum efficiency.

The total EPC contract value is US$76 million, of which a US$20 million was previously released under a Limited Notice to Proceed (LNTP) in order to secure the guaranteed substantial completion date of December 31, 2009. The full release under the EPC contract is subject to finalizing the financing for the project and is expected to occur by April 30, 2008. The EPC provides for an additional partial release if necessary.

The EPC consists of three Ormat Energy Converter units which are guaranteed to produce 16.5 MW (gross) each, totaling at least 49.5 MW (gross). The output of the power plant at Blue Mountain will meet the Phase 1 power delivery requirements of the existing 20-year Power Purchase Agreement between NGP and Nevada Power Company with a reserve of excess power. NGP is currently in discussions with Nevada Power Company for a Phase II power contract covering the reserve power.

"The EPC contract with Ormat increases the power output of each OEC unit to 16.5 MW from the originally planned 12.5 MW. The increased OEC capacity results in a lower cost per MW installed at Blue Mountain. Ormat's proven power plant technology combined with Blue Mountain's favourable reservoir chemistry will extract more megawatt-hours of energy per unit volume of geothermal fluid compared to other available technologies, maximizing the overall megawatt potential for the Blue Mountain geothermal field," stated Brian Fairbank, President and CEO of Nevada Geothermal Power Inc.

"We are pleased for the opportunity to work with NGP's development team and are delighted to contribute from our experience and knowledge in this field. Our technology is perfectly suited for the Blue Mountain resource and we are looking forward to delivering on schedule a great performing power plant," said Dita Bronicki, CEO of Ormat Technologies Inc.

About Ormat Technologies

Ormat Technologies, Inc. is the only vertically-integrated company primarily engaged in the geothermal and recovered energy power business. The company designs, develops, owns and operates geothermal and recovered energy-based power plants around the world. Additionally, the company designs, manufactures and sells geothermal and recovered energy power units and other power-generating equipment, and provides related services. The company has more than four decades of experience in the development of environmentally-sound power, primarily in geothermal and recovered-energy generation. Ormat products and systems are covered by more than 75 patents.

Ormat currently operates the following geothermal and recovered energy-based power plants: in the United States - Brady, Heber, Mammoth, Ormesa, Puna, Steamboat and OREG 1; in Guatemala - Zunil and Amatitlan; in Kenya - Olkaria; and in Nicaragua - Momotombo.

About Nevada Geothermal Power Inc.

Nevada Geothermal Power Inc. is a renewable energy company developing geothermal projects in the United States to provide electrical energy that is clean, renewable and sustainable. NGP currently owns a 100% leasehold interest in four properties: Blue Mountain that is expected to commence power generation late 2009, Pumpernickel, Black Warrior, all located in Nevada and Crump Geyser in Oregon.

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. 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. Actual future results may differ materially from those projected as a result of certain risks and uncertainties. For a discussion of such risks and uncertainties, see "Risk Factors" as described in Ormat Technologies, Inc.'s Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 5, 2008.

These forward-looking statements are made only as of the date hereof, and we undertake no obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise.

Nevada Geothermal Power's Safe Harbor Statement

This Press Release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. We have tried, whenever possible, to identify these forward-looking statements using words such as "anticipates," "believes," "estimates," "expects," "plans," "intends," "potential," and similar expressions. These statements reflect our current belief and are based upon currently available information. Accordingly, such forward-looking statements involve known and unknown risks, uncertainties and other factors which could cause the Company's actual results, performance or achievements to differ materially from those expressed in or implied by such statements. We undertake no obligation to update or advise in the event of any change, addition, or alteration to the information catered in this Press Release including such forward-looking statements.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

For more information, please contact
Nevada Geothermal Power Inc.
Brian D. Fairbank, P. Eng.
President & CEO
(604) 688-1553 or Toll Free: 1-866-688-0808

or

Investor Inquiries:
Nevada Geothermal Power Inc.
Shelley Kirk
(604) 688-1553 X118 or Toll Free: 1-866-688-0808 X118
Website: www.nevadageothermal.com

or

Pro-Edge Consultants Inc.
Tracy Weslosky or Fred Cowans
(416) 581-0177 or Toll Free: 1-866-544-9622
Email: info@pro-edge.com
Website: www.pro-edge.com

or

Ormat Technologies
Dita Bronicki
CEO
(775) 356-9029
Email: dbronicki@ormat.com

08/04/02 -

Ormat Technologies and Nevada Geothermal Power Execute EPC Contract for Blue Mountain Faulkner 1 Power Plant  

