Ormat Technologies (ORA) announced the signing of a strategic commercial agreement with Sage Geosystems. Under the terms of the agreement, Sage will pilot its advanced Pressure Geothermal technology to extract geothermal heat energy from hot dry rock at an existing Ormat power plant. This collaboration aims to significantly reduce the time needed to bring geothermal energy to market and is expected to enhance Ormat’s operational efficiency while accelerating the implementation of next-generation geothermal solutions. Following the completion of the pilot project, Ormat will have the right to develop, build, own and operate geothermal power plants using Sage’s Pressure Geothermal techniques. In addition, Ormat will have the right to develop, build, own and operate long- and short-duration energy storage projects utilizing Sage’s pressure geothermal energy storage technology. The transaction, envisioned by the agreement, is subject to closing conditions and is anticipated to close by year-end.
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