RENO, Nev., March 14, 2023 (GLOBE NEWSWIRE) -- Ormat Technologies, Inc. (NYSE: ORA) (“Ormat”), a leading geothermal, energy storage, solar PV and recovered energy power company, announced today that it has priced its previously announced underwritten public offering of 3,600,000 shares of its common stock. The offering is expected to close on March 16, 2023, subject to the satisfaction of customary closing conditions.

Ormat has granted the underwriter a 30-day option to purchase up to 540,000 additional shares of its common stock.

Ormat intends to use the net proceeds from the offering for general corporate purposes, including working capital and capital expenditures, and for potential acquisitions, including complementary businesses, technologies or assets.

Goldman Sachs & Co. LLC is acting as the sole book-running manager for the offering. Goldman Sachs & Co. LLC may offer the shares from time to time for sale in one or more transactions, directly or through agents, or through brokers in one or more brokerage transactions on the New York Stock Exchange, in the over-the-counter market, through negotiated transactions or in a combination of such methods of sale, at market prices prevailing at the time of sale, at prices related to prevailing market prices or at negotiated prices, subject to its right to reject any order in whole or in part.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction.

The offering is being made pursuant to an automatically effective shelf registration statement on Form S-3 filed with the U.S. Securities and Exchange Commission on November 16, 2020. The offering may be made only by means of a base prospectus and a related prospectus supplement, copies of which may be obtained by contacting Goldman Sachs & Co. LLC, Prospectus Department, 200 West Street, New York, NY 10282, telephone: 1-866-471-2526, facsimile: 212-902-9316 or by emailing This email address is being protected from spambots. You need JavaScript enabled to view it..

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. Ormat 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. Ormat has engineered, manufactured and constructed power plants, which it currently owns or has installed for utilities and developers worldwide, totaling approximately 3,200 MW of gross capacity. Ormat leveraged its core capabilities in the geothermal and REG industries and its global presence to expand its activity into energy storage services, solar Photovoltaic (PV) and energy storage plus Solar PV. Ormat’s current total generating portfolio is 1,158 MW with a 1,070 MW geothermal and solar generation portfolio that is spread globally in the U.S., Kenya, Guatemala, Indonesia, Honduras, and Guadeloupe, and an 88 MW energy storage portfolio that is located in the U.S.

FORWARD-LOOKING STATEMENTS

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 include statements concerning the completion of the offering and the use of proceeds therefrom. 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 24, 2023, and in Ormat’s subsequent quarterly reports on Form 10-Q and annual reports on Form 10-K 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, Ormat undertakes no obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise.