Ormat Technologies, Inc. (ORA): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el panorama dinámico de la energía renovable, Ormat Technologies, Inc. (ORA) emerge como una fuerza pionera, transformando la generación de energía geotérmica a través de la innovación de vanguardia y las asociaciones globales estratégicas. Este lienzo de modelo comercial integral revela cómo la empresa aprovecha las tecnologías propietarias, las soluciones sostenibles y un ecosistema robusto para ofrecer electricidad limpia y confiable al tiempo que impulsa el progreso ambiental y el avance tecnológico en el sector de la energía renovable.

Ormat Technologies, Inc. (ORA) - Modelo de negocios: asociaciones clave

Asociaciones estratégicas con desarrolladores de energía renovable

Ormat Technologies mantiene asociaciones estratégicas con múltiples desarrolladores de energía renovable en diferentes regiones geográficas. A partir de 2023, la compañía ha establecido asociaciones en:

Región	Número de asociaciones	Capacidad instalada total
Estados Unidos	12 asociaciones estratégicas	Capacidad geotérmica de 385 MW
América Latina	7 asociaciones estratégicas	215 MW Capacidad geotérmica
Asia-Pacífico	5 asociaciones estratégicas	Capacidad geotérmica de 165 MW

Colaboración con compañías de servicios públicos para proyectos de energía geotérmica

Ormat Technologies colabora con compañías de servicios públicos para desarrollar y operar proyectos de energía geotérmica.

• Southern California Edison: Acuerdo de compra de energía a largo plazo para un proyecto geotérmico de 50 MW
• Nevada Energy: contrato de energía geotérmica de 30 MW
• Hawaii Electric Light Company: Proyecto de energía geotérmica de 10 MW

Acuerdos de licencia de tecnología con empresas energéticas internacionales

País	Socio de licencia	Tipo de tecnología	Ingresos anuales de licencia
Indonesia	Pt Pertamina Energía geotérmica	Tecnología de ciclo binario	$ 4.2 millones
Kenia	Empresa generadora de electricidad de Kenia	Diseño de plantas geotérmicas	$ 3.7 millones
Nueva Zelanda	Energía de contacto	Tecnología de ciclo orgánico de Rankine	$ 2.9 millones

Empresas conjuntas en desarrollo de infraestructura energética

Ormat Technologies se ha involucrado en múltiples empresas conjuntas para el desarrollo de la infraestructura energética:

• Fulcrum Sierra Geothermal LLC: empresa conjunta con Sierra Geothermal Power Corporation
• Ormat Nevada Inc.: Asociación con desarrolladores locales de infraestructura energética
• Grupo de desarrollo geotérmico: empresa colaborativa para el desarrollo de proyectos

Ormat Technologies, Inc. (ORA) - Modelo de negocio: actividades clave

Diseño y construcción de la planta de energía geotérmica

Ormat Technologies opera 10 centrales eléctricas geotérmicas en los Estados Unidos, con una capacidad total de 405 MW. La cartera de plantas de energía de la compañía incluye instalaciones en Nevada, California y Hawai.

Ubicación	Número de plantas	Capacidad total (MW)
Nevada	5	216
California	3	124
Hawai	2	65

Innovación de tecnología de energía renovable

Ormat invirtió $ 42.3 millones en investigación y desarrollo en 2022, centrándose en tecnologías avanzadas de energía geotérmica y renovable.

• Tecnología de ciclo orgánico de Rankine (ORC) patentado
• Desarrollo de sistemas geotérmicos mejorados
• Soluciones de recuperación de calor de residuos

Generación de energía y ventas de electricidad

En 2022, Ormat generó 2.326 GWH de electricidad, con ingresos de $ 521.4 millones de las ventas de electricidad.

Fuente de electricidad	Generación (GWH)	Contribución de ingresos
Geotérmico	1,842	$ 412.6 millones
Generación de energía recuperada	484	$ 108.8 millones

Desarrollo de soluciones de eficiencia energética

ORMAT desarrolló soluciones de eficiencia energética para la recuperación de calor de residuos industriales, con 135 MW de capacidad de generación de energía recuperada instalada.

Gestión de proyectos de energía sostenible

La compañía administró 11 proyectos internacionales de energía renovable en 5 países, con un valor total del proyecto de $ 687 millones en 2022.

