ORA Ormat Technologies Inc

Ormat Technologies Signs a New Contract for an ORMAT Recovered Energy Generation Facility SPARKS, Nev., June 1 /PRNewswire-FirstCall/ -- Ormat Technologies, Inc. (NYSE:ORA), today announced that, through its wholly owned subsidiaries, it has entered into supply and construction agreements for approximately US $9,150,000 for an ORMAT Recovered Energy Generation (REG) power plant with a pipeline company in Western Canada (the "Supplier"). The facility will have a design capacity of 5.0 MW net and will convert recovered waste heat from an existing gas turbine driving a compressor on the Supplier's pipeline into electrical power. (Logo: http://www.newscom.com/cgi-bin/prnh/20040422/LATH066LOGO) The Supplier will sell the electricity generated by the facility to the local Utility under a long-term power purchase agreement. The ORMAT Energy Converter is a closed loop, Organic Rankine Cycle-based power conversion technology, which converts recovered heat to electric power without the need for any additional fuel or water. The ORMAT Recovered Energy Generation System provides for a power generation facility with minimal environmental impact. Lucien Y. Bronicki, Chairman of the Board and Chief Technology Officer of Ormat Technologies, said, "This agreement provides further validation of the importance of recovered energy, a market with high growth potential. The agreement marks ORMAT's third achievement in recovered energy this year. As previously announced, Ormat had entered into a power purchase agreement to supply 22 MW from recovered energy generation plants in North and South Dakota, and separately, entered into a letter of intent to provide a 4.95 MW facility to a utility in the Northwestern United States. We are very pleased with our progress on this area." About Ormat Technologies Ormat Technologies, Inc. is a vertically integrated company primarily engaged in the geothermal and recovered energy power business. The company designs, develops, builds, owns and operates geothermal power plants. It also designs, develops and builds, and plans to own and operate, recovered energy-based power plants. Additionally, the company designs, manufactures and sells geothermal and recovered energy power units and other power generating equipment, and provides related services. Ormat products and systems are covered by more than 70 patents. Ormat currently has operations in the United States, Israel, the Philippines, Guatemala, Kenya, and Nicaragua. Safe Harbor Statement 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 generally relate to Ormat's plans, objectives and expectations for future operations and are based upon its management's current estimates and projections of future results or trends. Actual future results may differ materially from those projected as a result of certain risks and uncertainties. For a discussion of such risks and uncertainties, see "Risk Factors" as described in Ormat's Annual Report on Form 10-K/A, filed with the Securities and Exchange Commission on April 12, 2005. These forward-looking statements are made only as of the date hereof, and we undertake no obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise. Ormat Technologies Contact: Investor Relations Contact Dita Bronicki Jeff Corbin/Todd Fromer CEO and President KCSA Worldwide +1-775-356-9029 212-896-1214/212-896-1215 / http://www.newscom.com/cgi-bin/prnh/20040422/LATH066LOGO http://photoarchive.ap.org/ DATASOURCE: Ormat Technologies, Inc. CONTACT: Dita Bronicki, CEO and President of Ormat Technologies, Inc., +1-775-356-9029, ; or Investors, Jeff Corbin, +1-212-896-1214, , or Todd Fromer, +1-212-896-1215, , both of KCSA Worldwide, for Ormat Technologies, Inc. Web site: http://www.ormat.com/

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