USA, Nevada: Ormat Looking to Expand Geothermal Energy Business through Acquisitions

Ormat Technologies turns focus to geothermal, energy storage M&A (SNL)

Ormat Technologies Inc. is exploring potential acquisitions in geothermal energy and energy storage following its $35 million acquisition of demand response and battery storage solutions provider Viridity Energy Inc. The Nevada-based renewable energy technology company is targeting acquisitions that will expand its generation capacity, CEO Isaac Angel said on an Aug. 3 earnings call.

"We are actively looking both for geothermal projects and for power plants that we can buy, enhance or operate," Angel said. "On the storage side, we're looking for companies that will add us value from technology side or projects ready to develop and we will enter with the developer and build it."

Ormat closed its acquisition of Viridity on March 15 and has added staff for storage projects on the West Coast while Viridity maintains its activity on the East Coast. The combined entity has participated in multiple requests for proposals, Angel said.

"We are not going to be in the battery side at all," he added. "We will use existing battery or future batteries that will come up. We will provide solutions to manage and build and operate."

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