Ormat Technologies, Inc. (ORA): Modelo de Negócios Canvas [Jan-2025 Atualizado]

No cenário dinâmico da energia renovável, a Ormat Technologies, Inc. (ORA) surge como uma força pioneira, transformando a geração geotérmica de energia por meio de inovação de ponta e parcerias globais estratégicas. Esse modelo abrangente de negócios revela como a empresa aproveita tecnologias proprietárias, soluções sustentáveis ​​e um ecossistema robusto para fornecer eletricidade limpa e confiável, enquanto impulsiona o progresso ambiental e o avanço tecnológico no setor de energia renovável.

Ormat Technologies, Inc. (ORA) - Modelo de negócios: Parcerias -chave

Parcerias estratégicas com desenvolvedores de energia renovável

A ORMAT Technologies mantém parcerias estratégicas com vários desenvolvedores de energia renovável em diferentes regiões geográficas. A partir de 2023, a empresa estabeleceu parcerias em:

Região	Número de parcerias	Capacidade total instalada
Estados Unidos	12 parcerias estratégicas	Capacidade geotérmica de 385 MW
América latina	7 parcerias estratégicas	215 MW Capacidade geotérmica
Ásia-Pacífico	5 parcerias estratégicas	Capacidade geotérmica de 165 MW

Colaboração com empresas de serviços públicos para projetos de energia geotérmica

A Ormat Technologies colabora com empresas de serviços públicos para desenvolver e operar projetos de energia geotérmica.

• Southern California Edison: Contrato de compra de energia de longo prazo para projeto geotérmico de 50 MW
• Nevada Energy: 30 MW de contrato de energia geotérmica
• Hawaii Electric Light Company: Projeto de energia geotérmica de 10 MW

Acordos de licenciamento de tecnologia com empresas internacionais de energia

País	Parceiro de licenciamento	Tipo de tecnologia	Receita anual de licenciamento
Indonésia	Energia geotérmica de PT Perramina	Tecnologia do ciclo binário	US $ 4,2 milhões
Quênia	Empresa geradora de eletricidade do Quênia	Projeto de planta geotérmica	US $ 3,7 milhões
Nova Zelândia	Energia de contato	Tecnologia Organic Rankine Cycle	US $ 2,9 milhões

Joint ventures no desenvolvimento de infraestrutura energética

A ORMAT Technologies se envolveu em várias joint ventures para o desenvolvimento da infraestrutura de energia:

• Fulcrum Sierra Geothermal LLC: joint venture com a Sierra Geothermal Power Corporation
• Ormat Nevada Inc.: Parceria com desenvolvedores de infraestrutura de energia local
• Grupo de Desenvolvimento Geotérmico: empreendimento colaborativo para desenvolvimento de projetos

Ormat Technologies, Inc. (ORA) - Modelo de negócios: Atividades -chave

Projeto e construção da usina geotérmica

A ORMAT Technologies opera 10 usinas geotérmicas nos Estados Unidos, com uma capacidade total de 405 MW. O portfólio de usina de energia da empresa inclui instalações em Nevada, Califórnia e Havaí.

Localização	Número de plantas	Capacidade total (MW)
Nevada	5	216
Califórnia	3	124
Havaí	2	65

Inovação em tecnologia energética renovável

A Ormat investiu US $ 42,3 milhões em pesquisa e desenvolvimento em 2022, com foco em tecnologias de energia geotérmica e renovável avançadas.

• Tecnologia Orgânica Rankine (ORC) proprietária (ORC)
• Desenvolvimento geotérmico aprimorado
• Soluções de recuperação de calor residuais

Vendas de geração de energia e eletricidade

Em 2022, o ORMAT gerou 2.326 GWh de eletricidade, com receita de US $ 521,4 milhões em vendas de eletricidade.

Fonte de eletricidade	Geração (GWH)	Contribuição da receita
Geotérmica	1,842	US $ 412,6 milhões
Geração de energia recuperada	484	US $ 108,8 milhões

Desenvolvimento da solução de eficiência energética

O ORMAT desenvolveu soluções de eficiência energética para recuperação de calor residual industrial, com 135 MW de capacidade de geração de energia recuperada instalada.

Gerenciamento de projetos de energia sustentável

A empresa administrou 11 projetos internacionais de energia renovável em 5 países, com um valor total do projeto de US $ 687 milhões em 2022.

