Ormat Enters Joint Development Agreement With eBay Inc. for Development of Five-Megawatt Recovered Energy Generation Power Pl...
26 Setembro 2013 - 9:15AM
Ormat Technologies, Inc.'s (NYSE:ORA) wholly owned subsidiary
entered a Joint Development Agreement with eBay Inc. for the
development of a five-megawatt Recovered Energy Generation (REG)
power plant to be constructed in Utah. The Joint Development
Agreement allows Ormat and eBay Inc. to advance negotiations on a
20-year term contract and begin preliminary development work to
supply cleaner electricity to eBay Inc.'s new Salt Lake City-based
data center.
"We commend eBay Inc.'s commitment to sustainable commerce and
look forward to helping them achieve their clean energy goals,"
said Yoram Bronicki, president and chief operating officer for
Ormat. "We're hopeful that our work with eBay Inc. will continue to
promote REG as a predictable, environmentally friendly energy
source that provides a hedge against the variability of fossil fuel
costs.
"This is a shining example of energy efficiency playing a bigger
role in the U.S. energy market. REG offers a proven solution for
clean energy to significantly improve energy efficiency to an
existing facility. These benefits directly contribute to President
Obama's national goal, set forth by Executive Order, to coordinate
and strongly encourage efforts to deploy 40 gigawatt of energy
efficiency in the U.S. by the end of 2020."
The development was made possible by state legislation eBay Inc.
helped develop that enables non-utility energy consumers to buy and
transmit power directly from energy developers. Following passage
of SB12 in 2012, eBay Inc. initiated a structured procurement
process, through which Ormat was selected as the winning bid. eBay
Inc. aims to purchase electricity generated from a REG facility
constructed and operated by Ormat and deliver that energy to serve
a portion of its Utah data center load requirements.
"SB12 was a critical component to identifying Ormat as a
solution to our greener energy needs," said Dean Nelson, vice
president, global foundation services at eBay Inc. "This milestone
points to our belief that commerce can be fundamentally more
sustainable than it is today – and that eBay Inc. can be a leader
in that transition. We look forward to continuing in our pursuit of
contracting REG power and to reach, and possibly surpass, our goal
to source at least eight percent of our energy from cleaner sources
by 2015."
Ormat's REG power plants capture waste heat that would otherwise
be released to the atmosphere and convert that heat into energy
using an Ormat Energy Converter, similar to those used in
geothermal electricity generation. With over 160 MW of installed
REG capacity in North America, Ormat is the leading manufacturer
and developer of waste heat recovery generation. And, with
over 665 MW in North America and 1600 MW of installed gross
capacity worldwide, Ormat is a front-runner in the design and
supply of geothermal and REG technology in the global market.
About Ormat Technologies, Inc.
With over four decades of experience, Ormat Technologies, Inc.
is a leading geothermal company and the only vertically integrated
company solely engaged in geothermal and recovered energy
generation (REG). The company owns, operates, designs, manufactures
and sells geothermal and REG power plants primarily based on the
Ormat Energy Converter—a power generation unit that converts low-,
medium- and high-temperature heat into electricity. With over 82
U.S. patents, Ormat's power solutions have been refined and
perfected under the most grueling environmental conditions. Ormat
has over 500 employees in the United States and about 600 overseas.
Ormat's flexible, modular solutions for geothermal power and REG
are ideal for the vast range of resource characteristics. The
company has engineered, manufactured and constructed power plants,
which it currently owns or has supplied to utilities and developers
worldwide, totaling approximately 1600 MW of gross capacity.
Ormat's current generating portfolio of 595 MW (net) is spread
globally in the U.S., Guatemala and Kenya.
Ormat's 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
Technologies, Inc.'s Annual Report on Form 10-K filed with the
Securities and Exchange Commission on March 11, 2013.
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.
CONTACT: Ormat Technologies Contact:
Dita Bronicki
CEO
775-356-9029
dbronicki@ormat.com
Investor Relations Contact:
Todd Fromer/Rob Fink
KCSA Strategic Communications
212-896-1215 (Fromer)/212-896-1206 (Fink)
tfromer@kcsa.com / rfink@kcsa.com
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