Ormat wins $35m US funding

Israeli geothermal energy company Ormat Technologies has been selected by the US Department of Energy for up to $35 million in funding for projects in Nevada and Utah. The company will receive $25 million for an Enhanced Geothermal Systems project at Dixie Valley, Nevada, and $9.7 million for hydrothermal development at Cove Fort, Utah. The awards are subject to completion of negotiations.

Israeli geothermal energy company Ormat Technologies Inc. announced it has been selected by the US Department of Energy for up to $35 million in funding. The company will receive $25 million in partnership with SLB and the University of Utah to advance an Enhanced Geothermal Systems (EGS) project at its Dixie Valley geothermal project in Nevada. A further $9.7 million, in partnership with the University of Utah, will advance hydrothermal geothermal development at its Cove Fort project in Utah. The awards are subject to completion of negotiations. Ormat, managed by CEO Doron Blacher, is dual-traded on Wall Street with a market cap of $5.8 billion. The share price rose 1.2% on the announcement, though the stock is down 35% from its peak earlier this year. Blacher stated that the awards reinforce the role of innovation and collaboration in advancing geothermal development in the US.