Ormat Technologies Issues Statement
01 Março 2021 - 6:42PM
Ormat Technologies, Inc. (NYSE: ORA) (the “Company” or “Ormat”)
issued the following statement in response to a March 1, 2021 write
up by Hindenburg Research LLC (“Hindenburg”). Hindenburg is a
self-proclaimed short seller who we believe stands, along with its
clients, to realize significant gains in the event that Ormat’s
stock price declines.
Hindenburg’s claims are inaccurate and filled
with innuendo in an attempt to mislead investors about Ormat.
We have been providing clean renewable energy in
Kenya, Honduras and Guatemala for many years, supporting local
communities. Our facilities are financed by numerous leading
multinational banks, which conduct extensive due diligence on the
Company and its operations prior to entering into lending
agreements. We are committed to conducting all of our business
according to the highest ethical standards, and we have clear
policies in place to ensure our people and our partners act
accordingly and consistent with all applicable laws and
regulations.
The Company is aware of claims being
investigated in Israel regarding Ravit Barniv, an Ormat Board
member, and Hezi Kattan, the Company’s General Counsel and Chief
Compliance Officer. The claims involve Ms. Barniv’s and Mr.
Kattan’s work at another company, prior to joining Ormat. Those
claims remain subject to a governmental hearing that may take time
to conclude and Ormat is monitoring the process closely.
On February 24, 2021, the Company’s Board of
Directors determined that, at this time, it would be prudent to
transfer the responsibility for the Company’s compliance function
to other members of the Ormat management team until these issues
are resolved. In addition, Ms. Barniv told the Board of Directors
that she believes that investor attention should be focused on
Ormat’s strong performance and future prospects. Accordingly, she
has decided not to stand for reelection at the upcoming Annual
Meeting expected in May.
Ormat is a global leader in geothermal energy.
As the only vertically integrated company in our industry, Ormat is
uniquely positioned to serve customers from plant design to supply
and development of geothermal, recovered energy, and energy
management and storage solutions.
Ormat’s Board of Directors and leadership team
are confident in the Company’s strategy. Our strong performance
shows that we are on the right path for long-term success and to
continue the Company’s growth trajectory. We are focused on
capitalizing on our momentum – even in light of the COVID-19
pandemic – and will continue to serve and act in accordance with
our values, high ethical standards and in our shareholders’ best
interests.
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 robust plan to accelerate long-term
growth in the energy segment market to establish leading position
in the U.S. energy storage market. 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. The Company has engineered, manufactured and
constructed power plants, which it currently owns or has installed
to utilities and developers worldwide, totaling approximately 3,200
MW of gross capacity. Ormat leveraged its core capabilities in the
geothermal and REG industries and its global presence to expand the
Company activity into the energy storage services, solar
Photovoltaic (PV) and energy storage plus Solar PV. Ormat’s current
932 MW of geothermal and Solar generating portfolio is spread
globally in the U.S., Kenya, Guatemala, Indonesia, Honduras, and
Guadeloupe and its 73 MW energy storage portfolio is located in the
U.S.
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’s Form 10-K
filed with the Securities and Exchange Commission (“SEC”) on
February 26, 2021 and from time to time, in Ormat’s quarterly
reports on Form 10-Q that are filed with the SEC.
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 LaviVP Corporate Finance and Head
of Investor Relations775-356-9029 (ext.
65726)slavi@ormat.com |
|
Investor Relations Agency Contact:Rob FinkFNK
IR646-415-8972rob@FNKIR.com |
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