Região	Número de projetos	Valor total do projeto
América do Norte	6	US $ 392 milhões
América latina	3	US $ 165 milhões
Internacional	2	US $ 130 milhões

Ormat Technologies, Inc. (ORA) - Modelo de negócios: Recursos -chave

Tecnologias de energia geotérmica proprietária

A Ormat Technologies possui 287 patentes relacionadas à tecnologia de energia geotérmica a partir de 2023. As tecnologias proprietárias da empresa incluem:

• Design de usina de ciclo binário
• Sistemas avançados de trocador de calor
• Unidades de geração geotérmica modular

Categoria de tecnologia	Número de patentes ativas	Investimento em P&D (2023)
Geração geotérmica de energia	157	US $ 42,3 milhões
Sistemas de conversão de energia	93	US $ 23,7 milhões
Gerenciamento térmico	37	US $ 15,6 milhões

Engenharia especializada e especialização técnica

A ORMAT emprega 736 profissionais técnicos em período integral a partir do quarto trimestre de 2023, com uma experiência média de 14,2 anos no setor de energia geotérmica.

Categoria profissional	Número de funcionários
Engenheiros geotérmicos	284
Engenheiros mecânicos	212
Engenheiros elétricos	156
Cientistas de pesquisa	84

Portfólio global de usinas geotérmicas

O ORMAT opera 19 usinas geotérmicas em vários países com capacidade total instalada de 1.127 MW a partir de 2023.

Região geográfica	Número de plantas	Capacidade total (MW)
Estados Unidos	9	647 MW
Guatemala	3	290 MW
Quênia	4	165 MW
Outros países	3	25 MW

Capacidades avançadas de pesquisa e desenvolvimento

As despesas de P&D para tecnologias ORMAT em 2023 totalizaram US $ 81,6 milhões, representando 7,2% da receita total da empresa.

Portfólio de propriedade intelectual significativa

Avaliação total da propriedade intelectual: US $ 328,5 milhões em dezembro de 2023.

Tipo de ativo IP	Número de ativos	Valor estimado
Patentes ativas	287	US $ 214,3 milhões
Segredos comerciais	42	US $ 68,7 milhões
Software proprietário	16	US $ 45,5 milhões

Ormat Technologies, Inc. (ORA) - Modelo de Negócios: Proposições de Valor

Soluções de energia renovável limpa e sustentável

A ORMAT Technologies gera 1.056 MW de energia geotérmica renovável em vários locais globais a partir de 2023. A empresa opera usinas de energia nos Estados Unidos, Israel e Guatemala com uma capacidade total de geração de eletricidade de 1.056 MW.

Região geográfica	Capacidade instalada (MW)	Tipo de geração de energia
Estados Unidos	785	Geotérmica
Israel	160	Geotérmico/solar
Guatemala	111	Geotérmica

Generção geotérmica confiável de base de base basal

As usinas geotérmicas da ORMAT atingem um tempo de atividade operacional média de 95,2% com recursos consistentes de geração de eletricidade. Os contratos de compra de energia da empresa têm uma duração média do contrato de 20 a 25 anos.

Emissões de carbono reduzidas e impacto ambiental

A ORMAT Technologies gera aproximadamente 3,8 milhões de MWh de energia limpa anualmente, compensando aproximadamente 2,6 milhões de toneladas de emissões de CO2.

• Offset de carbono equivalente à remoção de 560.000 veículos de passageiros de estradas anualmente
• Zero emissões de gases de efeito estufa direto durante a geração de eletricidade
• Pegada mínima de uso da terra em comparação com outras tecnologias de energia renovável

Tecnologias inovadoras de eficiência energética

A ORMAT investiu US $ 78,4 milhões em pesquisa e desenvolvimento durante 2022, com foco em tecnologias avançadas de conversão de energia geotérmica e nos sistemas de geração de energia do ciclo binário aprimorado.

Categoria de tecnologia	Investimento em P&D	Principais áreas de foco
Conversão geotérmica	US $ 45,2 milhões	Melhorias do ciclo binário
Armazenamento de energia	US $ 22,6 milhões	Soluções de armazenamento de energia térmica
Monitoramento avançado	US $ 10,6 milhões	Sistemas de manutenção preditivos

Produção de eletricidade estável a longo prazo

As usinas geotérmicas de Ormat demonstram uma geração consistente de eletricidade profile Com a disponibilidade 24/7, fornecendo energia de base confiável em instalações contratadas.

• Vida operacional média da usina: 30-40 anos
• Geração de eletricidade previsível com 95% de fator de capacidade
• Flutuações mínimas na produção de energia em comparação com as tecnologias eólicas/solares

Ormat Technologies, Inc. (ORA) - Modelo de Negócios: Relacionamentos do Cliente

Acordos de compra de energia de longo prazo

A Ormat Technologies mantém 44 usinas geotérmicas com acordos de compra de energia de longo prazo em várias regiões. Duração média do contrato: 20-25 anos.

