Ormat and Alevo to Jointly Build, Own and Operate First Energy Storage Project in Georgetown, Texas
30 Março 2016 - 9:33AM
Ormat Technologies, Inc. (NYSE:ORA) announced today its subsidiary
has signed an agreement with a subsidiary of Alevo Group SA, a
leading provider of energy storage systems, to jointly build, own
and operate the Rabbit Hill Energy Storage Project, located in
Georgetown, Texas.
Ormat will own and fund the majority of the
Rabbit Hill energy storage project and under the terms of the
agreements, will provide engineering, construction services and
balance of plant equipment. Alevo will provide its innovative
GridBank inorganic lithium ion energy storage system in conjunction
with the power conversion systems. In addition, Alevo will provide
ongoing management and operations and maintenance services for the
life of the project.
The 10 MW project will consist of three
GridBank™ enclosures and will provide fast responding regulation
services (FRRS) as an open market participant in the Electric
Reliability Council of Texas (ERCOT), an independent system
operator that manages the flow of electric power to Texas
customers. The project represents an important milestone in the
evolution of the Texas market, which has more wind installed than
any other state and has a rapidly expanding base of installed solar
energy projects. Integrating renewable energy into the grid will
increasingly require the flexibility and capabilities that fast,
accurate storage resources provide in order to balance the grid at
lowest cost.
“Entering the energy storage market is a key
component of our long term growth plan, helping us to further
diversify revenues and advancing our goals of transitioning from a
geothermal company to a recognized leader in the renewable energy
industry,” commented Isaac Angel, Chief Executive Officer. “While
we do not expect our initial expansion into this area to generate
material revenues for Ormat, we anticipate that collaborating with
Alevo, with its innovative technology and global presence will
allow us to make significant progress towards our expansion in this
field. We see the energy storage market as a meaningful growth
driver for Ormat and for the renewable energy industry and we
continue to work on similar and other initiatives to support value
for our shareholders.”
“We are pleased to be partnering with the
innovative and forward looking management of Ormat and look forward
to building a long lasting relationship as we move towards a more
efficient energy market,” said Christopher Christiansen, President,
Alevo Inc. “They have long been a leader in the renewable energy
sector, and we are excited they have chosen Alevo for this exciting
opportunity.”
About Ormat Technologies
With over five decades of experience, Ormat
Technologies, Inc. is a leading geothermal company and the only
vertically integrated company engaged in geothermal and recovered
energy generation (REG), with the objective of becoming a leading
global provider of renewable energy. 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 72 U.S. patents, Ormat’s power solutions have
been refined and perfected under the most grueling environmental
conditions. Ormat has 450 employees in the United States and over
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 installed
to utilities and developers worldwide, totaling over 2,000 MW of
gross capacity. Ormat’s current 697 MW generating portfolio is
spread globally in the U.S., Guatemala and Kenya.
About Alevo
Alevo, a leading provider of energy storage is redefining energy
as a developer, manufacturer and provider of grid-scale energy
storage solutions featuring GridBank™ & Alevo Analytics.
GridBank Lithium-Ion batteries feature a proprietary inorganic
electrolyte (Alevolyte™), which is non-flammable and offers extreme
long life and stability. Alevo’s vertically engineered turnkey
energy storage solution can be placed anywhere on the electricity
supply chain, to reduce energy waste, lower greenhouse gases and
other emissions, create efficiencies and lower costs. Founded
in 2009, Alevo is headquartered in Switzerland with GridBank
manufacturing in the US. For more information,
visit www.alevo.com.
Ormat’s Safe Harbor
StatementInformation 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 February 26, 2016.
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:
Smadar Lavi
Investor Relations
775-356-9029
slavi@ormat.com
Investor Relations Agency Contact:
Rob Fink/Brett Maas
Hayden - IR
646-415-8972/646-536-7331
rob@haydenir.com / brett@haydenir.com
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