PRESS RELEASE  

Ormat Technologies and Nevada Geothermal Power Execute EPC Contract for Blue Mountain Faulkner 1 Power Plant

VANCOUVER, B.C., April 2 2008, Nevada Geothermal Power Inc. (NGP) (TSX-V: NGP, OTC-BB: NGLPF) and Ormat Technologies Inc. (NYSE: ORA) announced today that NGP Blue Mountain I LLC (NGP I) has entered into an Engineering, Procurement and Construction Contract (EPC) for a 49.5 MW power plant, consisting of three Ormat Energy Converters (OEC's) at Blue Mountain's geothermal project in Nevada.

The plant design incorporates Ormat's proprietary power generation technology with water-cooling for maximum efficiency.

The total EPC contract value is US$76 million, of which a US$20 million was previously released under a Limited Notice to Proceed (LNTP) in order to secure the guaranteed substantial completion date of December 31, 2009.

The full release under the EPC contract is subject to finalizing the financing for the project and is expected to occur by April 30, 2008.

The EPC provides for an additional partial release if necessary.  The EPC consists of three Ormat Energy Converter units which are guaranteed to produce 16.5 MW (gross) each, totaling at least 49.5 MW (gross).  The output of the power plant at Blue Mountain will meet the Phase 1 power delivery requirements  of the existing 20-year Power Purchase Agreement between NGP and Nevada Power Company with a reserve of excess power.

NGP is currently in discussions with Nevada Power Company for a Phase II power contract covering the reserve power.

"The EPC contract with Ormat increases the power output of each OEC unit to 16.5 MW from the originally planned 12.5 MW.  The increased OEC capacity results in a lower cost per MW installed at Blue Mountain. Ormat's proven power plant technology combined with Blue Mountain's favourable reservoir chemistry will extract more megawatt-hours of energy per unit volume of geothermal fluid compared to other available technologies, maximizing the overall megawatt potential for the Blue Mountain geothermal field," stated Brian Fairbank, President and CEO of Nevada Geothermal Power Inc.

"We are pleased for the opportunity to work with NGP's development team and are delighted to contribute from our experience and knowledge in this field.  Our technology is perfectly suited for the Blue Mountain resource and we are looking forward to delivering on schedule a great performing power plant," said Dita Bronicki, CEO of Ormat Technologies Inc.

About Ormat Technologies

Ormat Technologies, Inc. is the only vertically-integrated company primarily engaged in the geothermal and recovered energy power business. The company designs, develops, owns and operates geothermal and recovered energy-based power plants around the world. Additionally, the company designs, manufactures and sells geothermal and recovered energy power units and other power-generating equipment, and provides related services. The company has more than four decades of experience in the development of environmentally-sound power, primarily in geothermal and recovered-energy generation. Ormat products and systems are covered by more than 75 patents.

Ormat currently operates the following geothermal and recovered energy-based power plants:

in the United States - Brady, Heber, Mammoth, Ormesa, Puna, Steamboat and OREG 1; in Guatemala - Zunil and Amatitlan; in Kenya - Olkaria; and in Nicaragua - Momotombo.

About Nevada Geothermal Power Inc.

Nevada Geothermal Power Inc. is a renewable energy company developing geothermal projects in the United States to provide electrical energy that is clean, renewable and sustainable.

NGP currently owns a 100% leasehold interest in four properties: Blue Mountain that is expected to commence power generation late 2009, Pumpernickel, Black Warrior, all located in Nevada and Crump Geyser in Oregon.  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. 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.

Actual future results may differ materially from those projected as a result of certain risks and uncertainties.

For a discussion of such risks and uncertainties, see "Risk Factors" as described in Ormat Technologies, Inc.'s Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 5, 2008.

These forward-looking statements are made only as of the date hereof, and we undertake no obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise.

Nevada Geothermal Power's Safe Harbour Statement This Press Release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.

