RENO, Nev., Dec. 11, 2024 (GLOBE NEWSWIRE) — Ormat Technologies, Inc. announced… (NYSE:) (Ormat or the Company), a leading geothermal and renewable energy technology company, today announced the pricing of a secondary offering of 3,700,000 shares of its common stock on behalf of ORIX. The offering is expected to close on December 13, 2024, subject to customary closing conditions. Ormat is not offering any of its common shares in the offering on its own account and will not receive any proceeds from the sale of the shares offered by the selling stockholder.
Goldman Sachs & Co. (NYSE:). LLC acts as the sole book-running manager and guarantor of the offering. Shares of common stock are being sold to the public at an initial price of $76.20 per share. Goldman Sachs & Co. will have LLC has a 30-day option to purchase up to an additional 555,000 shares of Ormat common stock from ORIX.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws. In any other country or jurisdiction.
The offering is being made pursuant to an automatically effective shelf registration statement on Form S-3 filed with the SEC on December 11, 2024. The offering may be made only by means of a base prospectus and the relevant prospectus supplement, copies of which may be obtained by contacting c/o Goldman Sachs & Co. LLC, Attention: Prospectus Department, 200 West Street, New York, NY 10282, or by telephone at (866) 471-2526, or email us at prospectus-ny@ny.email.gs.com.
About Ormat Technologies
With over five decades of experience, Ormat Technologies, Inc. A leading geothermal company and the only vertically integrated geothermal generation and recovered energy (REG) company, with aggressive plans to accelerate and enhance long-term growth in the energy storage market. Establish a leading position in the energy storage market in the United States. The company owns, operates, designs, manufactures and sells geothermal and REG plants that are primarily based on the Ormat power converter – a power generating unit that converts low, medium and high temperature heat into electricity. The company designs, manufactures and builds power plants, which it currently owns or has installed for utilities and developers around the world, with a total combined capacity of approximately 3,400 megawatts. Ormat leveraged its core capabilities in the geothermal and REG industries and its global presence to expand the company's activity in energy storage, solar photovoltaic (PV) and energy storage plus solar PV services. Ormat's current generation portfolio totals 1,500 MW with a 1,230 MW geothermal and solar generation portfolio located globally in the United States, Kenya, Guatemala, Indonesia, Honduras and Guadeloupe, and a 270 MW energy storage portfolio located in the United States.
Forward-looking statements
The information provided in this press release may contain statements regarding current expectations, estimates and predictions about future events that are considered “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements include statements regarding the completion of the offering. Actual future results may differ materially from those anticipated as a result of certain risks, uncertainties and other risks described under “Risk Factors” as described in Ormat's Annual Report on Form 10-K filed with the Securities and Exchange Commission (SEC) on February 23, 2024, and in its reports. Ormat subsequent quarterly reports on Form 10-Q and annual reports on Form 10-K that are filed from time to time with the Securities and Exchange Commission.
These forward-looking statements are made only as of the date hereof, and except as required by law, Ormat undertakes no obligation to update or revise forward-looking statements, whether as a result of new information, future events or otherwise.
| Contact Ormat Technologies: Smadar Lafi Vice President of Investor Relations and ESG Planning and Reporting 775-356-9029 (ext. 65726) slavi@ormat.com |
Investor Relations Agency Contact: Joseph Caminiti or Josh Carroll Alpha IR Group 312-445-2870 ORA@alpha-ir.com |
