Ormat Releases 2022 Sustainability Report

RENO, Nev., Oct. 12, 2023 (GLOBE NEWSWIRE) -- Ormat Technologies, Inc. (NYSE: ORA), a leading renewable energy company, today released the Company’s annual Sustainability Report, providing an overview of the Company’s environmental, social and governance (ESG) performance in 2022.

The 2022 Sustainability report has been updated and structured to enhance the clarity of Ormat’s ESG-related activities. The report includes a detailed chapter on each of our environmental, social, and governance measures, initiatives, and activities, and it is written according to GRI (Global Reporting Initiative) and guided by SASB’s (Sustainability Accounting Standards Board) requirements and recommendations.

Doron Blachar, CEO of Ormat Technologies, stated, “As a global renewable energy company, and a leader in the geothermal technology space, sustainability has always been a focus at Ormat and we play an important role in the global fight against climate change. Our Sustainability report highlights the progress we’ve made in developing more sustainable practices globally, and it also showcases how we operate the business in an ethical and inclusive manner. ESG has always been embedded in our company’s culture, and we remain committed to addressing critical energy and climate challenges and the advancement of our employees and members of the communities where we operate.”

Ormat’s 2022 Sustainability Report is available on the Sustainability section of the Company’s website at https://www.ormat.com.

ABOUT ORMAT TECHNOLOGIES

With over five decades of experience, Ormat Technologies, Inc. is a leading geothermal company and the only vertically integrated company engaged in geothermal and recovered energy generation (“REG”), with robust plans to accelerate long-term growth in the energy storage market and to establish a leading position in the U.S. energy storage market. The Company owns, operates, designs, manufactures and sells geothermal and REG power plants primarily based on the Ormat Energy Converter – a power generation unit that converts low-, medium- and high-temperature heat into electricity. The Company has engineered, manufactured and constructed power plants, which it currently owns or has installed for utilities and developers worldwide, totaling approximately 3,200 MW of gross capacity. Ormat leveraged its core capabilities in the geothermal and REG industries and its global presence to expand the Company’s activity into energy storage services, solar Photovoltaic (PV) and energy storage plus Solar PV. Ormat’s current total generating portfolio is 1,277 MW with a 1,107 MW geothermal and solar generation portfolio that is spread globally in the U.S., Kenya, Guatemala, Indonesia, Honduras, and Guadeloupe, and a 170 MW energy storage portfolio that is located in the U.S.

ORMAT’S SAFE HARBOR STATEMENT

Information provided in this press release may contain statements relating to current expectations, estimates, forecasts and projections about future events that are "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that we expect or anticipate will or may occur in the future, including, but not limited to, statements about expectations in connection with the Company’s ESG plans, initiatives, projections, goals, commitments, expectations or prospects, including targets and goals, are forward-looking statements. When used in this press release, the words “may”, “will”, “could”, “should”, “expects”, “plans”, “anticipates”, “believes”, “estimates”, “predicts”, “projects”, “thinks”, “forecasts”, “guidance”, “continue”, “goal”, “outlook”, “potential”, “prospect”, “target” or “contemplate” or the negative of these terms or other comparable terminology are intended to identify forward-looking statements, although not all forward-looking statements contain such words or expressions. Forward-looking statements about “target” or “targeted” amounts represent current goals of Ormat’s management and are neither estimates of Ormat’s actual results nor financial projections or forecasts that have been prepared in accordance with Securities and Exchange Commission rules or guidelines adopted by the American Institute of Certified Public Accountants. These forward-looking statements are not intended to be a guarantee of future results, but instead constitute Ormat’s current expectations based on assumptions that Ormat currently believes are reasonable. You are cautioned not to place undue reliance on the expectations, projections and other forward-looking statements as actual future results and developments may differ materially from such expectations, projections and forward-looking statements due to a number of risks, uncertainties and other factors, many of which are beyond Ormat’s control. These risks uncertainties and other factors include, but are not limited to, our assumptions not being realized, our ability to execute our strategies in the time frame expected or at all, changing government regulations, scientific or technological developments, climate-related conditions and weather events, our ability to gather and verify data regarding environmental impacts, the compliance of various third parties with our polices and procedures and our expansion into new products, services and geographic regions, as well as the risks, uncertainties and other factors 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 24, 2023, and in Ormat’s subsequent quarterly reports on Form 10-Q that are filed from time to time with the SEC.

These forward-looking statements are made only as of the date hereof, and, except as legally required, we undertake no obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise.