Ormat Signs a $36 Million EPC Contract with Cyrq Energy, Inc. for the Soda Lake 3 Geothermal Project in Nevada
06 Dezembro 2016 - 10:30AM
Ormat Technologies, Inc. (NYSE:ORA) today announced that its
subsidiary, Ormat Nevada Inc., concluded and signed a $36 million
engineering, procurement and construction (EPC) contract with a
subsidiary of Cyrq Energy, Inc. (Cyrq). Under the EPC contract,
Ormat will provide one air-cooled ORMAT® ENERGY
CONVERTER (OEC) at Cyrq’s Soda Lake geothermal power project
in northern Nevada. The project is expected to come on line in the
first half of 2018.
The new OEC will increase generation and reduce
operating costs by replacing the two currently operating power
plants, which were commissioned by Ormat in the late 1980’s and
early 1990’s, respectively.
Isaac Angel, CEO of Ormat Technologies said, “We
are delighted to be chosen again by Cyrq, having provided the
successful construction of the Thermo No. 1 generation upgrade in
2013. Ormat continues to gain repeat customers for our power plant
solutions due to our strategic advantage of being a vertically
integrated company which enables Ormat to constantly develop and
advance our technology. Over the years, we increased our OEC unit
sizes considerably and improved efficiencies, providing our clients
with the ability to utilize geothermal resources in a more
sustainable and economical manner. The Soda Lake project will
benefit from these advancements in our OEC proprietary technology
derived over the past three decades, and this contract will further
strengthen our position as a reliable and dependable supplier and
contractor. Following the signing of this contract, which was
included in the previously announced $100 million of contracts
under negotiations, it will be added to our backlog, bolstering the
revenues from our products segment over the next two years.”
“We are very pleased to work with Ormat on our
Soda Lake 3 project,” said Nick Goodman, CEO of Cyrq Energy,
Inc. “Ormat has been able to provide the best overall solution
in our competitive process, and based on their performance on our
Thermo No. 1 project, which was nothing short of stunning, we have
every expectation that Soda Lake 3 will be another flagship project
in Nevada. Soda Lake 3 will be a great example of the evolution of
geothermal technology and the sustainability of geothermal
resources."
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 710 MW generating portfolio is
spread globally in the U.S., Guadeloupe, Guatemala and Kenya.
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 (ext. 65726)
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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