Ormat Technologies Announces Strategic Commercial Agreement With Sage Geosystems Inc.
Ormat Technologies (NYSE: ORA) has signed a strategic commercial agreement with Sage Geosystems Inc. to pilot advanced Pressure Geothermal technology at an existing Ormat power plant. The collaboration aims to extract geothermal heat energy from hot dry rock, potentially reducing time-to-market for geothermal energy solutions.
Following successful pilot completion, Ormat will gain rights to develop, build, own, and operate geothermal power plants using Sage's technology. The agreement also includes rights for long- and short-duration energy storage projects utilizing Sage's pressure geothermal energy storage technology. The transaction is expected to close by year-end, subject to conditions.
Ormat Technologies (NYSE: ORA) ha siglato un accordo commerciale strategico con Sage Geosystems Inc. per testare la tecnologia avanzata Pressure Geothermal in un impianto Ormat gi脿 esistente. La collaborazione punta a sfruttare il calore del sottosuolo da rocce calde e secche, con l鈥檕biettivo di ridurre i tempi di immissione sul mercato delle soluzioni geotermiche.
Al termine del pilota, in caso di esito positivo, Ormat acquisir脿 i diritti per sviluppare, costruire, possedere e gestire impianti geotermici basati sulla tecnologia Sage. L鈥檃ccordo contempla inoltre i diritti per progetti di accumulo energetico a lunga e breve durata che utilizzano la tecnologia di stoccaggio energetico a pressione di Sage. La chiusura della transazione 猫 prevista entro fine anno, subordinata al soddisfacimento di determinate condizioni.
Ormat Technologies (NYSE: ORA) ha firmado un acuerdo comercial estrat茅gico con Sage Geosystems Inc. para pilotar la tecnolog铆a Pressure Geothermal avanzada en una planta de Ormat ya existente. La colaboraci贸n busca extraer calor geot茅rmico de roca caliente y seca, con el potencial de acortar el tiempo de llegada al mercado de las soluciones geot茅rmicas.
Tras la finalizaci贸n exitosa del piloto, Ormat obtendr谩 los derechos para desarrollar, construir, poseer y operar plantas geot茅rmicas que utilicen la tecnolog铆a de Sage. El acuerdo tambi茅n incluye derechos para proyectos de almacenamiento de energ铆a de larga y corta duraci贸n que empleen la tecnolog铆a de almacenamiento energ茅tico por presi贸n de Sage. Se espera que la transacci贸n se cierre antes de fin de a帽o, sujeta a condiciones.
Ormat Technologies (NYSE: ORA)电� Sage Geosystems Inc.鞕� 旮办〈 Ormat 氚滌爠靻岇棎靹� 瓿犼笁 Pressure Geothermal 旮办垹鞚� 鞁滊矓 鞝侅毄頃橁赴 鞙勴暅 鞝勲灥鞝� 靸侅梾順戩暯鞚� 觳搓舶頄堨姷雼堧嫟. 鞚措矆 順戨牓鞚� 瓿犾槰 瓯挫劚鞎旍棎靹� 歆�鞐� 鞐挫棎雱堨毳� 於旍稖頃橃棳 歆�鞐� 靻旊（靺橃潣 鞁滌灔 於滌嫓 鞁滉皠鞚� 雼稌頃樀鐢 瓴冹潉 氇╉憸搿� 頃╇媹雼�.
鞁滊矓靷梾鞚� 靹标车鞝侅溂搿� 鞕勲霅橂┐ Ormat鞚� Sage鞚� 旮办垹鞚� 靷毄頃� 歆�鞐� 氚滌爠靻岆ゼ 臧滊皽路瓯挫劋路靻岇湢路鞖挫榿頃� 甓岆Μ毳� 頇曤炒頃橁矊 霅╇媹雼�. 鞚� 順戩暯鞐惖鐢 Sage鞚� 鞎曤牓 旮半皹 歆�鞐� 鞐愲剤歆� 鞝�鞛� 旮办垹鞚� 頇滌毄頃� 雼赴 氚� 鞛リ赴 鞐愲剤歆� 鞝�鞛� 頂勲鞝濏姼鞐� 雽�頃� 甓岆Μ霃� 韽暔霅橃柎 鞛堨姷雼堧嫟. 瓯半灅电� 韸轨爼 臁瓣贝 於╈”鞚� 鞝勳牅搿� 鞐半旯岇 毵堧毽悹 鞓堨爼鞛呺媹雼�.