Região	Número de PPAs	Valor médio do contrato
Estados Unidos	26	US $ 85,3 milhões anualmente
Guatemala	5	US $ 42,6 milhões anualmente
Quênia	4	US $ 37,2 milhões anualmente

Serviços de Suporte e Manutenção Técnicos

Ormat fornece serviços de manutenção abrangentes com Suporte técnico 24/7 para infraestrutura de energia geotérmica e renovável.

• Tempo médio de resposta: 2 horas
• Valor anual do contrato de manutenção: US $ 12,5 milhões
• Equipe de suporte técnico: 127 engenheiros especializados

Consultas de solução de energia personalizada

Ormat oferece serviços de consultoria de energia renovável personalizada com Equipes de engenharia especializadas.

Tipo de consulta	Valor médio do projeto	Consultas anuais
Viabilidade geotérmica	US $ 1,2 milhão	18 projetos
Integração renovável	US $ 2,5 milhões	12 projetos

Engajamento direto com clientes de utilidade e industrial

Ormat serve diretamente 42 clientes de utilidade e industrial em vários mercados internacionais.

• Base total de clientes: 42 clientes corporativos
• Valor médio do contrato: US $ 67,3 milhões por cliente
• Cobertura geográfica: 7 países

Parcerias de Inovação Tecnológica em andamento

O ORMAT colabora com instituições de pesquisa e parceiros de tecnologia para promover soluções de energia geotérmica e renovável.

Tipo de parceria	Número de parcerias ativas	Investimento anual de P&D
Instituições acadêmicas	8	US $ 6,7 milhões
Empresas de tecnologia	5	US $ 4,2 milhões

Ormat Technologies, Inc. (ORA) - Modelo de Negócios: Canais

Equipe de vendas diretas

A ORMAT Technologies mantém uma equipe de vendas direta dedicada focada em soluções de energia geotérmica e renovável. A partir de 2023, a equipe de vendas da empresa consiste em 87 profissionais especializados em várias regiões globais.

Região de vendas	Número de representantes de vendas	Área de cobertura
América do Norte	42	Estados Unidos e Canadá
América latina	15	México, América Central e Sul
Europa	12	União Europeia e regiões adjacentes
Ásia-Pacífico	18	Países da borda da Ásia e Pacífico

Conferências e exposições do setor de energia

O ORMAT participa ativamente de principais conferências de energia renovável, com um investimento anual de US $ 1,2 milhão em participação de exposições e conferências.

• Conferência Mundial de Energia Renovável
• Reunião Anual do Conselho de Recursos Geotérmicos
• Congresso Mundial de Energia Renovável
• Conferência Geotérmica Internacional

Site corporativo on -line e plataformas digitais

Os canais digitais da Ormat incluem um site corporativo abrangente com tráfego mensal de 127.500 visitantes únicos. Métricas de engajamento da plataforma digital para 2023 show:

Canal digital	Visitantes únicos mensais	Taxa de engajamento
Site corporativo	127,500	42%
Página da empresa do LinkedIn	45,300	28%
Portal de recursos técnicos	22,750	35%

Redes estratégicas de desenvolvimento de negócios

O ORMAT aproveita 23 parcerias estratégicas nos setores de energia renovável, com a colaboração da parceria gerando US $ 78,4 milhões em receitas conjuntas de projetos em 2023.

Proposta técnica e processos de licitação

A empresa envia uma média de 47 propostas técnicas anualmente, com um Taxa de sucesso da oferta de 62%. Os custos totais de desenvolvimento de propostas em 2023 foram de US $ 3,7 milhões.

Categoria de proposta	Número de propostas	Taxa de sucesso
Projetos de energia geotérmica	28	68%
Soluções de energia renovável	12	53%
Projetos de armazenamento de energia	7	49%

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

Empresas de serviços públicos elétricos

A partir de 2023, a ORMAT atende a aproximadamente 75 empresas de serviços públicos nos Estados Unidos e internacionalmente. Esses utilitários representam uma capacidade geotérmica contratada total de 385 MW.

Região	Número de clientes de serviços públicos	Capacidade total contratada
Estados Unidos	48	265 MW
Mercados internacionais	27	120 MW

Consumidores de energia industrial

A Ormat Technologies fornece soluções de energia geotérmica e renovável para 52 consumidores de energia industrial globalmente.

• Setor de manufatura: 23 clientes
• Indústria de mineração: 15 clientes
• Parques de tecnologia: 14 clientes

Programas de energia renovável do governo

O ORMAT tem contratos com 18 programas de energia renovável do governo em 7 países, representando um investimento total de US $ 312 milhões em projetos de energia renovável apoiada pelo governo.

