[midastouch017]

Ormat seeks multifold gain in geothermal capacity
The solution could create renewable geothermal electricity in many areas across the US
Merav Ankori 19 Feb 08 14:33
Ormat Industries Ltd. (TASE: ORMT) is seeking to greatly expand its sources for electricity production. Subsidiary Ormat Technologies Inc. (NYSE: ORA) has initiated work on the first application of an Enhanced Geothermal System (EGS) utilizing a production well at a commercial geothermal site. This project will demonstrate the viability of EGS and the technology's potential to generate clean, renewable baseload geothermal electricity in many areas throughout the US.
Until now, Ormat has used geothermal sources for electricity production. EGS enhances the permeability of underground strata making it possible to extract additional heat from a reservoir's rocks. The water needed to convert the heat to energy is drawn from external sources. While industry sources estimate the potential global electricity output with conventional geothermal technology at 70,000 megawatts, it is believed that with EGS, US production alone could greatly exceed that amount.


Last week, Ormat announced that, together with the US Department of Energy, GeothermEx Inc., and other stakeholders it would apply EGS technology to increase geothermal production from well number DP 27-15 at Ormat's Desert Peak facility near Reno, Nevada.

Ormat chairman and CTO Yehuda Bronicki said, "Ormat anticipates Desert Peak will be the country's first commercial project to tap into an EGS resource and produce substantial levels of electricity providing a rebirth for certain geothermal prospects in the US. Our objective in the Desert Peak EGS project is to demonstrate that EGS technology can achieve its potential of providing 100,000 MW of clean, base-load power, as identified in last year's Department of Energy study by Massachusetts Institute of Technology, and show that this technology will enable geothermal electricity to be produced in regions where it is not currently economically viable."

GeothermEx president Subir Sanyal said, that EGS could boost the Desert Peak production of 11 megawatts of electricity from convention geothermal technology to more than 50 megawatts.

Ormat Technologies president Yoram Bronicki added, "The idea is that we bring the water needed for the process from an external source to enhance the heat from the rock and bring this heat to the surface. The idea is to drill a well into the hot rock and create a channel through which the water is injected into the hot rock. The water then travels through fissures in the rock to a production well which is drilled in advance. Thus the heated water generates power. The water can be reused at the production well, creating a closed cycle similar to a typical Ormat geothermal station. This method generates very hot water, which enables very efficient operation."

While it sounds straightforward, Ormat notes that support for the Desert Peak EGS project includes $1.6 million in direct Department of Energy funding, and involves more than two decades of development work at five national laboratories, working capital from Ormat, and the use of existing wells and facilities at the Ormat site. Yehuda Bronicki added the participants in this R&D project also included the Idaho National Laboratory, Lawrence Berkeley National Laboratory, Sandia National Laboratory, University of Utah EGI, TerraTek, Pinnacle Technologies and the US Geological Survey.

Yoram Bronicki said, "The research institutes mainly help us with the development of theories and models. We buy the tools from companies in the field, and we manage the project and the work, which will enable the success of the technology, if we achieve it."

He predicts that the current R&D stage of the Desert Peak project will take two years "at which point we'll know whether this element succeeded. There's a good chance of success, and I believe that the geothermal industry will develop in this direction."

Published by Globes [online], Israel business news - www.globes-online.com - on February 19, 2008

[frenchee]

Nice breakout today. Hope it has some legs!

[Aiming4]

ORA now at 42.47

[Aiming4]

ORA down another 4.75% so far today.

I've wanted a position in ORA so I like the opportunity, just wondering if there's a reason behind the drop to be concerned about - any thoughts?

[Aiming4]

What's up with ORA? Down 7% today.

[frenchee]

Last Friday confirmed in a short-term sell mode now...

[frenchee]

Ormat almost on a short-term buy signal. Just need a decisive close > 5-day EMA. See daily charts in iBox.

[midastouch017]

Merrill Lynch keeps Ormat in “Neutral”
“Sales rumors may support shares short term, but are too unclear to base a decision on.”
Globes’ correspondent 17 Oct 07 12:57
Merrill Lynch claims that press speculations that the Bronicki family is negotiating to sell its 27.7% stake in Ormat Industries Ltd. (TASE: ORMT) to Apax Partners contains “too much misinformation and uncertainty regarding any process of change in shareholder structure, or possible effect of it on operations, to make a clear call or investment decision.”
The investment bank reiterated its “Neutral” recommendation with a target price of NIS 60, 7% above the current market price.

