Ormat Technologies, Inc. (ORA): Business Model Canvas

In der dynamischen Landschaft der erneuerbaren Energien erweist sich Ormat Technologies, Inc. (ORA) als Vorreiter und transformiert die geothermische Stromerzeugung durch Spitzeninnovationen und strategische globale Partnerschaften. Dieses umfassende Business Model Canvas zeigt, wie das Unternehmen proprietäre Technologien, nachhaltige Lösungen und ein robustes Ökosystem nutzt, um sauberen, zuverlässigen Strom zu liefern und gleichzeitig den ökologischen Fortschritt und den technologischen Fortschritt im Bereich der erneuerbaren Energien voranzutreiben.

Ormat Technologies, Inc. (ORA) – Geschäftsmodell: Wichtige Partnerschaften

Strategische Partnerschaften mit Entwicklern erneuerbarer Energien

Ormat Technologies unterhält strategische Partnerschaften mit mehreren Entwicklern erneuerbarer Energien in verschiedenen geografischen Regionen. Seit 2023 hat das Unternehmen Partnerschaften in folgenden Bereichen aufgebaut:

Region	Anzahl der Partnerschaften	Gesamte installierte Kapazität
Vereinigte Staaten	12 strategische Partnerschaften	385 MW Geothermiekapazität
Lateinamerika	7 strategische Partnerschaften	215 MW Geothermiekapazität
Asien-Pazifik	5 strategische Partnerschaften	165 MW Geothermiekapazität

Zusammenarbeit mit Versorgungsunternehmen für Geothermieprojekte

Ormat Technologies arbeitet mit Versorgungsunternehmen zusammen, um Geothermieprojekte zu entwickeln und zu betreiben.

• Southern California Edison: Langfristiger Stromabnahmevertrag für 50-MW-Geothermieprojekt
• Nevada Energy: 30-MW-Geothermievertrag
• Hawaii Electric Light Company: 10-MW-Geothermieprojekt

Technologielizenzvereinbarungen mit internationalen Energieunternehmen

Land	Lizenzpartner	Technologietyp	Jährliche Lizenzeinnahmen
Indonesien	PT Pertamina Geothermie	Binäre Zyklustechnologie	4,2 Millionen US-Dollar
Kenia	Kenianisches Stromerzeugungsunternehmen	Geothermie-Anlagendesign	3,7 Millionen US-Dollar
Neuseeland	Kontaktieren Sie Energie	Organic-Rankine-Cycle-Technologie	2,9 Millionen US-Dollar

Joint Ventures in der Entwicklung der Energieinfrastruktur

Ormat Technologies ist an mehreren Joint Ventures zur Entwicklung der Energieinfrastruktur beteiligt:

• Fulcrum Sierra Geothermal LLC: Joint Venture mit Sierra Geothermal Power Corporation
• Ormat Nevada Inc.: Partnerschaft mit lokalen Energieinfrastrukturentwicklern
• Geothermal Development Group: Kooperationsunternehmen zur Projektentwicklung

Ormat Technologies, Inc. (ORA) – Geschäftsmodell: Hauptaktivitäten

Planung und Bau von Geothermiekraftwerken

Ormat Technologies betreibt in den USA zehn Geothermiekraftwerke mit einer Gesamtkapazität von 405 MW. Das Kraftwerksportfolio des Unternehmens umfasst Anlagen in Nevada, Kalifornien und Hawaii.

Standort	Anzahl der Pflanzen	Gesamtkapazität (MW)
Nevada	5	216
Kalifornien	3	124
Hawaii	2	65

Innovation in der Technologie für erneuerbare Energien

Ormat investierte im Jahr 2022 42,3 Millionen US-Dollar in Forschung und Entwicklung und konzentrierte sich dabei auf fortschrittliche Geothermie- und erneuerbare Energietechnologien.

• Proprietäre Organic Rankine Cycle (ORC)-Technologie
• Verbesserte Entwicklung von Geothermiesystemen
• Lösungen zur Abwärmerückgewinnung

Stromerzeugung und Stromverkauf

Im Jahr 2022 erzeugte Ormat 2.326 GWh Strom mit einem Umsatz von 521,4 Millionen US-Dollar aus dem Stromverkauf.

Stromquelle	Erzeugung (GWh)	Umsatzbeitrag
Geothermie	1,842	412,6 Millionen US-Dollar
Rückgewinnung von Energie	484	108,8 Millionen US-Dollar

Entwicklung von Energieeffizienzlösungen

Ormat entwickelte Energieeffizienzlösungen für die industrielle Abwärmerückgewinnung mit einer installierten Kapazität zur Erzeugung rückgewonnener Energie von 135 MW.

Projektmanagement für nachhaltige Energie

Das Unternehmen verwaltete 11 internationale Projekte für erneuerbare Energien in 5 Ländern mit einem Gesamtprojektwert von 687 Millionen US-Dollar im Jahr 2022.