Região	Número de programas governamentais	Investimento total
América do Norte	8	US $ 156 milhões
Mercados internacionais	10	US $ 156 milhões

Desenvolvedores de infraestrutura de energia internacional

O ORMAT colabora com 35 desenvolvedores internacionais de infraestrutura de energia em 12 países, com um portfólio total de projetos no valor de US $ 750 milhões.

• Desenvolvedores de projetos geotérmicos: 22 parceiros
• Empresas de infraestrutura de energia renovável: 13 parceiros

Usuários de eletricidade comercial em larga escala

O ORMAT atende 64 usuários de eletricidade comercial em larga escala com uma capacidade total contratada de 425 MW.

Segmento da indústria	Número de clientes	Capacidade contratada
Data centers	18	125 MW
Grandes complexos comerciais	26	175 MW
Campi industrial	20	125 MW

Ormat Technologies, Inc. (ORA) - Modelo de negócios: estrutura de custos

Investimentos de pesquisa e desenvolvimento

Para o ano fiscal de 2022, a ORMAT Technologies investiu US $ 41,6 milhões em despesas de pesquisa e desenvolvimento, representando aproximadamente 4,5% da receita total.

Ano	Investimento em P&D	Porcentagem de receita
2022	US $ 41,6 milhões	4.5%
2021	US $ 38,2 milhões	4.2%

Construção e manutenção da usina

Os custos anuais de manutenção e construção das usinas geotérmicas da ORMAT normalmente variam entre US $ 50 a 75 milhões por ano.

• Custo médio de construção da usina: US $ 150-250 milhões por projeto
• Custo de manutenção anual por planta geotérmica: US $ 3-5 milhões
• Despesas de capital em 2022: US $ 232,1 milhões

Custos de licenciamento e aquisição de tecnologia

Em 2022, a ORMAT gastou aproximadamente US $ 15,3 milhões em licenciamento de tecnologia e aquisições de propriedade intelectual.

Capital humano e talento especializado em engenharia

Categoria de pessoal	Custo da mão -de -obra anual	Número de funcionários
Equipe de engenharia	US $ 45,7 milhões	385
Operações técnicas	US $ 32,6 milhões	276

Despesas operacionais e administrativas

As despesas operacionais e administrativas totais de 2022 foram de US $ 87,4 milhões, representando 9,5% da receita total.

• Custos administrativos gerais: US $ 42,3 milhões
• Despesas de suporte operacional: US $ 45,1 milhões
• Organização corporativa: US $ 12,6 milhões

Ormat Technologies, Inc. (ORA) - Modelo de negócios: fluxos de receita

Vendas de eletricidade de usinas geotérmicas

No ano fiscal de 2022, a ORMAT Technologies gerou US $ 785,1 milhões em receita total de vendas de eletricidade. As vendas de eletricidade da usina geotérmica representaram aproximadamente 70% desse total, representando cerca de US $ 549,57 milhões.

Região geográfica	Receita de vendas de eletricidade	Porcentagem de total
Estados Unidos	US $ 412,3 milhões	53%
América latina	US $ 237,6 milhões	30%
Outros mercados internacionais	US $ 135,2 milhões	17%

Taxas de licenciamento de tecnologia

A receita de licenciamento de tecnologia da ORMAT em 2022 totalizou US $ 31,2 milhões, representando aproximadamente 4% da receita total da empresa.

• Licenciamento de tecnologia geotérmica para desenvolvedores de terceiros
• Projeto de usina de energia proprietária e licenciamento de equipamentos
• Serviços de consultoria relacionados à transferência de tecnologia geotérmica

Contratos de solução de eficiência energética

A eficiência energética e os contratos de geração de energia recuperados geraram US $ 92,4 milhões em receita durante 2022, representando aproximadamente 12% da receita total da empresa.

Serviços de engenharia e desenvolvimento de projetos

Os serviços de desenvolvimento e engenharia de projetos contribuíram com US $ 57,6 milhões para o fluxo de receita da Ormat em 2022, representando cerca de 7% da receita total.

Receitas internacionais de projeto de geração de energia

Os projetos internacionais de geração de energia geraram US $ 214,5 milhões em receita para 2022, constituindo aproximadamente 27% da receita total da empresa.

Mercado internacional	Receita do projeto	Países -chave
América latina	US $ 137,2 milhões	Guatemala, Honduras, Nicarágua
Ásia-Pacífico	US $ 47,3 milhões	Indonésia, Filipinas
África	US $ 30,0 milhões	Quênia

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.