Merrill Lynch notes, “Since we downgraded Ormat in September 7, Ormat went down by 6%... Although the story could bring back positive momentum in the name, at least in the short term, following sell-off of 4% last three sessions, we believe there is not enough information available and to we believe it is irresponsible to come with a trading call.”

The investment bank reiterated its concerns that Ormat is growing at a slower rate than the sector as it is running at full capacity and has bottlenecking issues. “These will eventually have to be resolved in order to capture the full benefits of one of the hottest markets in our universe.”

Merrill Lynch concludes, “We are not chasing trading opportunities here, although we believe that the potentially new ownership formation with Apax, or any other entity (following Gazit Inc.’s (TASE: GZIT) aggressive shopping spree of approximately 18% of Ormat shares) can create a trading opportunity. Changes in ownership could potentially translate into more aggressive M&A and growth profile, however it is too early to asses this.”

Published by Globes [online], Israel business news - www.globes.co.il - on October 17, 2007

[midastouch017]

Ormat for sale - report
“Yediot Ahronot”: Apax in talks to buy the company at a value of up to NIS 9 billion.
Globes’ correspondent 17 Oct 07 09:50
Hebrew daily “Yediot Ahronot” reports that Apax Partners is negotiating to acquire Ormat Industries Ltd. (TASE: ORMT) from its controlling shareholders, chairman Lucien Bronicki and CEO Yehudit (Dita) Bronicki, at a company value of NIS 8-9 billion, reflecting a 25% premium on its current market cap.
Reportedly, if a deal is struck, the Bronickis will make $600 million. The paper adds that Apax is expected to hold separate talks with Gazit Inc. (TASE: GZIT) chairman Chaim Katzman for the company’s 17% stake in Ormat.

“Yediot Ahronot” says that Apax’s move has been secretly in the making for months, and was apparently based on the power struggle that has developed between the Bronickis and Katzman. Gazit’s purchase of Ormat shares has caused the latter to rise sharply.

Ormat rose 2.7% at the opening on the TASE this morning.

Sources close to the Bronickis told “Globes” that they denied reports of the deal.

Apax owns the controlling interest in both Tnuva Food Industries Ltd. and Bezeq The Israeli Telecommunication Co. Ltd. (TASE: BEZQ)

Published by Globes [online], Israel business news - www.globes.co.il - on October 17, 2007

[midastouch017]

Evogene signs Monsanto development deal
The companies will collaborate on improving nitrogen absorption by crops.

Shira Horesh and Globes’ correspondent 25 Sep 07 13:54

Evogene Ltd. (TASE:EVGN) will collaborate with Monsanto Company (NYSE:MON) to improve nitrogen use efficiency in corn, soybeans, canola and cotton. The deal comes one day after the company reported a collaboration with Ormat Industries Ltd. (TASE: ORMT) subsidiary Orfuel Inc. to develop oil-rich plants for the production of biodiesel. Evogene rose another 11.5% in morning trading today.

Monsanto received the exclusive right to a number of genes discovered by Evogene that help plants maintain yield with lower applications of nitrogen. Monsanto will examine the effect of the genes on the improved absorption of nitrogen in the seeds. The genes have potential features that complement Monsanto’s R&D programs for improving nitrogen absorption and could be an opportunity for improving products in this field.

Evogene will receive a one-time payment when the contract is signed, and can receive additional payments subject to meeting milestones, and if Monsanto finds that the genes have commercial potential beyond the potential in other genes that it has selected for its own R&D program. Evogene will also be eligible for royalties if Monsanto commercializes a product using Evogene’s technology.

Evogene president and CEO Ofer Haviv said, "Monsanto is acknowledged worldwide for its excellent capabilities in delivering innovative technology to farmers. Therefore we are obviously delighted Monsanto has chosen our computational gene discovery technology for the development of its next generation of improved crop traits.”

The companies note that nitrogen fertilizer represents one of the largest input costs in agriculture; it accounts for approximately one-fifth of the operating costs for a corn producer. In the US alone, farmers spend more than $3 billion annually on nitrogen fertilizer application of corn fields, with plants typically absorbing less than half of the nitrogen fertilizer applied.