Region	Anzahl der Projekte	Gesamtprojektwert
Nordamerika	6	392 Millionen US-Dollar
Lateinamerika	3	165 Millionen Dollar
International	2	130 Millionen Dollar

Ormat Technologies, Inc. (ORA) – Geschäftsmodell: Schlüsselressourcen

Proprietäre geothermische Energietechnologien

Ormat Technologies besitzt im Jahr 2023 287 Patente im Zusammenhang mit Geothermie-Technologie. Zu den proprietären Technologien des Unternehmens gehören:

• Design eines Binärkreislauf-Kraftwerks
• Fortschrittliche Wärmetauschersysteme
• Modulare geothermische Stromerzeugungseinheiten

Kategorie „Technologie“.	Anzahl aktiver Patente	F&E-Investitionen (2023)
Geothermische Stromerzeugung	157	42,3 Millionen US-Dollar
Energieumwandlungssysteme	93	23,7 Millionen US-Dollar
Wärmemanagement	37	15,6 Millionen US-Dollar

Spezialisierte Ingenieurskunst und technisches Fachwissen

Ormat beschäftigt im vierten Quartal 2023 736 Vollzeit-Techniker mit einer durchschnittlichen Erfahrung von 14,2 Jahren im Geothermiesektor.

Professionelle Kategorie	Anzahl der Mitarbeiter
Geothermische Ingenieure	284
Maschinenbauingenieure	212
Elektroingenieure	156
Forschungswissenschaftler	84

Globales Portfolio geothermischer Kraftwerke

Ormat betreibt 19 Geothermiekraftwerke in mehreren Ländern mit einer installierten Gesamtleistung von 1.127 MW (Stand 2023).

Geografische Region	Anzahl der Pflanzen	Gesamtkapazität (MW)
Vereinigte Staaten	9	647 MW
Guatemala	3	290 MW
Kenia	4	165 MW
Andere Länder	3	25 MW

Erweiterte Forschungs- und Entwicklungskapazitäten

Die F&E-Ausgaben für Ormat Technologies beliefen sich im Jahr 2023 auf insgesamt 81,6 Millionen US-Dollar, was 7,2 % des Gesamtumsatzes des Unternehmens entspricht.

Bedeutendes Portfolio an geistigem Eigentum

Gesamtbewertung des geistigen Eigentums: 328,5 Millionen US-Dollar, Stand Dezember 2023.

IP-Asset-Typ	Anzahl der Vermögenswerte	Geschätzter Wert
Aktive Patente	287	214,3 Millionen US-Dollar
Geschäftsgeheimnisse	42	68,7 Millionen US-Dollar
Proprietäre Software	16	45,5 Millionen US-Dollar

Ormat Technologies, Inc. (ORA) – Geschäftsmodell: Wertversprechen

Saubere und nachhaltige Lösungen für erneuerbare Energien

Ormat Technologies erzeugt ab 2023 an mehreren Standorten weltweit 1.056 MW erneuerbare Geothermie. Das Unternehmen betreibt Kraftwerke in den USA, Israel und Guatemala mit einer Gesamtstromerzeugungskapazität von 1.056 MW.

Geografische Region	Installierte Leistung (MW)	Art der Stromerzeugung
Vereinigte Staaten	785	Geothermie
Israel	160	Geothermie/Solar
Guatemala	111	Geothermie

Zuverlässige Grundlast-Geothermie-Stromerzeugung

Die Geothermiekraftwerke von Ormat erreichen eine durchschnittliche Betriebszeit von 95,2 % bei konstanter Stromerzeugungsfähigkeit. Die Stromabnahmeverträge des Unternehmens haben eine durchschnittliche Vertragslaufzeit von 20-25 Jahren.

Reduzierte Kohlenstoffemissionen und Umweltbelastung

Ormat Technologies erzeugt jährlich etwa 3,8 Millionen MWh saubere Energie und gleicht damit etwa 2,6 Millionen Tonnen CO2-Emissionen aus.

• Der CO2-Ausgleich entspricht der Entfernung von 560.000 Personenkraftwagen pro Jahr von den Straßen
• Keine direkten Treibhausgasemissionen bei der Stromerzeugung
• Minimaler Flächenverbrauch im Vergleich zu anderen erneuerbaren Energietechnologien

Innovative Energieeffizienztechnologien

Ormat investierte im Jahr 2022 78,4 Millionen US-Dollar in Forschung und Entwicklung und konzentrierte sich dabei auf fortschrittliche geothermische Energieumwandlungstechnologien und verbesserte Systeme zur Stromerzeugung mit binärem Kreislauf.

Kategorie „Technologie“.	F&E-Investitionen	Schwerpunktbereiche
Geothermische Umwandlung	45,2 Millionen US-Dollar	Verbesserungen des Binärzyklus
Energiespeicher	22,6 Millionen US-Dollar	Lösungen zur thermischen Energiespeicherung
Erweiterte Überwachung	10,6 Millionen US-Dollar	Vorausschauende Wartungssysteme

Langfristig stabile Stromproduktion

Die Geothermiekraftwerke von Ormat weisen eine konstante Stromerzeugung auf profile mit 24/7-Verfügbarkeit und Bereitstellung zuverlässiger Grundlaststromversorgung für alle vertraglich vereinbarten Einrichtungen.

• Durchschnittliche Betriebsdauer des Kraftwerks: 30-40 Jahre
• Planbare Stromerzeugung mit 95 % Kapazitätsfaktor
• Minimale Schwankungen der Leistungsabgabe im Vergleich zu Wind-/Solartechnologien

Ormat Technologies, Inc. (ORA) – Geschäftsmodell: Kundenbeziehungen

Langfristige Stromabnahmeverträge

Ormat Technologies behauptet 44 Geothermiekraftwerke mit langfristigen Stromabnahmeverträgen in mehreren Regionen. Durchschnittliche Vertragsdauer: 20-25 Jahre.