Región	Número de proyectos	Valor total del proyecto
América del norte	6	$ 392 millones
América Latina	3	$ 165 millones
Internacional	2	$ 130 millones

Ormat Technologies, Inc. (ORA) - Modelo de negocio: recursos clave

Tecnologías de energía geotérmica patentada

Ormat Technologies posee 287 patentes relacionadas con la tecnología de energía geotérmica a partir de 2023. Las tecnologías propietarias de la compañía incluyen:

• Diseño de planta de energía del ciclo binario
• Sistemas avanzados de intercambiador de calor
• Unidades de generación de energía geotérmica modular

Categoría de tecnología	Número de patentes activas	Inversión de I + D (2023)
Generación de energía geotérmica	157	$ 42.3 millones
Sistemas de conversión de energía	93	$ 23.7 millones
Gestión térmica	37	$ 15.6 millones

Ingeniería especializada y experiencia técnica

Ormat emplea a 736 profesionales técnicos a tiempo completo a partir del cuarto trimestre de 2023, con una experiencia promedio de 14.2 años en el sector de la energía geotérmica.

Categoría profesional	Número de empleados
Ingenieros geotérmicos	284
Ingenieros mecánicos	212
Ingenieros eléctricos	156
Investigar científicos	84

Cartera global de plantas de energía geotérmica

ORMAT opera 19 centrales eléctricas geotérmicas en múltiples países con una capacidad instalada total de 1.127 MW a partir de 2023.

Región geográfica	Número de plantas	Capacidad total (MW)
Estados Unidos	9	647 MW
Guatemala	3	290 MW
Kenia	4	165 MW
Otros países	3	25 MW

Capacidades avanzadas de investigación y desarrollo

El gasto de I + D para las tecnologías ORMAT en 2023 totalizó $ 81.6 millones, lo que representa el 7.2% de los ingresos totales de la compañía.

Cartera significativa de propiedad intelectual

Valoración total de propiedad intelectual: $ 328.5 millones a diciembre de 2023.

Tipo de activo IP	Número de activos	Valor estimado
Patentes activas	287	$ 214.3 millones
Secretos de comercio	42	$ 68.7 millones
Software patentado	16	$ 45.5 millones

Ormat Technologies, Inc. (ORA) - Modelo de negocio: propuestas de valor

Soluciones de energía renovable limpia y sostenible

ORMAT Technologies genera 1.056 MW de energía geotérmica renovable en múltiples ubicaciones globales a partir de 2023. La compañía opera centrales eléctricas en los Estados Unidos, Israel y Guatemala con una capacidad total de generación de electricidad de 1,056 MW.

Región geográfica	Capacidad instalada (MW)	Tipo de generación de energía
Estados Unidos	785	Geotérmico
Israel	160	Geotérmico/solar
Guatemala	111	Geotérmico

Generación de energía geotérmica base confiable

Las centrales eléctricas geotérmicas de Ormat alcanzan un tiempo de actividad operativo promedio de 95.2% con capacidades consistentes de generación de electricidad. Los acuerdos de compra de energía de la compañía tienen una duración promedio del contrato de 20-25 años.

Reducción de emisiones de carbono e impacto ambiental

Las tecnologías ORMAT generan aproximadamente 3.8 millones de MWh de energía limpia anualmente, compensando aproximadamente 2.6 millones de toneladas métricas de emisiones de CO2.

• Compensación de carbono equivalente a eliminar 560,000 vehículos de pasajeros de las carreteras anualmente
• Cero emisiones directas de gases de efecto invernadero durante la generación de electricidad
• Huella de uso de la tierra mínima en comparación con otras tecnologías de energía renovable

Tecnologías innovadoras de eficiencia energética

Ormat invirtió $ 78.4 millones en investigación y desarrollo durante 2022, centrándose en tecnologías avanzadas de conversión de energía geotérmica y sistemas de generación de energía binarios mejorados.

Categoría de tecnología	Inversión de I + D	Áreas de enfoque clave
Conversión geotérmica	$ 45.2 millones	Mejoras del ciclo binario
Almacenamiento de energía	$ 22.6 millones	Soluciones de almacenamiento de energía térmica
Monitoreo avanzado	$ 10.6 millones	Sistemas de mantenimiento predictivo

Producción de electricidad estable a largo plazo

Las centrales eléctricas geotérmicas de Ormat demuestran una generación de electricidad consistente profile con disponibilidad las 24 horas, los 7 días de la semana, proporcionando energía base confiable en las instalaciones contratadas.

• Vida operativa promedio de la planta de energía: 30-40 años
• Generación de electricidad predecible con factor de capacidad del 95%
• Fluctuaciones mínimas en la potencia de salida en comparación con las tecnologías eólicas/solares

Ormat Technologies, Inc. (ORA) - Modelo de negocios: relaciones con los clientes

Acuerdos de compra de energía a largo plazo

Ormat Technologies mantiene 44 centrales geotérmicas con acuerdos de compra de energía a largo plazo en múltiples regiones. Duración promedio del contrato: 20-25 años.

