Ormat Technologies Secures Long-Term Energy Storage Service Agreement in California
December 15, 2023
☀️Trending News
Ormat Technologies ($NYSE:ORA) Inc., a leader in geothermal and recovered energy generation, has recently secured a 15-year energy storage service agreement in California. This agreement is set to help meet the state’s growing demand for renewable energy resources. Ormat Technologies is an established company specializing in the development and manufacture of geothermal and recovered energy-based power plants. They are also focused on developing advanced energy storage solutions and other renewable energy technologies. This agreement is expected to help California meet its cleaner energy goals by allowing it to store its renewable energy resources and provide reliable power when needed.
This agreement further solidifies Ormat Technologies’s position as an industry leader in the renewable energy storage market. The company is committed to providing reliable and efficient energy storage solutions that can help states meet their long-term renewable energy goals. With this new agreement, Ormat is now well-positioned to capitalize on the growing demand for energy storage services in California and beyond.
Price History
In response to the news, the stock opened at $70.4 and closed at $69.4, down 0.4% from prior closing price of 69.6. This agreement will provide ORMAT TECHNOLOGIES with the ability to provide customers with an array of energy storage services, including peak shaving, frequency regulation, and transmission and distribution deferral. The company’s innovative and cost-effective solutions are expected to benefit customers in California significantly. ORMAT TECHNOLOGIES will leverage its expertise in the energy storage space to help drive economic growth and sustainability in the region. Live Quote…
About the Company
Income Snapshot
Below shows the total revenue, net income and net margin for Ormat Technologies. More…
| Total Revenues | Net Income | Net Margin |
| 793.57 | 106.71 | 17.3% |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for Ormat Technologies. More…
| Operations | Investing | Financing |
| 296.19 | -523.41 | 126.27 |
Balance Sheet Snapshot
Below shows the total assets, liabilities and book value per share for Ormat Technologies. More…
| Total Assets | Total Liabilities | Book Value Per Share |
| 5.01k | 2.6k | 37.76 |
Key Ratios Snapshot
Some of the financial key ratios for Ormat Technologies are shown below. More…
| 3Y Rev Growth | 3Y Operating Profit Growth | Operating Margin |
| 3.4% | -2.9% | 25.2% |
| FCF Margin | ROE | ROA |
| -34.1% | 5.5% | 2.5% |
Analysis
GoodWhale conducted an analysis of ORMAT TECHNOLOGIES‘ financials and found that ORMAT TECHNOLOGIES scored a 4/10 on its health score. Our Star Chart analysis showed that ORMAT TECHNOLOGIES is strong in dividend, medium in asset, profitability and weak in growth. This indicates that ORMAT TECHNOLOGIES has an intermediate health score with regard to its cashflows and debt, which might be able to pay off debt and fund future operations. Based on our analysis, ORMAT TECHNOLOGIES is classified as ‘cow’, a type of company that has the track record of paying out consistent and sustainable dividends. We believe this to be an attractive investment opportunity for long-term investors, who are looking for steady income, as well as value investors who are interested in the potential of capital gains when the company’s share price rises. More…
Peers
It operates in more than 30 countries and has a strong presence in the US, Europe, and Asia. The company has a diversified portfolio of renewable energy assets and is constantly innovating to stay ahead of its competitors. Some of its major competitors are EDP Renovaveis SA, Northland Power Inc, and Atlantica Sustainable Infrastructure PLC.
– EDP Renovaveis SA ($LTS:0ML1)
EDP Renovaveis SA is a leading renewable energy company in Europe. The company has a market cap of 19.36B as of 2022 and a ROE of 10.17%. The company has a strong presence in the wind and solar energy markets and is one of the largest renewable energy companies in the world. The company has a strong focus on renewable energy and is committed to providing clean, sustainable energy for the future.
– Northland Power Inc ($TSX:NPI)
Northland Power Inc is a Canadian power producer that owns and operates a diversified portfolio of power-generating facilities. The company has a market capitalization of 8.84 billion as of 2022 and a return on equity of 23.88%. Northland Power’s power-generating facilities are located in Canada, the United States, and Germany. The company’s primary business is the generation and sale of electricity to utilities and other large customers.
– Atlantica Sustainable Infrastructure PLC ($NASDAQ:AY)
As of 2022, Atlantica Sustainable Infrastructure PLC has a market cap of 2.93B and a ROE of 10.83%. The company is involved in the development, acquisition, and operation of sustainable infrastructure projects, including solar, wind, and water assets.
Summary
ORMAT Technologies, Inc. is a trusted provider of innovative and sustainable energy solutions. Recently, the company announced a 15-year energy storage service agreement in California. This agreement will provide ORMAT with a steady source of revenue for 15 years. The company is well-positioned to benefit from the growth in renewable energy storage, as it has developed innovative technology to maximize the efficiency and cost-effectiveness of energy storage solutions.
With the increasing demand for clean, reliable energy, ORMAT stands to gain from the growing energy storage market. Investors looking for opportunities in renewable energy may want to take a closer look at ORMAT Technologies as it continues to secure long-term contracts and enter new markets.
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