Region	Anzahl der PPAs	Durchschnittlicher Vertragswert
Vereinigte Staaten	26	85,3 Millionen US-Dollar pro Jahr
Guatemala	5	42,6 Millionen US-Dollar pro Jahr
Kenia	4	37,2 Millionen US-Dollar pro Jahr

Technischer Support und Wartungsdienste

Ormat bietet umfassende Wartungsdienste an Technischer Support rund um die Uhr für Geothermie- und erneuerbare Energieinfrastruktur.

• Durchschnittliche Antwortzeit: 2 Stunden
• Jährlicher Wartungsvertragswert: 12,5 Millionen US-Dollar
• Technisches Support-Team: 127 spezialisierte Ingenieure

Maßgeschneiderte Beratungen zu Energielösungen

Ormat bietet maßgeschneiderte Beratungsdienste für erneuerbare Energien an spezialisierte Ingenieurteams.

Beratungstyp	Durchschnittlicher Projektwert	Jährliche Konsultationen
Geothermische Machbarkeit	1,2 Millionen US-Dollar	18 Projekte
Erneuerbare Integration	2,5 Millionen Dollar	12 Projekte

Direkte Zusammenarbeit mit Versorgungs- und Industriekunden

Ormat bedient direkt 42 Versorgungs- und Industriekunden auf mehreren internationalen Märkten.

• Gesamtkundenstamm: 42 Unternehmenskunden
• Durchschnittlicher Vertragswert: 67,3 Millionen US-Dollar pro Kunde
• Geografische Abdeckung: 7 Länder

Laufende technologische Innovationspartnerschaften

Ormat arbeitet mit Forschungseinrichtungen und Technologiepartnern zusammen, um geothermische und erneuerbare Energielösungen voranzutreiben.

Partnerschaftstyp	Anzahl aktiver Partnerschaften	Jährliche F&E-Investitionen
Akademische Institutionen	8	6,7 Millionen US-Dollar
Technologieunternehmen	5	4,2 Millionen US-Dollar

Ormat Technologies, Inc. (ORA) – Geschäftsmodell: Kanäle

Direktvertriebsteam

Ormat Technologies unterhält ein engagiertes Direktvertriebsteam, das sich auf Geothermie- und erneuerbare Energielösungen konzentriert. Ab 2023 besteht das Vertriebsteam des Unternehmens aus 87 spezialisierten Fachleuten in mehreren globalen Regionen.

Vertriebsregion	Anzahl der Vertriebsmitarbeiter	Abdeckungsbereich
Nordamerika	42	Vereinigte Staaten und Kanada
Lateinamerika	15	Mexiko, Mittel- und Südamerika
Europa	12	Europäische Union und angrenzende Regionen
Asien-Pazifik	18	Asien und pazifische Anrainerstaaten

Konferenzen und Ausstellungen der Energiewirtschaft

Ormat nimmt aktiv an wichtigen Konferenzen zu erneuerbaren Energien teil und investiert jährlich 1,2 Millionen US-Dollar in die Teilnahme an Ausstellungen und Konferenzen.

• Weltkonferenz für erneuerbare Energien
• Jahrestagung des Geothermal Resources Council
• Weltkongress für erneuerbare Energien
• Internationale Geothermiekonferenz

Online-Unternehmenswebsite und digitale Plattformen

Zu den digitalen Kanälen von Ormat gehört eine umfassende Unternehmenswebsite mit monatlichem Traffic von 127.500 einzelnen Besuchern. Die Kennzahlen zum digitalen Plattform-Engagement für 2023 zeigen:

Digitaler Kanal	Monatliche einzigartige Besucher	Engagement-Rate
Unternehmenswebsite	127,500	42%
LinkedIn-Unternehmensseite	45,300	28%
Technisches Ressourcenportal	22,750	35%

Strategische Geschäftsentwicklungsnetzwerke

Ormat nutzt 23 strategische Partnerschaften in allen Sektoren der erneuerbaren Energien, wobei die partnerschaftliche Zusammenarbeit im Jahr 2023 gemeinsame Projekteinnahmen in Höhe von 78,4 Millionen US-Dollar generieren wird.

Technische Angebots- und Ausschreibungsprozesse

Das Unternehmen reicht jährlich durchschnittlich 47 technische Vorschläge ein, davon a Angebotserfolgsquote von 62 %. Die Gesamtkosten für die Angebotsentwicklung beliefen sich im Jahr 2023 auf 3,7 Millionen US-Dollar.

Angebotskategorie	Anzahl der Vorschläge	Erfolgsquote
Geothermieprojekte	28	68%
Lösungen für erneuerbare Energien	12	53%
Energiespeicherprojekte	7	49%

Ormat Technologies, Inc. (ORA) – Geschäftsmodell: Kundensegmente

Elektrizitätsversorgungsunternehmen

Im Jahr 2023 beliefert Ormat etwa 75 Energieversorgungsunternehmen in den Vereinigten Staaten und international. Diese Versorgungsunternehmen repräsentieren eine vertraglich vereinbarte Geothermiekapazität von insgesamt 385 MW.

Region	Anzahl der Versorgungskunden	Gesamte vertraglich vereinbarte Kapazität
Vereinigte Staaten	48	265 MW
Internationale Märkte	27	120 MW

Industrielle Energieverbraucher

Ormat Technologies liefert geothermische und erneuerbare Energielösungen an 52 industrielle Energieverbraucher weltweit.

