Profile: Ormat Technologies Inc (ORA.N)
3 Dec 2013
Ormat Technologies, Inc. (Ormat), incorporated in September 15, 1994, is a holding company. Ormat is engaged in the geothermal and recovered energy power business. The Company designs, develops, builds, owns, and operates geothermal and recovered energy-based power plants. Its geothermal power plants include both power plants that it has built and power plants that Ormat has acquired, while all of its recovered energy-based plants has been constructed by the Company. The Company operates in two segments: Electricity Segment and Product Segment. During the year ended December 31, 2011, Ormat’s Electricity Segment represented approximately 74.1% of its total revenues, while the Company’s Product Segment represented approximately 25.9% of its total revenues. On February 3, 2011, Ormat sold to 25% interest in OPC LLC to JPM Capital Corporation. In June 2013, the Company 's subsidiary sells stake in Momotombo Power Company.
Power Generation Business (Electricity Segment)
In the Company’s Electricity Segment, it develops, builds, owns and operates geothermal and recovered energy-based power plants in the United States and geothermal power plants in other countries around the world and sells the electricity they generate. The Company owns and operates all of its power plants other than the Momotombo power plant in Nicaragua, which it does not own but, which it controls and operates through a concession arrangement with the Nicaraguan government. Two financial institutions hold equity interests in one of its consolidated subsidiaries, OPC LLC, which owns the Desert Peak 2 power plant in Ormat’s Brady complex, and the Steamboat Hills, Galena 2 and Galena 3 power plants in its Steamboat complex. In addition, the Company is constructing a 10 megawatt solar photovoltaic (PV) project in the United Sates and is developing approximately 18 ground-mounted and roof-top solar PV projects in Israel. In addition to its geothermal energy business, it manufactures products that produce electricity from recovered energy or so-called waste heat.
The Company competes with CalEnergy, Calpine, Terra-Gen Power LLC, ENEL SpA, Chevron Corporation, Energy Development Corporation, Star Energy, Medco Energi, Mighty River Power, Contact Energy and Enel Colbus S.A.
Product Business (Product Segment)
In the Company’s Product Segment, Ormat designs, manufactures and sells equipment for geothermal and recovered energy-based electricity generation, remote power units and other power generating units and provide services relating to the engineering, procurement, construction, operation and maintenance of geothermal and recovered energy-based power plants. The Company designs, manufactures and sells power units for geothermal electricity generation, which it refers to as Ormat Energy Converters (OECs). Its customers include contractors and geothermal power plant owners and operators. The Company designs, manufactures and sells power units used to generate electricity from recovered energy, or so-called waste heat. This heat is generated as a residual by-product of gas turbine-driven compressor stations, solar thermal units and a variety of industrial processes, such as cement manufacturing, and is not otherwise used for any purpose.
The Company’s customers include interstate natural gas pipeline owners and operators, gas processing plant owners and operators, cement plant owners and operators, and other companies engaged in other energy-intensive industrial processes. Ormat engineers, procures, and constructs, as an engineering, procurement and construction (EPC) contractor, geothermal and recovered energy power plants, using power units it designs and manufactures. The Company’s customers are geothermal power plant owners. The Company designs, manufactures and sells fossil fuel powered turbo-generators with a capacity ranging between 200 watts and 5,000 watts. Its customers include contractors installing gas pipelines in remote areas. In addition, Ormat designs, manufactures, and sells generators for various other uses, including heavy duty direct-current generators.
The Company competes with Mitsubishi, Fuji, Toshiba, GE/Nuovo Pignone, Ansaldo, Alstom S.A., Mafi Trench, Atlas Copco Company, United Technologies Company, Turbine Air Systems and Geothermal Development Associates (GDA).
Ormat Technologies Inc
Suite 300, 6225 Neil Road
RENO NV 89511-1136