ORMAT TECHNOLOGIES Business Summary

Ormat Technologies, Inc. (ORA) is a leading vertically integrated renewable energy company specializing in geothermal and recovered energy generation (REG). The company operates through three primary segments: Electricity, Product, and Energy Storage. The Electricity segment, accounting for approximately 70% of revenue, generates long-term contractual income by developing, owning, and operating geothermal and solar PV plants, recently expanding into direct Power Purchase Agreements (PPAs) with hyperscalers like Google and Switch. The Product segment designs, manufactures, and sells proprietary equipment, such as the Ormat Energy Converter (OEC), while providing engineering, procurement, and construction (EPC) services. The high-growth Energy Storage segment manages grid-connected battery systems (BESS) and generates revenue via merchant market participation and capacity payments. Competing against diversified energy players like AES Corporation, Enel Green Power, and Genie Energy, Ormat maintains a unique market position as the only geothermal provider that controls the entire value chain from equipment manufacturing to resource exploration and power generation. Originally founded in 1965 by Lucien and Yehudit Bronicki, the company is currently led by CEO Doron Blachar, who has served in the role since 2020 following a seven-year tenure as CFO. The executive team includes CFO Assaf (Assi) Ginzburg and was recently bolstered by the 2025 appointments of Aron Willis as EVP of the Electricity Segment and Daniel Moelk as SVP of Resources, Drilling & EGS to spearhead next-generation Enhanced Geothermal Systems (EGS). Technical leadership is further supported by Elad Zalkin, Senior VP of Projects, and Ofer Benyosef, who leads Energy Storage and Business Development. The company’s board is chaired by former CEO Isaac Angel and features significant institutional backing from ORIX Corporation, which holds a major stake, alongside prominent investors such as Vanguard, BlackRock, and State Street.