Published by Globes [online], Israel business news - www.globes.co.il - on September 25, 2007

[midastouch017]

Yoram Bronicki Appointed President of Ormat Technologies
Thursday September 20, 6:52 am ET

RENO, Nev., Sept. 20 /PRNewswire-FirstCall/ -- Ormat Technologies, Inc. (NYSE: ORA - News), today announced that its Board of Directors has appointed Yoram Bronicki, currently the Company's Chief Operating Officer, to the position of President, effective immediately. Mr. Bronicki will continue to serve as the Company's Chief Operating Officer in addition to his duties as President. Dita Bronicki, who is stepping down from the position of President, will continue to serve as the Company's Chief Executive Officer.

(Logo: http://www.newscom.com/cgi-bin/prnh/20040422/LATH066LOGO)

Commenting on the promotion, Mr. L.Y. Bronicki, Chairman, stated, "Yoram has done an excellent job as our Chief Operating Officer over the past three years, during which time we have seen substantial growth in the capacity of the power plants which we own and operate. We look forward to Yoram expanding his role at Ormat as our President and feel confident that his expertise and knowledge of our operational activities will serve as a key asset in preparing the Company for its next level of growth. We are equally pleased that Dita will continue to lead the Company in her role as CEO".

http://biz.yahoo.com/prnews/070920/lath063.html?.v=101

[frenchee]

Thanks

[midastouch017]

Frenchee, now as an asst. moderator you are welcome
to do so yourself, and add any other info to the iBox.
Regards,

Dubi

[frenchee]

midas...

Please put some weekly and daily charts in your iBox. TIA

[midastouch017]

Gazit begins with Ormat
Gazit-Globe chairman Chaim Katzman is impressed with the Bronickis’ management.
Uri Shuster 4 Sep 07 16:57
Many questions have arisen lately in view of the acquisition of shares in Ormat Industries Ltd. (TASE: ORMT) by Gazit Inc. (TASE: GZIT). Investors initially thought that this was a financial investment sideline by Gazit chairman Chaim Katzman and president Dori Segal to their real estate empire held through Gazit subsidiary Gazit-Globe Ltd. (TASE: GLOB). Continuing purchases of Ormat shares, which have increased Gazit’s stake in the company to 16.65% have put paid to these hypotheses.
Yesterday, Katzman officially announced his intentions, not only towards Ormat, but towards the renewable energy industry as a whole. At issue is a major strategic change by the hitherto pure real estate company. In a notice to the Tel Aviv Stock Exchange (TASE), Gazit-Globe said that its board has decided to examine investing in energy in general, and in renewable energy in particular. Investments will be made both in energy companies and through the acquisition and development of direct income-producing energy assets. No decision regarding concrete investments in energy have been made.


Katzman told “Globes” that his investment plans in the renewable energy industry would not affect Gazit-Globe’s core business. He also talked about his chances of becoming the controlling shareholder in Ormat, and the connection with the current credit crunch.

“Globes”: Gazit’s rapid purchases of Ormat stock indicate that you’re planning a takeover of the company. How far will you go?

Katzman: “There’s no magic number. We’ll buy for as long as it’s worthwhile, and that is derived from the market situation, irrespective of anyone else’s holdings. Since I cannot influence the number of shares held by others, I only look at my own holding. Everything is still open, but the question if we’ll exceed the Bronicki family’s stake or not is entirely theoretical.”

Aren’t you worried that if the Bronickis become minority shareholders in the company they founded, that might affect its management?

“There’s no connection between holdings and management. I adhere to the American doctrine that management and ownership are unrelated. They do not overlap. We know of many US companies where the CEO has no holding in the company at all, and that this does not mean that he manages it less well.

“Of course, our investment in Ormat took into consideration the dedicated and effective management by the Bronicki family; it’s an important aspect through which we can be exposed to the entire renewable energy industry. I hope that they’ll continue to run the company as they have to date, and if we’re asked to help, we’ll be happy to do so. We know how strong the brand is and we live in the US, where awareness about the importance of renewable energy is much greater than in Israel.”

Have you begun looking at other companies?

