Viridity Energy Solutions Inc. (“Viridity”), a wholly owned
subsidiary of Ormat Technologies, Inc. (NYSE:ORA) and a leader in
energy storage, is pleased to announce groundbreaking on two 20 MW
/ 20 MWh standalone utility-connected battery energy storage
projects that the company will own and operate in New Jersey. As
previously announced, Viridity and Ormat teams are providing the
project engineering, procurement and construction (EPC) services.
The combined projects, interconnected with Jersey Central Power
and Light’s transmission grid, will provide real-time frequency
regulation as well as other ancillary services to the grid
operator, PJM Interconnection. Viridity expects to begin operation
of both systems in late 2018.
On June 4, 2018, Viridity broke ground on the two projects in a
ribbon-cutting ceremony attended by many state elected officials
and dignitaries, including New Jersey’s U.S. Congressman for the
7th District, Leonard J. Lance, and the Mayor of Alpha Borough,
Craig S. Dunwell.
“Viridity is very proud to break ground on the two largest
battery storage systems ever implemented in New Jersey, which will
provide stability to the power grid and benefit the local
communities,” said Mack Treece, CEO of Viridity.
Located in Plumsted Township and Alpha Borough, New Jersey, the
storage projects were jointly developed by Amergin Energy LLC, an
energy technology and solutions provider, and Akula Energy
Ventures, an early-stage energy private equity firm. In January
2018, Viridity acquired the projects from Amergin and Akula,
advancing them from engineering and design and to construction.
“Viridity, together with its parent company, Ormat Technologies,
Inc., have the capabilities and expertise to ensure these projects
will have the highest possible performance in the PJM market,” said
Tom Brayman, founder of Amergin Energy.
“Viridity will be an ideal owner of these assets and has
expertise in operating projects in the PJM market,” said Srikant
Akula, founder of Akula Energy Ventures.
About Viridity Energy Solutions Inc.Viridity
Energy Solutions, a wholly owned subsidiary of Ormat Technologies,
Inc., is a leading battery storage and distributed generation,
demand response, and demand management solution provider. Through
its unique, flexible and turnkey VPower™ software and services
platform, Viridity maximizes energy revenue and savings for its
customers. Viridity empowers customers to cut their electricity
prices through best-in-class proprietary peak shaving algorithms
and its market-leading VPower™ optimization software, which ensures
the best economic return for each kilowatt of flexible energy load,
including generating revenue for customers in the wholesale energy
markets. Viridity is a market leader in advanced distributed energy
resources (“DER”), with a specific focus on battery storage. By
combining the skills of Viridity with its parent company Ormat,
Viridity brings to market the unique ability to provide a broad,
end-to-end DER solution either as a service, with no capital outlay
by the customer, or as a sale.
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
Viridity'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 Viridity's parent
company, Ormat Technologies, Inc.'s, Annual Report on Form 10-K
filed with the Securities and Exchange Commission on March 16,
2018.
These forward-looking statements are made only as of the date
hereof, and Viridity undertakes no obligation to update or revise
the forward-looking statements, whether as a result of new
information, future events or otherwise.
About Amergin Energy LLC Amergin focuses on
providing creative solutions to key global challenges in the power
and infrastructure sectors. Amergin seeks to implement further
advanced solutions, including implementation of blockchain
technology to transform financing and ownership in the global power
and infrastructure sectors.
About Akula Energy Ventures LLCAkula is an
early-stage private equity firm focused on strategic investment in
renewable energy projects and companies. Akula invests across the
energy spectrum, including solar, biogas and battery energy
storage. Akula has targeted investments and partnerships in the
United States and Asia.
About Ormat TechnologiesWith 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 77 U.S. patents,
Ormat’s power solutions have been refined and perfected under the
most grueling environmental conditions. Ormat has 530 employees in
the United States and 770 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 2,600 MW of gross capacity. Ormat’s current 851 MW generating
portfolio is spread globally in the U.S., Kenya, Guatemala,
Indonesia, Honduras and Guadeloupe. In March 2017, Ormat expanded
its operations to provide energy storage and energy management
solutions, by leveraging its core capabilities and global presence
as well as through its Viridity Energy Solutions Inc. subsidiary, a
Philadelphia-based Company with nearly a decade of expertise and
leadership in energy storage, demand response and energy
management.
Viridity Energy Contact:Tyler
Breinertbreiner@viridityenergy.comPhone: (267)
331-4540viridityenergy.com
A photo accompanying this announcement is available at
http://www.globenewswire.com/NewsRoom/AttachmentNg/d30f0278-9b0f-4604-81c3-bfb8a4e5fc6b
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