Ormat Technologies Inc.

02. February 2021 Innovative Companies
Geothermal Power Station and Bright Turquoise Lake in Iceland at Summer Sunny Day

January 2021 

Ormat Technologies Inc. is an independent power producer and develops and operates renewable energy projects. The company provides geothermal, energy recovery, energy management, and energy storage solutions and serves customers worldwide. It develops, owns, and operates geothermal and solar photovoltaic power plants, as well as recovered energy power plants, and sells electricity, among other services.

Geothermal Power Station and Bright Turquoise Lake in Iceland at Summer Sunny Day


At an international level, Ormat Technologies Inc. is active in the field of power generation and geothermal energy production. The company is picking up the megatrend of sustainable energy generation and investing in further innovative technologies for waste heat recovery and energy storage. Likewise, new components and equipment are being developed for geothermal, recovered-heat-based power generation, and remote-controlled power plants. This segment also provides services and comprehensive consulting in the field of energy storage and energy management. The innovation focus of its research and development efforts is on the conceptual thermodynamic cycle and key equipment of power plants. New areas of innovation include software implementation for predictive maintenance and automation of power plant performance analysis. These products are at an early stage of development and are intended to open up new markets.

New optimization algorithms are being developed by the Viridity business unit to optimize the lifetime of a battery energy storage system and the economic return on investment for the company, as well as its customers. Thus, trend forecasts can be made in connection with the electricity consumption of their customers and the power grid. The expansion of the Steamboat Hills geothermal power plant in Nevada was completed in the middle of last year and commercial operations commenced. The expansion work included the replacement of all old power plant equipment with new state-of-the-art equipment and resource modifications. The new equipment is expected to increase the productivity and efficiency of the power plant and reduce maintenance costs per kWh.

Every month ALPORA presents an ALPORA Top Innovator for each innovation fund. For each company, a detailed innovation analysis was carried out based on the ALPORA-Methods and the resulting innovation efficiency score was determined.