Ormat Industries
An Ormat 20MW binary power plant at Steamboat, Nevada, USA.
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| Public | |
| Traded as | : ORA : ORA |
| Industry | Alternative energy and Renewable energy |
| Founded | 1965 |
| Founder | Lucien and Dita Bronicki |
| Headquarters | Nevada, United States |
| Products | Geothermal power, Energy recovery |
| Revenue | US$ 594.6 million (2015) |
| US$ 164.1 million (2015) | |
| Profit | US$ 123.3 million (2015) |
| Total assets | US$ 2,293 million (2015) |
| Total equity | US$ 1083.9 million (2015) |
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Number of employees
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1,060 (2015) |
| Website | www.ormat.com |
Ormat Technologies Inc. is a provider of alternative and renewable energy technology based in Reno, Nevada. The company built over 150 power plants and installed over 2,000 MW. As of February 2016 Ormat owns and operates 697 MW of geothermal and recovered energy based power plants. The company's shares have been listed on the since 1991, and the since 2004. The company's main production facilities are based in Yavne, Israel.
Ormat was established in 1965 as Ormat Turbines Ltd. (later renamed Ormat Industries), in Yavne, Israel, by engineer Lucien Bronicki (who was the company's chairman and CTO until 2014) and wife Yehudit "Dita" Bronicki (who served as CEO until 2014).
In the late 1950s Lucien Bronicki worked in a government physics laboratory, where he developed a turbine to produce electricity from a range of energy sources, including solar; the process is known as organic Rankine cycle, which he co-developed with Harry Zvi Tabor. He retired from the lab to commercialize his ideas and set up Ormat. In its early years the company focused exclusively on manufacturing power generation equipment.
The 1970s energy crisis increased interest in efficient generation technology. To exploit this situation, Ormat obtained financial assistance from the Israeli government and raised capital from private investors to build one of the world's first solar-driven power stations. However the power station was not economically viable and was abandoned in 1988.
During the 1980s Ormat developed generation systems utilizing recovered energy, i.e. heat emitted during industrial processes. The company also applied its technology to generate electricity from geothermal sources.
In 1986, Ormat designed and supplied geothermal power systems to the Kawerau Power Station in New Zealand. Since then 13 geothermal power plant were built by Ormat in New Zealand.
In 1989, Ormat supplied geothermal equipment for the regional heating system at Sudurnes Iceland; which utilizes the abundant local geothermal resources to provide heating for 20,000 people.
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