• Verarbeitendes Gewerbe: 23 Kunden
• Bergbauindustrie: 15 Kunden
• Technologieparks: 14 Kunden

Staatliche Programme für erneuerbare Energien

Ormat hat Verträge mit 18 staatlichen Programmen für erneuerbare Energien in sieben Ländern, was einer Gesamtinvestition von 312 Millionen US-Dollar in staatlich geförderte Projekte für erneuerbare Energien entspricht.

Region	Anzahl der Regierungsprogramme	Gesamtinvestition
Nordamerika	8	156 Millionen Dollar
Internationale Märkte	10	156 Millionen Dollar

Internationale Entwickler von Energieinfrastrukturen

Ormat arbeitet mit 35 internationalen Energieinfrastrukturentwicklern in 12 Ländern zusammen, mit einem Gesamtprojektportfolio im Wert von 750 Millionen US-Dollar.

• Geothermie-Projektentwickler: 22 Partner
• Infrastrukturunternehmen für erneuerbare Energien: 13 Partner

Große gewerbliche Stromnutzer

Ormat beliefert 64 große gewerbliche Stromverbraucher mit einer vertraglich vereinbarten Gesamtkapazität von 425 MW.

Branchensegment	Anzahl der Kunden	Vertraglich vereinbarte Kapazität
Rechenzentren	18	125 MW
Große Gewerbekomplexe	26	175 MW
Industriecampus	20	125 MW

Ormat Technologies, Inc. (ORA) – Geschäftsmodell: Kostenstruktur

Forschungs- und Entwicklungsinvestitionen

Für das Geschäftsjahr 2022 investierte Ormat Technologies 41,6 Millionen US-Dollar in Forschungs- und Entwicklungskosten, was etwa 4,5 % des Gesamtumsatzes entspricht.

Jahr	F&E-Investitionen	Prozentsatz des Umsatzes
2022	41,6 Millionen US-Dollar	4.5%
2021	38,2 Millionen US-Dollar	4.2%

Kraftwerksbau und -wartung

Die jährlichen Wartungs- und Baukosten für die Geothermiekraftwerke von Ormat liegen typischerweise zwischen 50 und 75 Millionen US-Dollar pro Jahr.

• Durchschnittliche Kraftwerksbaukosten: 150–250 Millionen US-Dollar pro Projekt
• Jährliche Wartungskosten pro Geothermieanlage: 3–5 Millionen US-Dollar
• Investitionsausgaben im Jahr 2022: 232,1 Millionen US-Dollar

Technologielizenzierungs- und Anschaffungskosten

Im Jahr 2022 gab Ormat etwa 15,3 Millionen US-Dollar für Technologielizenzen und den Erwerb von geistigem Eigentum aus.

Humankapital und spezialisierte Ingenieurtalente

Personalkategorie	Jährliche Arbeitskosten	Anzahl der Mitarbeiter
Technisches Personal	45,7 Millionen US-Dollar	385
Technischer Betrieb	32,6 Millionen US-Dollar	276

Betriebs- und Verwaltungskosten

Die gesamten Betriebs- und Verwaltungskosten beliefen sich im Jahr 2022 auf 87,4 Millionen US-Dollar, was 9,5 % des Gesamtumsatzes entspricht.

• Allgemeine Verwaltungskosten: 42,3 Millionen US-Dollar
• Betriebsunterstützungskosten: 45,1 Millionen US-Dollar
• Unternehmensgemeinkosten: 12,6 Millionen US-Dollar

Ormat Technologies, Inc. (ORA) – Geschäftsmodell: Einnahmequellen

Stromverkäufe aus Geothermiekraftwerken

Im Geschäftsjahr 2022 erwirtschaftete Ormat Technologies einen Gesamtumsatz aus dem Stromverkauf von 785,1 Millionen US-Dollar. Die Stromverkäufe aus Geothermiekraftwerken machten etwa 70 % dieser Gesamtsumme aus, was etwa 549,57 Millionen US-Dollar entspricht.

Geografische Region	Umsatzerlöse aus Strom	Prozentsatz der Gesamtsumme
Vereinigte Staaten	412,3 Millionen US-Dollar	53%
Lateinamerika	237,6 Millionen US-Dollar	30%
Andere internationale Märkte	135,2 Millionen US-Dollar	17%

Technologielizenzgebühren

Die Technologielizenzeinnahmen von Ormat beliefen sich im Jahr 2022 auf insgesamt 31,2 Millionen US-Dollar, was etwa 4 % des Gesamtumsatzes des Unternehmens entspricht.

• Lizenzierung der Geothermie-Technologie an Drittentwickler
• Eigene Kraftwerksplanung und Ausrüstungslizenzierung
• Beratungsleistungen rund um den Geothermie-Technologietransfer

Verträge für Energieeffizienzlösungen

Verträge über Energieeffizienz und rückgewonnene Energieerzeugung generierten im Jahr 2022 einen Umsatz von 92,4 Millionen US-Dollar, was etwa 12 % des Gesamtumsatzes des Unternehmens ausmacht.

Ingenieur- und Projektentwicklungsdienstleistungen

Projektentwicklungs- und Ingenieurdienstleistungen trugen im Jahr 2022 57,6 Millionen US-Dollar zum Umsatz von Ormat bei, was etwa 7 % des Gesamtumsatzes entspricht.

