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Ormat Technologies, Inc. ORA recently revealed that it has signed two seven-year tolling agreements involving Texas-based energy storage facilities with Equilibrium Energy. Both the projects, Lower Rio and Bird Dog, come with a storage capacity of 60 megawatts (MW)/120 megawatt-hours (MWh) each.
While it is projected that the Bird Dog facility will be operational in the fourth quarter of 2025, the Lower Rio project is slated to be online in the second quarter of next year.
Benefits of the Agreement
Factors like economic and population growth in Texas in recent times, along with fast-rising demand for power from data centers, have significantly boosted energy demand in this state. This has set the stage for notable growth of energy storage facilities, which has been encouraging energy storage service providers like Ormat Technologies to enhance their footprint in this state. The latest tolling agreement the company has signed is a bright example of that.
These two tolling contracts secure fixed revenues for the energy and associated services provided by the facilities, thereby securing a steady revenue stream for Ormat Technologies.
Ormat’s Prospects in US Energy Storage
As the globe moves toward a greener future, the energy storage sector is expanding dramatically not only in Texas but also throughout the United States as industries across the board are strengthening their grid and aiming at sustainable energy usage. To this end, the Global Market Insights firm expects the U.S. energy storage market to witness a CAGR of 15.5% over the 2024-2032 period.
This estimate undoubtedly paves the way for energy storage solution providers like Ormat Technologies to capitalize on the expanding energy storage demand in the United States.
Ormat is currently in the process of constructing seven additional energy storage projects with a total capacity of 355 MW/1,060 MWh in California, Texas and New Jersey. ORA has an approximate 3.6 gigawatt (GW)/13.1 gigawatt-hour (GWh) pipeline of potential projects in different stages of development across the United States that will enable it to duly achieve its target of reaching an energy storage portfolio of 700-800 MW/1,900-2,300 MWh by the end of 2026.
Peers to Benefit
Apart from ORA, prominent alternative energy players like Ameresco AMRC, Fluence Energy, Inc. FLNC and Energy Vault Holdings, Inc. NRGV are expanding their footprint to reap the benefits of the expanding U.S. energy storage market.
In July 2024, Ameresco declared that it has completed the construction of several Battery Energy Storage Systems in association with United Power in Colorado. The assets come with a storage capacity of 78.3 MW/313.34 MWh.
Ameresco’s long-term (three to five years) earnings growth rate is 25%. The Zacks Consensus Estimate for AMRC’s 2024 sales implies an improvement of 24.2% from the prior-year figure.
In July 2024, Fluence Energy with Excelsior Energy Capital signed a contract to build 2.2 GWh of battery storage projects in the United States, starting in 2025. Earlier in June 2024, the company was selected by a Swiss investment fund to deliver its third battery-based energy storage project in Finland, which has a storage capacity of 20 MW/20 MWh.
Fluence Energy has a long-term earnings growth rate of 56.2%. The Zacks Consensus Estimate for FLNC’s 2024 sales implies an improvement of 24.1% from the prior-year figure.
In April 2024, Energy Vault, along with NV Energy, announced the completion and beginning of the commercial operation of the Reid Gardner BESS in Moapa, NV. The facility comes with a storage capacity of 220MW/440MWh.
The Zacks Consensus Estimate for NRGV’s 2025 sales implies an improvement of 540.4% from the 2024 estimated figure. The Zacks Consensus Estimate for the company’s 2024 earnings per share is pegged at a loss of 60 cents, which indicates an improvement from its 2023 reported loss of 69 cents.
Price Movement
In the past three months, shares of Ormat Technologies have risen 1.7% against the industry’s decline of 0.6%.
Zacks Rank
Ormat Technologies currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Zacks Investment Research
RENO, Nev., Aug. 15, 2024 (GLOBE NEWSWIRE) -- Ormat Technologies, Inc. (NYSE: ORA), a leading renewable energy company, today announced the signing of two seven-year tolling agreements with Equilibrium Energy for the Lower Rio 60MW/120MWh and Bird Dog 60MW/120MWh Energy Storage facilities in Texas. This marks Ormat’s first tolling agreements signed in the ERCOT market.
The Lower Rio project is expected to come online in the second quarter of 2025, while the Bird Dog facility is anticipated to be operational in the fourth quarter of 2025. Both projects are entitled to receive a 40% investment tax credit under the Inflation Reduction Act. The tolling agreements secure fixed revenues for the energy and ancillary services provided by the facilities. This enabled Ormat to start construction on the recently announced 100MW/200MWh Louisa project, which is expected to be online by the end of 2026.
"These groundbreaking tolling agreements represent an important strategic milestone for Ormat's Energy Storage business," said Doron Blachar, Chief Executive Officer of Ormat Technologies. "By securing fixed, long-term revenues, we have de-risked approximately 50% of our strategically expanded Texas storage portfolio, aligning with our long-term plan to improve segment profitability and accelerate our growth.”
The Lower Rio and Bird Dog facilities, along with Ormat's existing 33MW/33MWh merchant energy storage operation, and the planned 100MW/200MWh Louisa project, will provide essential energy storage services that will help further enhance grid reliability in Texas.
ABOUT ORMAT TECHNOLOGIES
With over five decades of experience, Ormat Technologies, Inc. is a leading geothermal company and the only vertically integrated company engaged in geothermal and recovered energy generation (“REG”), 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 – 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 3,400 MW of gross capacity. Ormat leveraged its core capabilities in the geothermal and REG industries and its global presence to expand the Company’s activity into energy storage services, solar Photovoltaic (PV) and energy storage plus Solar PV. Ormat’s current total generating portfolio is 1,420MW with a 1,230MW geothermal and solar generation portfolio that is spread globally in the U.S., Kenya, Guatemala, Indonesia, Honduras, and Guadeloupe, and a 190MW energy storage portfolio that is located in the U.S.
ABOUT EQUILIBRIUM ENERGY
Equilibrium Energy is a technology company building a next-generation clean power company. Its mission is to accelerate society’s transition to climate and energy equilibriums. Founded in 2021, Equilibrium operates at the intersection of cutting-edge AI, power systems fundamentals, modern software, novel commercial structuring, and dynamic risk management across the power value chain. Equilibrium is being built by experts with decades of experience in energy, science, and software. Equilibrium thrives on supporting its partners’ efforts to tackle climate change. For additional information, please visit: www.equilibriumenergy.com.
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. 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 of annual revenues, expenses and debt service coverage with respect to our debt securities, future capital expenditures, 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 “may”, “will”, “could”, “should”, “expects”, “plans”, “anticipates”, “believes”, “estimates”, “predicts”, “projects”, “potential”, or “contemplate” 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’s annual report on Form 10-K filed with the Securities and Exchange Commission (“SEC”) on February 23, 2024, and in Ormat’s 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)slavi@ormat.com | Investor Relations Agency Contact: Josh Carroll or Joseph Caminiti Alpha IR Group 312-445-2870ORA@alpha-ir.com |
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