“Ormat is one of the many companies in the energy sector that we’re looking at. With all due respect and sympathy, we have a $10 billion portfolio, and all the noise about Ormat amounts to $200 million. Things should be put in proportion. I very much hope in the not-to-distant future to announce additional investments in the renewable energy industry, and we’re examining both Israeli and foreign companies.”

Why invest in renewable energy and why now?

“The issue of renewable energy is on the global agenda because of environmental issues and global warming. There is great urgency in developing the industry, the largest energy producers are urging that 20% of their energy should be renewable. Currently, only 7% of energy consumption comes from renewable sources, which means that its share of the pie will grow, even as the pie itself gets bigger. In addition, renewable energy has high entry barriers, and you sign decades-long contracts, which guarantee cash flow for years. Therefore, this is an industry that is recession-proof and synergetic to the income-producing real estate business.”

Ormat controlling shareholders, CEO Yehudit Bronicki and chairman and CTO Lucien Bronicki, have declined to comment so far about Katzman’s moves and comments.

Published by Globes [online], Israel business news - www.globes.co.il - on September 4, 2007

[midastouch017]

Ormat Indonesian project grows to $800m
The 340 MW Sarulla Project is the largest geothermal project in the world.
Merav Ankori 20 Aug 07 15:05
Ormat Industries Ltd. (TASE: ORMT) subsidiary Ormat Technologies Inc. (NYSE: ORA) and its partners in Indonesia’s Sarulla Geothermal Project, Itochu Consortium (TSE: 80010) of Japan and Indonesia’s Medco Energi Internasional Tbk, have signed an interim agreement for the $800 million 340 megawatt (MW) project. Ormat is due to supply equipment and build the plant for an initial $200 million.
The interim agreement, calls a “Heads of Agreement” sets forth the milestones achieved in the contract negotiations and the parties' undertaking to expedite the contracts finalization and formalization, including all relevant approval procedures. Ormat added that the Japan Bank for International Corporation (JBIC) is expected to provide the majority of the financing, on the basis of a memorandum of understanding (MOU) signed with Indonesia’s Ministry of Finance of Indonesia. Indonesian President Susilo Bambang Yudhoyono and Japan’s Prime Minister Shinzo Abe witnessed the signing.

Ormat owns 12.75% of the Medco-Ormat-Itochu Consortium, which will own and operate the Sarulla plant, located in northern Sumatra, and sell the electricity generated under a 30-year contract with Indonesian power company PT Perusahaan Listrik Negar (PLN) The Sarulla Geothermal Project will be built over the next five years. It will consist of three phases of 110 to 120 MW each, with the first power generating unit scheduled to commence operation within 30 months of the financial closing, and the remainder scheduled to commence operation over a period of 18 months following the first unit. Power delivered by the project will serve the base load of PLN's North Sumatra-Aceh grid system.

The Consortium and Kyushu Electric Power Co. Inc. (TSE: 95080) also signed an MOU that confirms Kyushu Electric's strong interest in participating in the Sarulla Project. Kyushu Electric is one of the largest electricity utility companies in Japan and owns and operates a number of geothermal power plants in Kyushu.

Ormat notes that Indonesia has the world’s largest geothermal sources, with the potential of generating 20,000 MW. The country already produces 800 MW from geothermal sources. The company added that the Sarulla project is the largest single-contract geothermal project to date in the geothermal industry.

Published by Globes [online], Israel business news - www.globes.co.il - on August 20, 2007

[midastouch017]

Ormat wins 7 Nevada geothermal leases
Ormat Technologies CEO Dita Bronicki: The leases will support our growth plans in the years to come.
Globes’ correspondent 16 Aug 07 10:56
Ormat Industries Ltd. (TASE: ORMT) subsidiary Ormat Technologies Inc. (NYSE: ORA) has won a bid for 68,900 acres of geothermal leases in Nevada, auctioned by the Bureau of Land Management (BLM), with a bid of $8.2 million.
Ormat Technologies president and CEO Dita Bronicki said, "This auction is an implementation of the new BLM rule which includes a requirement that geothermal resources be offered through a competitive lease process. Our successful bid secures lease agreements for seven new sites in Nevada, which will support our growth plans in the years to come, however, there is no assurance that all of the leases will be found suitable for commercial projects."