Región	Número de PPA	Valor de contrato promedio
Estados Unidos	26	$ 85.3 millones anuales
Guatemala	5	$ 42.6 millones anuales
Kenia	4	$ 37.2 millones anuales

Soporte técnico y servicios de mantenimiento

Ormat proporciona servicios integrales de mantenimiento con Soporte técnico 24/7 para infraestructura de energía geotérmica y renovable.

• Tiempo de respuesta promedio: 2 horas
• Valor de contrato de mantenimiento anual: $ 12.5 millones
• Equipo de soporte técnico: 127 ingenieros especializados

Consultas de soluciones energéticas personalizadas

Ormat ofrece servicios de consultoría de energía renovable a medida con equipos de ingeniería especializados.

Tipo de consulta	Valor promedio del proyecto	Consultas anuales
Viabilidad geotérmica	$ 1.2 millones	18 proyectos
Integración renovable	$ 2.5 millones	12 proyectos

Compromiso directo con clientes y clientes industriales

Ormat sirve directamente 42 clientes de servicios públicos e industriales en múltiples mercados internacionales.

• Base de clientes totales: 42 clientes empresariales
• Valor promedio del contrato: $ 67.3 millones por cliente
• Cobertura geográfica: 7 países

Asociaciones de innovación tecnológica continua

Ormat colabora con instituciones de investigación y socios de tecnología para avanzar en soluciones de energía geotérmica y renovable.

Tipo de asociación	Número de asociaciones activas	Inversión anual de I + D
Instituciones académicas	8	$ 6.7 millones
Empresas tecnológicas	5	$ 4.2 millones

Ormat Technologies, Inc. (ORA) - Modelo de negocios: canales

Equipo de ventas directas

Ormat Technologies mantiene un equipo de ventas directo dedicado centrado en soluciones de energía geotérmica y renovable. A partir de 2023, el equipo de ventas de la compañía consta de 87 profesionales especializados en múltiples regiones globales.

Región de ventas	Número de representantes de ventas	Área de cobertura
América del norte	42	Estados Unidos y Canadá
América Latina	15	México, América Central y del Sur
Europa	12	Unión Europea y regiones adyacentes
Asia-Pacífico	18	Asia y países de la llanta del Pacífico

Conferencias y exposiciones de la industria energética

Ormat participa activamente en conferencias clave de energía renovable, con una inversión anual de $ 1.2 millones en participación en exhibición y conferencia.

• Conferencia Mundial de Energía Renovable
• Reunión anual del Consejo de Recursos Geotérmicos
• Congreso mundial de energía renovable
• Conferencia geotérmica internacional

Sitio web corporativo en línea y plataformas digitales

Los canales digitales de Ormat incluyen un sitio web corporativo integral con tráfico mensual de 127,500 visitantes únicos. Métricas de compromiso de plataforma digital para 2023 Show:

Canal digital	Visitantes únicos mensuales	Tasa de compromiso
Sitio web corporativo	127,500	42%
Página de la empresa de LinkedIn	45,300	28%
Portal de recursos técnicos	22,750	35%

Redes estratégicas de desarrollo de negocios

ORMAT aprovecha 23 asociaciones estratégicas en los sectores de energía renovable, con la colaboración de la asociación que genera $ 78.4 millones en ingresos de proyectos conjuntos en 2023.

Propuesta técnica y procesos de licitación

La compañía presenta un promedio de 47 propuestas técnicas anualmente, con un Tasa de éxito de la oferta del 62%. Los costos totales de desarrollo de la propuesta en 2023 fueron de $ 3.7 millones.

Categoría de propuesta	Número de propuestas	Tasa de éxito
Proyectos de energía geotérmica	28	68%
Soluciones de energía renovable	12	53%
Proyectos de almacenamiento de energía	7	49%

Ormat Technologies, Inc. (ORA) - Modelo de negocios: segmentos de clientes

Compañías de servicios eléctricos

A partir de 2023, Ormat atiende a aproximadamente 75 compañías de servicios eléctricos en los Estados Unidos e internacionalmente. Estas utilidades representan una capacidad geotérmica total contratada de 385 MW.

Región	Número de clientes de servicios públicos	Capacidad total contratada
Estados Unidos	48	265 MW
Mercados internacionales	27	120 MW

Consumidores de energía industrial

Ormat Technologies suministra soluciones de energía geotérmica y renovable a 52 consumidores de energía industrial a nivel mundial.

• Sector de fabricación: 23 clientes
• Industria minera: 15 clientes
• Parques tecnológicos: 14 clientes

Programas de energía renovable del gobierno

Ormat tiene contratos con 18 programas de energía renovable del gobierno en 7 países, lo que representa una inversión total de $ 312 millones en proyectos de energía renovable respaldada por el gobierno.