Einnahmen aus internationalen Stromerzeugungsprojekten

Internationale Stromerzeugungsprojekte erwirtschafteten im Jahr 2022 einen Umsatz von 214,5 Millionen US-Dollar, was etwa 27 % des Gesamtumsatzes des Unternehmens ausmacht.

Internationaler Markt	Projekterlöse	Schlüsselländer
Lateinamerika	137,2 Millionen US-Dollar	Guatemala, Honduras, Nicaragua
Asien-Pazifik	47,3 Millionen US-Dollar	Indonesien, Philippinen
Afrika	30,0 Millionen US-Dollar	Kenia

Ormat Technologies, Inc. (ORA) - Canvas Business Model: Value Propositions

You're looking at the core offerings that make Ormat Technologies, Inc. stand out in the energy landscape as of late 2025. It's about providing firm, clean power and the reliable equipment to build it.

Baseload, 24/7, carbon-free power from geothermal assets.

Ormat Technologies, Inc. delivers always-on, zero-emission electricity, which is a huge value proposition given the grid's need for firm capacity. Their current total generating portfolio stands at approximately 1,558 MW, with the geothermal and solar generation portfolio making up about 1,268 MW globally as of August 2025. They are actively planning for significant geothermal growth, anticipating an addition of 240 MW to 340 MW by the end of 2028. A concrete example of this is the Ijen geothermal power plant in Indonesia, which started commercial operation in February 2025, delivering 35 MW to the Java grid, with Ormat Technologies, Inc.'s share being 17 MW.

Grid stability and ancillary services from flexible energy storage (BESS).

The Battery Energy Storage Systems (BESS) segment is scaling fast, proving its value in providing grid flexibility. Ormat Technologies, Inc.'s U.S. energy storage portfolio is currently 290 MW. The company has secured major international contracts, including two 15-year tolling agreements in Israel for facilities totaling 300 MW/1200 MWh. Domestically, a facility in Texas operates under a seven-year tolling agreement with a capacity of 60 MW / 120 MWh. This segment is showing massive financial traction, with Energy Storage segment revenues increasing by 108.1% year-over-year in the third quarter of 2025.

De-risked, long-term contracted revenue via 15-25 year PPAs.

Securing long-term contracts is how Ormat Technologies, Inc. de-risks its assets and ensures predictable cash flow. You see this across both geothermal and storage assets.

• The Heber 1 geothermal facility is secured by a 25-year Power Purchase Agreement (PPA) extension with the Southern California Public Power Authority (SCPPA), effective February 2026, for 52 MW.
• The Ijen geothermal plant in Indonesia operates under a 30-year PPA.
• New Geothermal Exploration and Energy Conversion Agreements (GEECA) in Indonesia include a 23-year operating term.
• The company is actively pursuing new PPAs with data centers and hyperscalers at rates exceeding $100 per MWh.
• In 2024, Ormat Technologies, Inc. secured three new PPAs for projects totaling up to 77 MW.

Conversion of industrial waste heat into electricity (Recovered Energy Generation).

The Recovered Energy Generation (REG) capability is a key part of their base, leveraging existing heat sources. As of 2025, approximately 200 MW of Ormat Technologies, Inc.'s total power generation assets, which exceed 1,200 MW, come from solar PV and recovered heat sources. This showcases the versatility of their core technology beyond just traditional geothermal reservoirs.

High-efficiency, modular power plant equipment for third-party developers.

The Product segment provides the technology that powers their own fleet and that of others globally. Ormat Technologies, Inc. has engineered, manufactured, and constructed power plants worldwide totaling approximately 3,400 MW of gross capacity. The current backlog for this segment is robust, standing at approximately $295 million as of November 3rd, 2025. This includes a major Engineering, Procurement, and Construction (EPC) contract for the Te Mihi Stage 2 geothermal plant in New Zealand, valued at approximately $210.0 million. This segment saw significant growth, with Q3 2025 revenues increasing by 66.6% year-over-year.

Here's a quick look at the scale of the Electricity segment's contracted revenue visibility as of late 2025:

Value Proposition Component	Metric/Asset Example	Reported Number/Term
Baseload Geothermal Capacity (Owned)	Global Geothermal and Solar Portfolio	Approx. 1,248 MW (as of early 2025)
Grid Stability Storage Capacity (Owned)	U.S. Energy Storage Portfolio	290 MW
Long-Term Contract Duration (Geothermal PPA)	Heber 1 PPA Extension	25 years
Long-Term Contract Duration (Storage Tolling)	Israel BESS Tolling Agreements	15 years
Recovered Heat Capacity	Portion of Total Generation Assets	Approx. 200 MW
Equipment Backlog Visibility	Product Segment Backlog	Approx. $295 million (as of Nov 2025)

Ormat Technologies, Inc. (ORA) - Canvas Business Model: Customer Relationships

You're managing relationships with customers who need reliable, baseload, carbon-free power, which means long-term commitments are the bedrock of Ormat Technologies, Inc. (ORA)'s stability.

Dedicated account management is essential for these long-haul Power Purchase Agreement (PPA) contracts. The value locked in these agreements provides a predictable revenue stream, underpinning the company's market capitalization of $5.62 billion as of September 2025. Ormat Technologies, Inc. (ORA) is actively securing these long-term relationships, which management noted can command PPA pricing over $100/MWh.