Published by Globes [online], Israel business news - www.globes.co.il - on August 16, 2007

[midastouch017]

Ormat Technologies back in profit in second quarter
The company reports a 31% rise in revenue, and says its 2007 results will be on the high side of its guidance.
Adi Ben-Israel 9 Aug 07 09:47
Ormat Industries (TASE: ORMT) subsidiary Ormat Technologies, Inc. (NYSE: ORA - News) has reported a 31% rise in second quarter revenue, and a return to profit after the loss reported in the first quarter.
Revenue rose form $64.1 million in the second quarter of 2006 to $84.1 million in the second quarter of this year. The rise in revenue was 13.5% in the Electricity Segment and 87.3% in the Products Segment.

Net profit for the quarter was $8.5 million, or $0.22 per share, compared with $8.4 million, or $0.24 per share, in the second quarter of 2006, and a loss of $5.8 million in the first quarter of this year.

Both revenue and profit are ahead of the consensus analysts' estimate, which was for a net profit of $0.21 per share on revenue of $70.87 million.

The gross margin in the Electricity Segment was 36.2%, similar to the second quarter of 2006, while the gross margin in the Products Segment was 15.6%, representing an increase compared with the first quarter of 2007, but lower than the second quarter of 2006. The company commented that, "gross margins in the Electricity Segment have returned to pre-first quarter levels; however, margin pressure in the Products Segment remains, as we continue to fulfill contracts for products that do not have built-in escalations."

The company's board has declared a quarterly cash dividend of $0.05 per share. The dividend will be paid on August 29, 2007 to shareholders of record at the close of business on August 22, 2007. Ormat Technologies targets an annual payout ratio of at least 20% of its net profit, and says it expects to pay a dividend of $0.05 per share in the next quarter as well.

Ormat Technologies president and CEO Dita Bronicki said, "As anticipated, we had a profitable quarter. During the quarter, we focused our attention on the growth of our business and made several important strides in our organic growth plan for the Electricity Segment, adding 24 MW to our generating capacity. We continue to see positive momentum in our Recovered Energy Generation business since the beginning of the year, and believe that this will continue to generate significant revenue for us for years to come.

"Since the first quarter, we have also made some important financial arrangements, which will help to strengthen our financial structure to continue our organic growth. As part of our previously announced tax monetization transaction, we completed the sale of partial ownership interests in our Desert Peak 2, Steamboat Hills and Galena 2 projects, from which we received $71.8 million dollars. We plan to complete a second closing by April of 2008 when Galena 3 will be completed and brought into the joint ownership, at which time we anticipate receiving an additional $46.6 million."

On the outlook for 2007, Bronicki said, "Following our second quarter earning results, we expect our 2007 Electricity Segment revenues to be in line with our previously provided guidance, approximately $214 million based on today's oil prices. We also expect an additional $18 million of revenues from our share of electricity revenues generated by Mammoth and Leyte, which are accounted for under the equity method. With regard to our Products Segment, we currently expect that our 2007 revenues will be on the high side of the guidance previously provided, which is between $70 million and $72 million.

""We continue to seek opportunities both domestically and internationally for geothermal and recovered energy. We see growing demand for both of these technologies, which help to address the world's need for energy produced from clean, reliable and efficient sources."

Ormat Technologies shares closed at $45.45 in New York yesterday, giving the company a market cap of $1.73 billion.

Published by Globes [online], Israel business news - www.globes.co.il - on August 9, 2007

[midastouch017]

Ormat to deliver REG plant for West Virginia factory
The recovered energy generation plant will cut 26,000 tons of CO2 emissions per year.
Globes’ correspondent 7 Aug 07 10:08
Ormat Industries Ltd. (TASE: ORMT) subsidiary Ormat Technologies Inc. (NYSE: ORA) will supply one Ormat Energy Converter (OEC) for a new recovered energy generation (REG) plant that will be installed a cement plant, owned by Essroc, a US subsidiary of Italcementi SpA (Milan:IT), in Martinsburg, West Virginia. The contract is worth $5.7 million and the equipment will be delivered within 14 months.
The plant will convert unused exhaust air from the cement plant's clinker cooler into electric power.