Ormat Technologies (NYSE: ORA) a sign茅 un accord commercial strat茅gique avec Sage Geosystems Inc. pour piloter la technologie avanc茅e Pressure Geothermal sur une centrale Ormat existante. La collaboration vise 脿 extraire la chaleur g茅othermique des roches chaudes et s猫ches, r茅duisant potentiellement le temps de mise sur le march茅 des solutions g茅othermiques.
Apr猫s un pilote concluant, Ormat obtiendra les droits de d茅velopper, construire, poss茅der et exploiter des centrales g茅othermiques utilisant la technologie de Sage. L鈥檃ccord pr茅voit 茅galement des droits pour des projets de stockage d鈥櫭﹏ergie de courte et longue dur茅e utilisant la technologie de stockage d鈥櫭﹏ergie g茅othermique par pression de Sage. La transaction devrait 锚tre finalis茅e d鈥檌ci la fin de l鈥檃nn茅e, sous r茅serve de conditions.
Ormat Technologies (NYSE: ORA) hat eine strategische kommerzielle Vereinbarung mit Sage Geosystems Inc. unterzeichnet, um die fortschrittliche Pressure Geothermal-Technologie in einem bestehenden Ormat-Kraftwerk zu pilotieren. Die Zusammenarbeit zielt darauf ab, geothermische W盲rme aus hei脽em, trockenem Gestein zu gewinnen und so die Markteinf眉hrungszeit f眉r geothermische L枚sungen zu verk眉rzen.
Nach erfolgreichem Abschluss des Pilotprojekts erh盲lt Ormat die Rechte, Geothermiekraftwerke mit der Technologie von Sage zu entwickeln, zu bauen, zu besitzen und zu betreiben. Die Vereinbarung umfasst au脽erdem Rechte f眉r kurz- und langfristige Energiespeicherprojekte, die die druckbasierte geothermische Energiespeichertechnologie von Sage nutzen. Der Abschluss der Transaktion wird, vorbehaltlich der Bedingungen, bis zum Jahresende erwartet.
- Strategic access to Sage's advanced Pressure Geothermal technology
- Potential reduction in geothermal energy time-to-market
- Rights to develop both power plants and energy storage projects using Sage's technology
- Enhancement of existing power plant capabilities
- Transaction closing subject to conditions
- Success dependent on unproven pilot project results
Insights
Ormat's strategic agreement with Sage Geosystems could accelerate geothermal development timeframes and expand their technological capabilities.
Ormat Technologies has signed a strategic commercial agreement with Sage Geosystems that could meaningfully advance their geothermal capabilities. The partnership centers on implementing Sage's Pressure Geothermal technology at an existing Ormat power plant to extract heat energy from hot dry rock formations - a technique that could unlock previously inaccessible geothermal resources.
This agreement represents a significant technological expansion for Ormat, potentially allowing them to overcome one of geothermal energy's primary limitations: geographical constraints. Traditional geothermal development requires specific geological conditions, but enhanced geothermal systems like Sage's technology can potentially operate in more diverse locations.
The agreement grants Ormat substantial future rights upon successful pilot completion: the ability to develop, build, own, and operate geothermal power plants using Sage's techniques, plus similar rights for both long- and short-duration energy storage projects using Sage's pressure geothermal storage technology. This dual-focus on both generation and storage represents a comprehensive approach to expanding Ormat's renewable portfolio.
For context, geothermal currently accounts for less than
Collaboration Aims to Accelerate Next-Generation Geothermal Solutions Time to Market
RENO, Nev., Aug. 28, 2025 (GLOBE NEWSWIRE) -- Ormat Technologies, Inc. (NYSE: ORA), a leading geothermal and renewable energy company, today has announced the signing of a strategic commercial agreement with Sage Geosystems Inc. (鈥淪age鈥�), a pioneer in next-generation geothermal and energy storage technology. The agreement marks a significant milestone in Ormat鈥檚 pursuit of innovative and sustainable energy solutions.
Under the terms of the agreement, Sage will pilot its advanced Pressure Geothermal technology to extract geothermal heat energy from hot dry rock at an existing Ormat power plant. This collaboration aims to significantly reduce the time needed to bring geothermal energy to market and is expected to enhance Ormat鈥檚 operational efficiency while accelerating the implementation of next-generation geothermal solutions.
Following the successful completion of the pilot project, Ormat will have the right to develop, build, own and operate geothermal power plants using Sage鈥檚 Pressure Geothermal techniques. In addition, Ormat will have the right to develop, build, own and operate听long- and short-duration energy storage projects utilizing Sage鈥檚 pressure geothermal energy storage technology.
The transaction, envisioned by the agreement, is subject to closing conditions and is anticipated to close by year-end.