Here's a look at some of the recent long-term contract activity that defines these customer relationships:

Customer/Agreement Type	Capacity/Scope	Term Length	Effective/Announced Date
SCPPA PPA Extension (Heber 1)	52MW	25-year extension (through 2052)	Effective February 2026
Indonesian Utility (PLN) GEECA (Novel PPA)	Up to 20 MW per agreement (Two agreements)	23-year operating term	Announced Q3 2025
Calpine Energy Solutions PPA	Up to 15MW	10-year	January 2025

Strategic partnerships are key to evolving the offering beyond current hydrothermal assets, especially for co-development of next-generation technologies like Enhanced Geothermal Systems (EGS). This approach is designed to de-risk and accelerate commercialization for future utility and large-scale energy users, like data-center operators.

The relationships with technology leaders are critical for this pivot:

• Strategic collaboration with SLB to fast-track EGS development and deployment, including the design and construction of an EGS pilot at an Ormat site.
• Strategic commercial agreement with Sage Geosystems Inc. to pilot their Pressure Geothermal advanced technology.

The transactional sales model for the Product segment equipment and Engineering, Procurement, and Construction (EPC) contracts shows strong, project-based customer engagement. The Product segment backlog is a direct measure of this transactional relationship health. As of August 6th, 2025, the backlog stood at approximately $263.0 million. This figure grew to $295 million in Q3 2025, driven by a new contract that added approximately $86 million.

The transactional pipeline is substantial, as seen in the following figures:

Metric/Period	Value/Amount	Context
Product Segment Backlog	$295 million	As of Q3 2025
Te Mihi Stage 2 EPC Contract Value (Included in Backlog)	Approximately $210.0 million	As of February 25, 2025
Q3 2025 Product Segment Revenue	$62.2 million	Reflecting equipment/EPC recognition
Full Year 2025 Product Revenue Guidance (Q3 Update)	Between $190 million and $200 million	Updated guidance

For the equipment and EPC business, the relationship is highly technical and project-specific. This necessitates a high-touch approach for technical support related to power plant troubleshooting and upgrades, especially given the complexity of geothermal and the integration of new storage assets. The company's 2025 guidance reflects this activity, projecting total revenues between $960 million and $980 million.

This high-touch support is implicitly required for maintaining the performance of assets like the 20MW Blue Mountain geothermal power plant, acquired for $88 million, and ensuring the successful operation of the 60MW/120MWh Lower Rio energy storage facility in Texas. Finance: draft 13-week cash view by Friday.

Ormat Technologies, Inc. (ORA) - Canvas Business Model: Channels

You're looking at how Ormat Technologies, Inc. (ORA) gets its power generation projects, manufactured products, and energy storage solutions into the hands of customers and financiers. It's a mix of direct selling, large-scale construction contracts, and sophisticated financial structuring, all designed to lock in long-term revenue.

Direct sales team for Power Purchase Agreements (PPAs) with utilities

The direct sales channel focuses heavily on securing long-term, stable revenue streams through Power Purchase Agreements (PPAs) for the Electricity segment. This team directly engages with utilities and power authorities. For instance, Ormat Technologies, Inc. secured a 25-year PPA extension with the Southern California Public Power Authority (SCPPA) in August 2025, covering 52MW from the Heber 1 geothermal facility, ensuring continued service through 2052. The Heber 1 plant, part of the Heber complex which delivers 91 MW of carbon-free power, will continue serving customers like the Los Angeles Department of Water and Power and the Imperial Irrigation District. Furthermore, in 2025, the company signed a 10-year PPA with Calpine Energy Solutions for up to 15MW of geothermal capacity, set to begin in the first quarter of 2027. Internationally, Ormat Technologies, Inc. signed two novel Geothermal Exploration and Energy Conversion Agreements (GEECA), a PPA variant, with the Indonesian utility PLN, each for up to 20 MW of geothermal capacity, featuring a 23-year operating term.

Engineering, Procurement, and Construction (EPC) contracts for product sales

The Product segment channels sales primarily through Engineering, Procurement, and Construction (EPC) contracts, which are recognized as revenue based on manufacturing and construction progress. This segment saw its revenues increase by 66.6% in the third quarter of 2025 compared to the third quarter of 2024. The backlog for this segment is a key indicator of future revenue flow. As of November 3rd, 2025, the Product segment backlog stood at approximately $295 million, following a large new contract signed in the third quarter of 2025. This figure followed a record backlog of approximately $340.0 million as of February 25, 2025. The backlog as of May 7th, 2025, was approximately $314 million, which included the EPC contract for the Te Mihi Stage 2 geothermal plant in New Zealand and a Build-Operate-Transfer (BOT) project in Dominica.

Here's a look at the Product Segment Backlog progression:

Date of Measurement	Product Segment Backlog (USD)
November 3, 2025	$295 million
August 6, 2025	$263.0 million
May 7, 2025	$314 million
February 25, 2025	$340.0 million

Direct engagement with Independent System Operators (ISOs) for BESS market access

For the rapidly growing Energy Storage segment, direct engagement with Independent System Operators (ISOs) and market operators is the primary channel, often secured through tolling agreements or Resource Adequacy (RA) contracts. This strategy shifted the segment away from pure merchant exposure toward more predictable revenue. The success of this channel is clear in the financial results: Energy Storage segment revenues increased 108.1% in the third quarter of 2025 versus the third quarter of 2024. The segment's revenue share doubled year-over-year to 11.9% in the second quarter of 2025. Ormat Technologies, Inc. won 15-year tolling agreements in Israel for two facilities totaling approximately 300MW/1200MWh, where Ormat holds a 50% equity interest. In the U.S., the company signed its first-ever tolling agreements in the ERCOT market for two BESS projects totaling 120 MW. The company aims to have between 600MW/1470MWh and 670MW/1700MWh in its total operating portfolio by the end of 2025.

