Why Would A Geothermal Company Buy A Demand Response And Storage Company? (Forbes)
Ormat Technologies announced it was buying Viridity Energy for $35 million, an acquisition that – according to its press release – would “mark Ormat’s entry into the growing energy storage and demand response markets, with an established North American presence.”
Ormat’s CEO Isaac Angel is quick to acknowledge that the deal might surprise the casual observer, both in terms of the sector and the specific company. Angel indicates that Ormat is continuously looking into other growth areas and its evolving strategy calls for strengthening the company beyond the realm of geothermal energy. This strategy envisions expansion into other geographies as well as the acquisition of companies that can add to Ormat’s technology and leverage its existing assets.