We have tried, whenever possible, to identify these forward-looking statements using words such as "anticipates," "believes," "estimates," "expects," "plans," "intends," "potential," and similar expressions.

These statements reflect our current belief and are based upon currently available information.

Accordingly, such forward-looking statements involve known and unknown risks, uncertainties and other factors which could cause the Company's actual results, performance or achievements to differ materially from those expressed in or implied by such statements.

We undertake no obligation to update or advise in the event of any change, addition, or alteration to the information catered in this Press Release including such forward-looking statements.

Ormat signs power purchase agreement with Great River Energy

17th April 2008

Ormat Technologies has announced that one of its wholly owned subsidiaries has executed a new 20-year power purchase agreement with Great River Energy for electricity to be produced by a new Ormat recovered energy generation facility.

The new recovered energy generation (REG) facility will have a net capacity of 5.3MW and will convert the recovered waste heat from the exhaust of an existing gas turbine into electricity. The turbine is located at a compressor station along the Northern Border natural gas pipeline and Ormat has already secured the rights to the waste heat for the new facility.

Ormat expects the plant to be commissioned in 2009 or early 2010.

With the addition of this new REG facility, Ormat will own a total of nine units with an installed capacity of nearly 50MW along the Northern Border pipeline which are currently under operation and under various stages of construction.

Dita Bronicki, CEO of Ormat Technologies, said: "We are encouraged by the increased attention to energy efficiency and the confidence in our REG technology. Using clean solutions such as Ormat's REG units is a win-win strategy all around, providing both parties with one of the cleanest, fastest and most cost-efficient ways to generate power while reducing carbon emissions.  "While each of our REG power plants along the Northern Border pipeline is only about 5MW, when combining the opportunities along this one pipeline alone, we are generating power equivalent to the capacity of one of our 50MW geothermal power plants."

www.energy-business-review.com/article_news.asp

18.04.2008 14:08
Ormat Technologies, Inc. to Host Conference Call Announcing First Quarter 2008 Earnings Results

RENO, Nev., April 18 /PRNewswire-FirstCall/ -- Ormat Technologies, (News) Inc. plans to announce its first quarter 2008 earnings results in a press release that will be issued on Tuesday, May 6, 2008 after the market close. The Company has scheduled a conference call to discuss the results at 9:00 A.M. EDT on Wednesday, May 7, 2008.

(Logo: approximately twenty minutes before the conference call is scheduled to begin. You will need to register, and may need to download and install the required audio software. The webcast will be archived for 30 days following the call.

18.04.2008 15:07
Ormat Technologies, Inc. Announces Second Closing Under Transaction to Sell Part Ownership Interests in Certain Geothermal Power Projects

RENO, Nev., April 18 /PRNewswire-FirstCall/ -- Ormat Technologies, (News) Inc. , today announced that on April 17, 2008 its wholly-owned subsidiary, Ormat Nevada Inc., concluded the second closing under its previously announced transaction to sell part-ownership interests in certain geothermal power projects to affiliates of Morgan Stanley&Co. Incorporated and Lehman Brothers Inc., as institutional equity investors. Under this second closing, the Galena 3 geothermal project was transferred to OPC LLC, and Ormat Nevada received an amount of approximately $64 million.

6. Mai 2008
Ormat & Montana-Dakota Announce Recovered Energy Project
Nevada, United States [RenewableEnergyWorld.com]

Ormat Technologies, Inc. and Montana-Dakota Utilities Co. announced that the two companies have entered into an Engineering, Procurement and Construction (EPC) agreement to build a 5.3-megawatt (MW) recovered energy generation facility to be located on the Northern Border Pipeline Company's compressor station in Morton County, North Dakota. The facility, which is expected to be completed in the fourth quarter of 2009, will produce electricity without burning additional fuel.

As the 10th Ormat REG facility installation planned on Northern Border's facilities, this project with Montana-Dakota Utilities is a testimony to the energy production capabilities of Ormat's Organic Rankine Cycle technology and highlights our continued progress in this area."