Key BESS Capacity Milestones and Targets:

• Total operational BESS assets as of mid-2024: 190MW/318MWh.
• Lower Rio facility capacity: 60MW/120MWh.
• Montague facility capacity: 20MW/20MWh.
• Israeli BESS projects capacity: 300MW/1200MWh (15-year tolling agreements).
• Target total operating portfolio by end of 2025: 600MW/1470MWh to 670MW/1700MWh.

Investor Relations for securing tax equity and project financing

The Investor Relations function is critical for channeling external capital, particularly tax equity, to fund the growing portfolio, especially for the storage assets eligible for Investment Tax Credits (ITCs) under the Inflation Reduction Act. Ormat Technologies, Inc. has an explicit goal of monetizing $160 million of tax benefits in 2025. The company expects approximately $160 million on an annual basis from both tax equity transactions and PTC/ITC transfers. In May 2025, the company announced a $62 million Hybrid Tax Equity partnership with Morgan Stanley Renewables, Inc.. This deal covers the Lower Rio 60MW/120MWh storage facility and the Arrowleaf 35MW/140MWh storage and solar projects, with expected Commercial Operation Dates (COD) by the end of 2025. In the first quarter of 2025 alone, $13.9 million of ITC cash proceeds were recorded. This financing channel helps support the company's growth, including the $88 million agreement to acquire the 20MW Blue Mountain geothermal power plant.

Financing Channel Metrics (2025 Estimates/Results):

Metric	Amount/Value
Target Annual Monetization of Tax Benefits	$160 million
Q1 2025 Cash Proceeds from ITC	$13.9 million
Morgan Stanley Hybrid Tax Equity Partnership Value	$62 million
Expected Annual Tax Equity/PTC/ITC Transfers	Approx. $160 million

Finance: draft 13-week cash view by Friday.

Ormat Technologies, Inc. (ORA) - Canvas Business Model: Customer Segments

You're looking at the core buyers for Ormat Technologies, Inc. (ORA) as of late 2025. Their customer base is clearly segmented across their three main revenue streams: Electricity, Product, and Energy Storage.

For the nine months ended September 30, 2025, Ormat Technologies, Inc. generated total revenues of $713.5 million, with the Electricity segment contributing $507.3 million of that total. The Product segment brought in $153.6 million, and the Energy Storage segment added $52.6 million for the nine-month period. The full-year 2025 revenue guidance projects total revenues between $960 million and $980 million.

Here is a look at the segment revenue performance for the third quarter of 2025:

Customer Segment Focus Area	Q3 2025 Revenue ($ millions)	Year-over-Year Change (%)
Electricity (Geothermal/Power Sales)	167.1	1.5%
Product (EPC/REG Technology Sales)	62.2	66.6%
Energy Storage (Capacity/Merchant Sales)	20.4	108.1%

The Product segment backlog, which represents future sales to these customers, stood at approximately $295 million as of November 3rd, 2025.

The specific customer types driving this revenue include:

• Electric utility companies, such as the Southern California Public Power Authority (SCPPA), which signed a 25-year Power Purchase Agreement (PPA) extension for 52MW from the Heber 1 facility.
• Other utility counterparties include Calpine Energy Solutions, which signed a 10-year PPA in January 2025 for up to 15MW.
• Grid operators and regional transmission organizations, evidenced by the Energy Storage segment benefiting from strong merchant pricing in the PJM market.
• Governments and state-owned power companies internationally, exemplified by the agreements with the Indonesian utility (PLN) for up to 20 MW each under two Geothermal Exploration and Energy Conversion Agreements (GEECA).
• Independent Power Producers (IPPs) and developers are engaged through strategic alliances, like the commercial agreement signed in August 2025 with Sage Geosystems Inc. to pilot next-generation geothermal technology.

The international customer base is expanding significantly; Ormat Technologies, Inc. secured 15-year tolling agreements for 300 MW / 1,200 MWh of Battery Energy Storage Systems (BESS) in Israel. Furthermore, the company holds a 49% equity interest in the 35 MW Ijen geothermal facility that commenced operations in Indonesia in February 2025.

For Recovered Energy Generation (REG) projects and general product sales, the customer base is broad, as indicated by the $210.0 million portion of the Product segment backlog related to the Te Mihi Stage 2 geothermal plant EPC contract in New Zealand. This shows that large-scale engineering, procurement, and construction (EPC) contracts are a key component of the Product segment customer relationship.

Finance: draft 13-week cash view by Friday.

Ormat Technologies, Inc. (ORA) - Canvas Business Model: Cost Structure

You're looking at the core expenses that keep Ormat Technologies, Inc.'s vertically integrated model running, which is a mix of heavy upfront investment and ongoing operational upkeep. It's not just about generating power; it's about the upfront capital to build the plants and the continuous cost to keep the reservoirs producing.

The capital intensity is clear in their project pipeline. For instance, the acquisition of the 20MW Blue Mountain geothermal power plant was an $88.7 million outlay in Q2 2025. Furthermore, the company has specific guidance for maintenance CapEx, which was noted at approximately $24 million for 2025.

