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Identity verified against SEC EDGAR filing 0001296445-26-000006; registered as ORMAT TECHNOLOGIES, INC., CIK 0001296445.

Ormat Technologies

Ormat Technologies is mapped to the Enhanced geothermal as subsurface industrial reuse theme as Geothermal independent power producer and surface power-equipment OEM (binary/ORC units) advancing into EGS as both developer and equipment supplier.. Highest-purity listed exposure among the mapped names. Ormat is a pure-play geothermal operator (~1,835 MW total portfolio incl. ~1,340 MW geothermal+solar, ~400,000 acres of geothermal leases across six states) that in June 2026 launched the Ormega100, a 100 MW binary unit engineered for high-temperature EGS, and is running two strategic EGS pilot programs. It also partnered with SLB (Oct 2025) to co-develop an integrated EGS demonstration at an Ormat site. Theme materiality is stated separately and, where not independently verified, is marked accordingly.

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Reviewed company research · researched 2026-07-22 · not an individual investment recommendation
Listing
public
Ticker
ORA
Exchange
NYSE
HQ
—
Currency
USD
SEC CIK
0001296445
Investment case

How this company captures the theme economics

Competitive position

Highest-purity listed exposure among the mapped names. Ormat is a pure-play geothermal operator (~1,835 MW total portfolio incl. ~1,340 MW geothermal+solar, ~400,000 acres of geothermal leases across six states) that in June 2026 launched the Ormega100, a 100 MW binary unit engineered for high-temperature EGS, and is running two strategic EGS pilot programs. It also partnered with SLB (Oct 2025) to co-develop an integrated EGS demonstration at an Ormat site. Company-specific competitive positioning is assessed at the theme level and awaits deeper primary research.

Scarce assets

Scarce assets in this value chain include drilling speed and cost per meter/well in hard, hot crystalline rock (the dominant egs cost lever)., high-temperature tools, electronics and completion hardware rated for egs downhole conditions., reservoir performance, connectivity and thermal longevity over a 20-30 year asset life (limited long-duration public data)..

Products, segments, and customers

Ormat Technologies operates in Enhanced geothermal as subsurface industrial reuse. Segment- and product-level detail is pending company-specific research.

Theme capture

Highest-purity listed exposure among the mapped names. Ormat is a pure-play geothermal operator (~1,835 MW total portfolio incl. ~1,340 MW geothermal+solar, ~400,000 acres of geothermal leases across six states) that in June 2026 launched the Ormega100, a 100 MW binary unit engineered for high-temperature EGS, and is running two strategic EGS pilot programs. It also partnered with SLB (Oct 2025) to co-develop an integrated EGS demonstration at an Ormat site.

Conditions

What must be true

  1. Quantify EGS pipeline MW and expected contribution vs conventional base; track Ormega100 order intake and the SLB-Ormat pilot's flow/temperature results; review latest 10-K/10-Q segment detail.
  2. The exposure described for Ormat Technologies must be confirmed as financially material in official filings.

Identifiable catalysts

  • Forthcoming quarterly and annual issuer filings
  • Theme-level catalysts detailed in the Enhanced geothermal as subsurface industrial reuse brief
Theme materiality

1 mapped theme

Exposure statements are evidence-qualified. Materiality is only claimed where disclosure supports it.

Geothermal independent power producer and surface power-equipment OEM (binary/ORC units) advancing into EGS as both developer and equipment supplier.

Enhanced geothermal as subsurface industrial reuse

Highest-purity listed exposure among the mapped names. Ormat is a pure-play geothermal operator (~1,835 MW total portfolio incl. ~1,340 MW geothermal+solar, ~400,000 acres of geothermal leases across six states) that in June 2026 launched the Ormega100, a 100 MW binary unit engineered for high-temperature EGS, and is running two strategic EGS pilot programs. It also partnered with SLB (Oct 2025) to co-develop an integrated EGS demonstration at an Ormat site.

Evidence
Ormega100 launch, portfolio and EGS pilot strategy from Ormat's June 8, 2026 release [ormat-ormega100-2026]; SLB-Ormat EGS partnership from Ormat IR, Oct 27, 2025 [slb-ormat-2025]. Conventional geothermal is disclosed as core business; EGS-specific revenue is not yet separately quantified.
Materiality
estimated — Geothermal is Ormat's disclosed core business (highly material), but the EGS/next-gen portion of revenue is emerging and not separately disclosed, so the theme-specific contribution is estimated rather than reported.
Financial evidence

Official SEC filing evidence

Reference period: FY2025.

  • Operating income$169 million
    FY2025[1]
  • EBITDA$461 million
    FY2025[1]
  • Diluted EPS$2.02
    FY2025[1]
  • Operating cash flow$335 million
    FY2025[1]
  • Free cash flow$-285 million
    FY2025[1]
  • Cash and equivalents$147 million
    FY2025 year-end[1]

Limitation: Filing evidence establishes scale, profitability, cash generation, and leverage. Market-derived valuation is withheld until a licensed market-data feed is connected, and theme materiality is stated separately.

Risks

Material risks and break conditions

Material risks

  • Drilling-cost declines could plateau above commercial thresholds; the theme's core lever is unproven at large repeated scale outside flagship projects.
  • Reservoir performance and thermal longevity over 20-30 year lives have limited long-duration public data; flow rates or decline curves could disappoint.

Thesis-break conditions

  • Cost per drilled meter/well stops falling or reverses at commercial scale (per-well cost fails to progress toward the sub-$3M target; LCOE fails to trend toward $45/MWh).
  • A felt induced-seismicity event or regulatory moratorium halts one or more commercial EGS projects.
Investability conclusion

Where the evidence lands

Identity and filing financials are established; theme materiality is stated per the mapped theme assessment. This is a filing-backed research profile with deeper company-specific research pending, and is not a personalized recommendation.

Next diligence

  1. Quantify EGS pipeline MW and expected contribution vs conventional base; track Ormega100 order intake and the SLB-Ormat pilot's flow/temperature results; review latest 10-K/10-Q segment detail.
Source ledger

Identity and evidence sources

Identity was verified against official issuer, filing, exchange, or regulator sources where available.

  1. ORMAT TECHNOLOGIES, INC. FY2025 Form 10-KSEC EDGAR · primary · published 2026-02-26 · accessed 2026-07-22