-- Dita Bronicki, CEO, Ormat

The project, subject to regulatory approvals, will increase the utilization of the energy content by approximately 25 percent and will produce enough renewable energy to supply about 5,000 residential electric customers in Montana-Dakota's service territory. In the normal operation of a compressor station, waste heat is released by the exhaust of the gas turbine driving the compressor used to compress the gas. This thermal energy can be captured and converted to electricity by the installation of an Ormat Energy Converter similar to those used in geothermal electricity generation.

"Ormat REG systems respond to two essential objectives in environmental conservation: energy efficiency and emission reduction," said Dita Bronicki, CEO of Ormat. "As the 10th Ormat REG facility installation planned on Northern Border's facilities, this project with Montana-Dakota Utilities is a testimony to the energy production capabilities of Ormat's Organic Rankine Cycle technology and highlights our continued progress in this area.

07.05.2008 01:23
Ormat Technologies, Inc. Reports First Quarter 2008 Results

RENO, Nev., May 6 /PRNewswire-FirstCall/ -- Ormat Technologies, (News) Inc. today announced financial results for the first quarter of 2008. Total revenues for the first quarter were $69.4 million, versus $61.7 million for the first quarter of 2007, an increase of 12.4%, consisting of an increase of 36.3% in revenues from the Company's Electricity Segment, offset in part by a reduction in revenues from the Products Segment.

(Logo: . During the webcast, management will refer to slides that will be posted on the web site. The slides and accompanying webcast can be accessed through the Event Calendar in the Investor Relations section of Ormat's website.

A 30-day archive of the webcast will be available approximately 2 hours after the conclusion of the live call. To listen to a replay, please call (800) 642-1687 in the United States and Canada and (706) 645-9291 for international callers and utilize code 44334775.

About Ormat Technologies

Ormat Technologies, Inc. is the only vertically-integrated company primarily engaged in the geothermal and recovered energy power business. The company designs, develops, owns and operates geothermal and recovered energy-based power plants around the world. Additionally, the company designs, manufactures and sells geothermal and recovered energy power units and other power-generating equipment, and provides related services. The company has more than four decades of experience in the development of environmentally-sound power, primarily in geothermal and recovered-energy generation. Ormat products and systems are covered by more than 75 patents. Ormat currently operates the following geothermal and recovered energy-based

power plants: in the United States -- Brady, Heber, Mammoth, Ormesa, Puna, Steamboat and OREG 1; in Guatemala -- Zunil and Amatitlan; in Kenya -- Olkaria; and in Nicaragua -- Momotombo.

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. 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. Actual future results may differ materially from those projected as a result of certain risks and uncertainties. For a discussion of such risks and uncertainties, see "Risk Factors" as described in Ormat Technologies, Inc.'s Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 5, 2008.

08.05.2008, 09:47 Uhr  

Ormat Technologies: Nettoerlös steigt ersten Quartal 2008 auf 10 Mio. Dollar

Reno, USA - Der Geoenergie-Konzern Ormat Technologies hat die aktuellen Zahlen für das erste Quartal 2008 veröffentlicht. Demnach hat Ormat seinen Umsatz gegenüber dem vergleichbaren Vorjahreszeitraum von 61,7 Mio. Dollar auf auf 69,4 Mio. Dollar gesteigert. Der Nettoerlös lag im ersten Quartal 2008 bei 10,1 Mio. Dollar (0,24 Dollar je Aktie) gegenüber einem Nettoverlust von 5,8 Mio. Dollar (-0,15 Dollar je Aktie) im ersten Quartal 2007. Den Anstieg führt das US-Unternehmen vor allem auf gestiegene Eigenkapazitäten in der Energiegewinnung sowie Kosteneinsparungen zurück. Diese positiven Effekte hätten einen Rückgang im Produktionssegment von 18,1 Mio. Dollar im ersten Quartal 2007 auf nun 9,9 Mio. Dollar ausgeglichen. Für Ende Mai kündigte der Konzern eine Dividende von 0,05 Dollar pro Aktie an. Im gesamten Geschäftsjahr 2008 geht Ormat im Sektor der Stromerzeugung von einem Umsatz von 69,4 Mio. Dollar aus. Der Umsatz im Produktionsbereich wird nach Unternehmensangaben voraussichtlich zwischen 70 und 80 Mio. Dollar liegen.