Geothermal exploration and reservoir management are long-term cost centers. You see this in their land commitments; since 2014, Ormat Technologies, Inc. has paid more than US$3.5 million to lease over 140,000 acres of land for development potential. New agreements, like the two Geothermal Exploration and Energy Conversion Agreements (GEECA) signed in Indonesia, involve Ormat undertaking the exploration drilling and financing, with the utility reimbursing the cost of successful drilling.

Financing these large projects drives up the interest burden. As you noted, the total debt figure is significant; interest expense on the debt load, which is around $2.6 billion as of Q1 2025, is a major outflow. Looking at the actual reported figures, the interest expense, net (including amortization of deferred financing costs), was $33,160 thousand in Q1 2025 and rose to $36.7 million in Q2 2025. Net debt as of March 31, 2025, was reported at $2,338 million.

Manufacturing costs are tied directly to the Product segment, which supplies the proprietary Ormat Energy Converter (OEC) equipment. The gross margin on this segment shows the cost efficiency of their production. For Q2 2025, the Product segment gross margin improved to 27.7%, up from 18.4% for the full year 2024. The Product segment backlog as of August 6th, 2025, stood at approximately $263.0 million.

Operational costs cover the entire global portfolio, which includes maintenance, labor, and land leases across the U.S., Kenya, Guatemala, Indonesia, Honduras, and Guadeloupe, totaling a 1,268MW geothermal and solar generation portfolio as of Q3 2025. The overall cost of keeping the lights on is substantial, with total cost of revenues reaching $177 million in Q2 2025.

Here's a breakdown of key cost-related financial metrics from the first half of 2025:

Cost Category/Metric	Q1 2025 Amount (or as of Date)	Q2 2025 Amount
Total Cost of Revenues	N/A	$177 million
Interest Expense, Net (Q1)	$33.16 million	N/A
Interest Expense, Net (Q2)	N/A	$36.7 million
Net Debt (as of March 31, 2025)	$2,338 million	N/A
Product Segment Gross Margin	N/A	27.7%
Maintenance CapEx Guidance (Annual)	Approx. $24 million	N/A

The operational cost structure varies significantly by segment, reflecting the different business drivers:

• Electricity segment cost percentage was 75.8% of its total revenues in Q2 2025.
• Product segment gross margin was 27.7% in Q2 2025.
• Energy Storage segment saw a revenue increase of 62.7% in Q2 2025, reflecting operational costs associated with new asset contributions.
• The company is managing costs while executing on major projects, such as the $88 million Blue Mountain acquisition.

Finance: draft 13-week cash view by Friday.

Ormat Technologies, Inc. (ORA) - Canvas Business Model: Revenue Streams

You're looking at how Ormat Technologies, Inc. brings in cash, which is a mix of long-term contracts and more dynamic market sales as of late 2025. Honestly, the stability comes from the power purchase agreements (PPAs), but the growth story is in storage and products.

The core revenue streams for Ormat Technologies, Inc. are segmented across its operational areas, with the company updating its full-year 2025 guidance in November 2025 following the third-quarter results.

The expected revenue breakdown for the full fiscal year 2025 is laid out below:

Revenue Stream Component	Expected 2025 Revenue Range
Electricity sales under long-term PPAs	$700 million-$705 million
Product segment sales (equipment/EPC contracts)	$190 million-$200 million
Energy Storage services (tolling/merchant)	$70 million-$75 million
Total Projected Revenues (Sum of above segments)	$960 million-$980 million

The company also realizes significant, though sometimes less predictable, income from financial mechanisms and services. You need to track these closely, as they can impact net income significantly.

• Sale of tax benefits through tax equity partnerships: Ormat Technologies expects to book about $167 million from tax equity financing and tax credit transfer transactions in 2025, which is higher than previously forecast.
• Services revenue from facility upgrades and technical assistance: This is generally captured within the Product segment or as other operating revenue, and a specific standalone 2025 projection isn't separately itemized in the latest guidance summaries.

To give you a sense of the recent momentum driving these expectations, the third quarter of 2025 saw total revenue hit $249.7 million, a nearly 18% increase year-over-year. That growth wasn't even across the board, though.

Here's the quick math on the Q3 2025 segment performance:

• Electricity Segment Revenue (Q3 2025): $167.1 million, showing modest growth of 1.5% compared to Q3 2024.
• Products Segment Revenue (Q3 2025): $62.2 million, driven by a 66.6% increase due to contract timing and a backlog of approximately $295 million as of November 3rd, 2025.
• Energy Storage Segment Revenue (Q3 2025): $20.4 million, which was a standout with revenue more than doubling, up 108.1% year-over-year, thanks to new assets like Lower Rio coming online in August.

What this estimate hides is the volatility in the Electricity segment, which saw lower revenues in the quarter due to a September storm in California and curtailments in Nevada. Still, the Product segment backlog provides strong visibility for future revenue growth in that area.

For context on tax benefits, the company previously noted receiving $77 million from tax equity partnerships related to projects like Heber 1 & 2, but the 2025 expectation for tax credit transfers is now projected at $50.4 million in net tax benefits from the Inflation Reduction Act of 2022, as extended by the One Big Beautiful Bill Act of 2025, on top of the larger cash proceeds figure. Finance: draft 13-week cash view by Friday.