Ormat Technologies Receives Order from Geo X GmbH for Geothermal Generation Plant in Germany
20 July 2006
Plant to be Located in Landau, Germany
Reno, Nevada, July 20, 2006 -- Ormat Technologies, Inc. (NYSE: ORA) today announced that one of its subsidiaries has entered into a contract valued at $4.4 million with Geo X GmbH of Ludwigshafen, Germany, for the supply of one ORMAT® Energy Converter ("OEC") for a geothermal power plant, located in Landau, Germany. The equipment is to be supplied and installed within 17 months from the date of signature of the contract.
The construction of the pre-assembled OEC at the Geo X site in Landau will be undertaken by a third party under a consortium agreement with Ormat.
"This is the first order we have received for a geothermal plant in Germany. Construction of three other geothermal projects in Europe is being completed in the Azores Islands, Portugal and in Turkey. Geothermal plants using Ormat equipment in Europe are in operation in the Azores Islands, Iceland and Austria", said Lucien Y. Bronicki, chairman of the board and chief technology officer of Ormat Technologies.
Mr. Bronicki continued, "Europe's energy policy agenda, which seeks both energy independence and emission reduction, offers Ormat important opportunities and the potential for further growth in our products business. Ormat's OECs and Recovered Energy Generation ("REG") systems for energy intensive industries are optimal solutions that deliver clean, reliable and secure energy to help meet Europe's rigorous energy policy demands."
The geothermal plant at Landau will consist of one ORMAT® Energy Converter (OEC) using Ormat's Organic Rankine Cycle technology, which converts geothermal heat to electric power enabling reinjection of 100% of the geothermal water back to the geothermal reservoir without the need for any additional fuel or water. The OEC units are environmentally benign as they have no emissions of CO2 or NOX, and being air-cooled, they do not consume any water.
