Ormat selected for approximately $35 million in geothermal funding

Ormat ($ORA) was selected for approximately $35 million of US Department of Energy funding across geothermal development projects. The awards include about $25 million for enhanced-geothermal work at Dixie Valley with SLB and the University of Utah, alongside support for hydrothermal work at Cove Fort. The projects address different ways of expanding access to geothermal resources.

The funding remains subject to negotiations and final agreements. It therefore represents a potential contribution to development spending rather than cash already received or a guaranteed increase in generating capacity. Ormat’s announcement advances the financing and testing of geothermal technologies, but construction performance, resource assessment and project execution will still determine the scale and timing of any commercial output.

Sources:

• Ormat — DOE funding selection, GlobeNewswire release