Región	Número de programas gubernamentales	Inversión total
América del norte	8	$ 156 millones
Mercados internacionales	10	$ 156 millones

Desarrolladores internacionales de infraestructura energética

Ormat colabora con 35 desarrolladores de infraestructura energética internacional en 12 países, con una cartera de proyectos total valorada en $ 750 millones.

• Desarrolladores de proyectos geotérmicos: 22 socios
• Firmas de infraestructura de energía renovable: 13 socios

Usuarios de electricidad comercial a gran escala

Ormat atiende a 64 usuarios de electricidad comercial a gran escala con una capacidad total contratada de 425 MW.

Segmento de la industria	Número de clientes	Capacidad contratada
Centros de datos	18	125 MW
Grandes complejos comerciales	26	175 MW
Campus industriales	20	125 MW

Ormat Technologies, Inc. (ORA) - Modelo de negocio: Estructura de costos

Inversiones de investigación y desarrollo

Para el año fiscal 2022, Ormat Technologies invirtió $ 41.6 millones en gastos de investigación y desarrollo, lo que representa aproximadamente el 4.5% de los ingresos totales.

Año	Inversión de I + D	Porcentaje de ingresos
2022	$ 41.6 millones	4.5%
2021	$ 38.2 millones	4.2%

Construcción y mantenimiento de la planta de energía

Los costos anuales de mantenimiento y construcción para las centrales eléctricas geotérmicas de Ormat generalmente oscilan entre $ 50 y 75 millones por año.

• Costo promedio de construcción de la planta de energía: $ 150-250 millones por proyecto
• Costo de mantenimiento anual por planta geotérmica: $ 3-5 millones
• Gastos de capital en 2022: $ 232.1 millones

Costos de licencia y adquisición de tecnología

En 2022, Ormat gastó aproximadamente $ 15.3 millones en licencias de tecnología y adquisiciones de propiedad intelectual.

Capital humano y talento especializado de ingeniería

Categoría de personal	Costo laboral anual	Número de empleados
Personal de ingeniería	$ 45.7 millones	385
Operaciones técnicas	$ 32.6 millones	276

Gastos operativos y administrativos

Los gastos operativos y administrativos totales para 2022 fueron de $ 87.4 millones, lo que representa el 9.5% de los ingresos totales.

• Costos administrativos generales: $ 42.3 millones
• Gastos de soporte operativo: $ 45.1 millones
• Sobrecoss corporativos: $ 12.6 millones

Ormat Technologies, Inc. (ORA) - Modelo de negocios: flujos de ingresos

Ventas de electricidad de centrales eléctricas geotérmicas

En el año fiscal 2022, Ormat Technologies generó $ 785.1 millones en ingresos totales de ventas de electricidad. Las ventas de electricidad de la planta de energía geotérmica representaron aproximadamente el 70% de este total, lo que representa alrededor de $ 549.57 millones.

Región geográfica	Ingresos de ventas de electricidad	Porcentaje de total
Estados Unidos	$ 412.3 millones	53%
América Latina	$ 237.6 millones	30%
Otros mercados internacionales	$ 135.2 millones	17%

Tarifas de licencia de tecnología

Los ingresos por licencias de tecnología de Ormat en 2022 totalizaron $ 31.2 millones, lo que representa aproximadamente el 4% de los ingresos totales de la compañía.

• Licencias de tecnología geotérmica a desarrolladores externos
• Diseño de planta de energía patentada y licencias de equipos
• Servicios de consultoría relacionados con la transferencia de tecnología geotérmica

Contratos de solución de eficiencia energética

La eficiencia energética y los contratos recuperados de generación de energía generaron $ 92.4 millones en ingresos durante 2022, lo que representa aproximadamente el 12% de los ingresos totales de la compañía.

Servicios de desarrollo de ingeniería y proyectos

Los servicios de desarrollo e ingeniería de proyectos contribuyeron con $ 57.6 millones al flujo de ingresos de Ormat en 2022, lo que representa aproximadamente el 7% de los ingresos totales.

Ingresos del proyecto de generación de energía internacional

Los proyectos internacionales de generación de energía generaron $ 214.5 millones en ingresos para 2022, constituyendo aproximadamente el 27% de los ingresos totales de la compañía.

Mercado internacional	Ingresos del proyecto	Países clave
América Latina	$ 137.2 millones	Guatemala, Honduras, Nicaragua
Asia-Pacífico	$ 47.3 millones	Indonesia, Filipinas
África	$ 30.0 millones	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.