Doron Blachar, Chief Executive Officer of Ormat Technologies, stated, "We are thrilled to partner with Sage, a company at the cutting edge of next-generation geothermal technology. This agreement marks a significant milestone for Ormat, as it aligns with our commitment to advancing geothermal energy solutions and reducing our time to market. We look forward to utilizing Sage鈥檚 expertise to enhance our existing power plant capabilities, facilitate future developments and accelerate our growth."
Cindy Taff, Chief Executive Officer of Sage Geosystems, added, "This collaboration with Ormat, a leading geothermal company, represents a major step forward in the commercialization of our Pressure Geothermal technology. We are excited to demonstrate the capabilities of our next-generation geothermal and energy storage technologies in partnership with Ormat. Together, we can drive innovation and sustainability in the energy sector."
ABOUT ORMAT TECHNOLOGIES
With six decades of experience, Ormat Technologies, Inc. is a leading geothermal company, and the only vertically integrated company engaged in geothermal and recovered energy generation (鈥淩EG鈥�), with robust plans to accelerate long-term growth in the energy storage market and to establish a leading position in the U.S. energy storage market. The Company owns, operates, designs, manufactures and sells geothermal and REG power plants primarily based on the Ormat Energy Converter 鈥� a power generation unit that converts low-, medium- and high-temperature heat into electricity. The Company has engineered, manufactured and constructed power plants, which it currently owns or has installed for utilities and developers worldwide, totaling approximately 3,400MW of gross capacity. Ormat leveraged its core capabilities in the geothermal and REG industries and its global presence to expand the Company鈥檚 activity into energy storage services, solar Photovoltaic (PV) and energy storage plus Solar PV. Ormat鈥檚 current total generating portfolio is 1,558MW with a 1,268MW geothermal and solar generation portfolio that is spread globally in the U.S., Kenya, Guatemala, Indonesia, Honduras, and Guadeloupe, and a 290MW energy storage portfolio that is located in the U.S.
ABOUT SAGE GEOSYSTEMS
Sage Geosystems Inc. is a leader in the next-generation geothermal industry, pioneering the use of Pressure Geothermal. Pressure Geothermal leverages both the heat and the pressure of the earth to enable three applications: energy storage, power generation and direct heating. It also broadly expands where it can be applied allowing geothermal to be deployed globally. Founded in 2020 by a leadership team with over 200 years of combined experience in the oil and gas industry, Sage is transforming hot, dry rock into a reliable, secure, and commercial-scale energy source. Sage鈥檚 technologies are being deployed through landmark agreements with Meta, the U.S. Department of Defense, and other global leaders, such as Ormat, who are advancing the energy expansion. For more information, visit听.
ORMAT鈥橲 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. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that we expect or anticipate will or may occur in the future, including such matters as our projections business strategy, competitive strengths, goals, development or operation of generation assets, market and industry developments and the growth of our business and operations, are forward-looking statements. When used in this press release, the words 鈥渕ay鈥�, 鈥渨ill鈥�, 鈥渃ould鈥�, 鈥渟hould鈥�, 鈥渆xpects鈥�, 鈥減lans鈥�, 鈥渁nticipates鈥�, 鈥渂elieves鈥�, 鈥渆stimates鈥�, 鈥減redicts鈥�, 鈥減rojects鈥�, 鈥減otential鈥�, or 鈥渃ontemplate鈥� or the negative of these terms or other comparable terminology are intended to identify forward-looking statements, although not all forward-looking statements contain such words or expressions. 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. Although we believe that our plans and objectives reflected in or suggested by these forward-looking statements are reasonable, we may not achieve these plans or objectives. Actual future results may differ materially from those projected as a result of certain risks and uncertainties and other risks described under "Risk Factors" as described in Ormat鈥檚 annual report on Form 10-K filed with the Securities and Exchange Commission (鈥淪EC鈥�) on February 27, 2025, and in Ormat鈥檚 subsequent quarterly reports on Form 10-Q that are filed from time to time with the SEC.
These forward-looking statements are made only as of the date hereof, and, except as legally required, we undertake no obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise.
| Ormat Technologies Contact: Smadar Lavi VP Head of IR and ESG Planning & Reporting 775-356-9029 (ext. 65726) [email protected] | 听 | Investor Relations Agency Contact: Joseph Caminiti or Josh Carroll Alpha IR Group 312-445-2870 [email protected] |
FAQ
What is the strategic agreement between Ormat Technologies (NYSE: ORA) and Sage Geosystems?
When will the Ormat-Sage Geosystems agreement close?
What rights does Ormat (NYSE: ORA) gain from the Sage Geosystems agreement?
How will the Sage Geosystems technology benefit Ormat's operations?
Who are the key executives involved in the Ormat-Sage agreement?
