Overview
Ormat Technologies, Inc. is a renewable-energy company whose core business is geothermal power generation and the development of geothermal and recovered-energy equipment. Its operations also include solar PV and grid-connected battery storage. The company reports three main segments: Electricity, Product, and Energy Storage, covering power generation and sales, equipment and plant services, and storage services.[1]
Ormat operates geothermal plants in the United States, Kenya, Guadeloupe, Guatemala, and Honduras, and supplies geothermal and recovered-energy plant equipment in more than 30 countries. Its stated mission is to become a leading global renewable-energy provider with a geographically balanced portfolio of geothermal, recovered-energy, and storage assets.[2][3]
For the year ended December 31, 2025, Ormat reported revenue of $989.5 million. Its homepage lists 1,650 employees, and the company traces its founding to 1965.[4][5][6] [1][2][3][4][5][6][2][3][5][6]
Products & services
Ormat’s geothermal and recovered-energy products include Organic Rankine Cycle (ORC) power units and related equipment such as turbines, pumps, heat exchangers, air coolers, seals, controls and geothermal production-well pumps. Its ORC/Ormat Energy Converter systems use an organic working fluid to generate electricity from geothermal heat or recovered industrial heat; binary plants transfer heat to a secondary fluid and reinject geothermal fluid.[7][8][9][10] The company also supplies engineering, procurement and construction (EPC) services for geothermal and recovered-energy plants, alongside customized turnkey offerings that can include resource analysis, design, development and construction.[1][11][12]
Ormat’s energy-storage offering comprises grid-connected, front-of-meter battery systems that provide capacity, energy and ancillary services. Its storage solutions include lithium-ion systems for energy arbitrage and grid services such as frequency regulation and operating reserves.[1][13][14] Ormat also builds, owns and operates geothermal, solar photovoltaic and recovered-energy plants and sells their electricity.[1] In 2025, the Product segment represented 21.9% of total revenue, electricity sales 70.1%, and energy storage 8.0%.[15] [7][8][9][10][1][11][12][13][14][15][9][10][11][12][13][14]
Geographic presence
Ormat’s geothermal power plants are located in the United States—including California, Nevada, Oregon, Idaho, Utah, and Hawaii—and in Guatemala, Kenya, Guadeloupe, and Honduras. It also has minority interests in geothermal complexes in Indonesia; the company says it operates its plants other than those Indonesian complexes.[16][17][18]
For the six months ended June 30, 2026, reported revenue was divided geographically between the United States and foreign markets. Electricity revenue was $250.560 million from the United States (71.4%) and $100.296 million from foreign markets (28.6%).[19][19] Product revenue was $4.775 million from the United States (2.1%) and $219.347 million from foreign markets (97.9%).[19][19] Energy Storage revenue was $87.697 million from the United States (100%).[19][19] The filing reports revenue by U.S. versus foreign geography, rather than providing a full country-level breakdown.
The company’s main corporate offices are in Reno, Nevada. It has an office and manufacturing facility in Yavne, Israel, and a leased facility in Turkey that produces power-plant components for local customers. The company also reports that most senior management and its main production and manufacturing facilities are in Israel.[20][21] [16][17][18][19][19][19][19][19][19][19][19][19][19][20][21]
Business segments
In its 2025 reporting, Ormat identifies three reportable business segments: Electricity, Product and Energy Storage [1]. Electricity builds, owns and operates geothermal, solar PV and recovered-energy power plants and sells the power generated; its 2025 revenue was $693.9 million, approximately 70.1% of consolidated revenue [1][22]. Product designs and sells equipment for geothermal and recovered-energy generation and provides engineering, procurement and construction services; revenue was $216.7 million, or approximately 21.9% [1][22]. Energy Storage owns and operates grid-connected, front-of-the-meter battery systems; revenue was $79.0 million, or approximately 8.0% [1][22]. Percentages are calculated from 2025 segment revenue of $989.5 million in total and rounded to one decimal place [22].
Ormat also presents a geographic revenue breakdown for the Electricity segment, but this is a supplemental view rather than a separate reportable business segment [19]. [1][22][1][22][1][22][22][19]
Company history
Ormat was established in 1965 by Lucien Y. Bronicki and Dita Bronicki to develop solar turbines using Organic Rankine Cycle technology. In 1966, it installed a small solar-powered unit in Mali; the company later moved into commercial geothermal power, with U.S. plants at Wabuska in 1984 and Ormesa I in 1986. In 1992, it developed and built its first patented geothermal combined-cycle plant, at Puna, Hawaii, and subsequently expanded through international projects.[6]
Ormat Technologies’ shares began trading on the New York Stock Exchange in November 2004. The company expanded beyond geothermal through its 2017 acquisition of Viridity Energy, a storage and demand-response business, and strengthened its geothermal portfolio by acquiring U.S. Geothermal in 2018. In 2020, Doron Blachar succeeded Isaac Angel as CEO. Ormat closed its acquisition of a portfolio of geothermal and solar assets from Enel in January 2024 and acquired the Blue Mountain geothermal plant in Nevada in 2025.[23][24][25][26][27][28][29][30] [28][30][6][23][24][25][26][27][29]
Sources
- ORMAT TECHNOLOGIES, INC. — Full financial report (2025 Y)
- www.ormat.com[2]
- www.ormat.com[3]
- www.ormat.com[5]
- www.ormat.com[6]
- www.ormat.com[9]
- www.ormat.com[10]
- www.ormat.com[11]
- www.ormat.com[12]
- www.ormat.com[13]
- www.ormat.com[14]
- ORMAT TECHNOLOGIES, INC. — Full financial report (2026 Q 2)[19]
- www.sec.gov[23]
- investor.ormat.com[24]
- investor.ormat.com[25]
- investor.ormat.com[26]
- investor.ormat.com[27]
- investor.ormat.com[29]
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