Ormat Technologies chairman and CTO Lucien Y. Bronicki said, "This will be the first project in the USA utilizing exclusively clinker cooler exhaust air for power generation. The relatively low temperatures and varying loads of clinker cooler exhaust air in cement plants make conventional power solutions impractical, but is well suited for the Ormat's organic rankine cycle based OEC. An additional environmental advantage of the OEC plant is that it uses air-cooled condensers rather than water consuming cooling towers.

"The power plant will generate fuel-free electrical power, substituting fossil-fuel power and avoiding approximately 26,000 tons of CO2 emissions per year. This contract marks our third REG plant in the cement industry, adding to our REG systems in gas compressor stations, gas processing plants, refineries and others. We look forward to further applications of this type, which are well suited to Ormat's technology.”

Ormat has built geothermal and REG power plants in 23 countries, including the US, Thailand, Iceland and New Zealand. The power stations generate more than 900 megawatts altogether. The company is due to publish its financial report for the second quarter this week.

The Italcementi SpA is the world's fifth largest cement group, with 62 cement plants in 19 countries.

Published by Globes [online], Israel business news - www.globes.co.il - on August 7, 2007

[midastouch017]

Evogene and Ormat unit in biodiesel venture
Evogene and Orfuel will develop oil-rich soy and canola to use in the production of biodiesel.
Michal Yoshai 25 Jul 07 12:27
Evogene Ltd. (TASE:EVGN) and Ormat Industries Ltd. (TASE: ORMT) subsidiary Orfuel Inc. have signed a cooperation agreement to lower the production costs of biodiesel. The two companies will develop oil-rich soy bean and canola, not fit for human consumption, to use in the production of biodiesel.
The project has a $2 million budget, half of which will be financed by Israel-United States Binational Industrial Research and Development Foundation (BIRD-F). The companies estimate that the project will take three years, the first two of which will be devoted to R&D by Evogene, and the third year will be devoted to development activity by Orfuel.

The companies note that soy beans and canola are the main sources of biodiesel. They add that, on the basis of official reports, biodiesel use in the US and Europe has expanded rapidly and exceeded 4.5 billion liters a year.

Evogene will contribute to the project its biotechnology techniques, such as gene and genetic markers spotting to enhance plant growth. Orfuel will conduct tests on the genetically engineered plants and examine their effectiveness.

Published by Globes [online], Israel business news - www.globes.co.il - on July 25, 2007

[frenchee]

Strong chance for support around 37.60. See below charts...

[midastouch017]

Ormat Technologies Signs New Contract Recovered Energy Generation Facility in Colorado
Monday July 23, 8:07 am ET

RENO, Nev., July 23 /PRNewswire-FirstCall/ -- Ormat Technologies, Inc. (NYSE: ORA - News), today announced that one of its wholly-owned subsidiaries has signed a 20-years Recovered Energy Purchase Agreement (PPA) with Highline Electric Association, a consumer-owned cooperative serving load in Colorado and Nebraska, for the sale of electricity generated from a 4MW ORMAT® Recovered Energy Generation (REG) power plant to be constructed along a Natural Gas compression station near Denver, Colorado. The facility will convert waste heat from the exhaust of existing gas turbines into clean energy, and is expected to be commissioned in mid-2009. Ormat will own and operate this facility through the term of the PPA.

(Logo: http://www.newscom.com/cgi-bin/prnh/20040422/LATH066LOGO )

Ormat has secured the rights to use the waste heat under a Waste Heat Host Agreement with Trailblazer Pipeline Company, which owned by Kinder Morgan Energy Partners. Trailblazer Pipeline Company owns and operates the gas compression station where the new facility will be built. Trailblazer owns 436 miles of natural gas pipelines that traverse from Colorado through southeastern Wyoming into Nebraska. The energy produced from the REG plant will contribute to Highline's Renewable Portfolio Standards requirement, in accordance with the legislations in Colorado.

Mark Farnsworth, General Manager of Highline, said, "Highline is excited to be partnering with Ormat Technologies in this groundbreaking project to develop renewable energy in Colorado. This project will benefit our member- owners as a reliable and clean source of power, as well as set a new standard for the development of renewable energy in Colorado."

Lucien Y. Bronicki, Chairman of the Board and Chief Technology Officer of Ormat Technologies, said, "This agreement is the 7th power purchase agreement that Ormat signed for the sale of electricity from REG power plants, offering further validation of recovered energy as one of Ormat's growth engines. The Ormat line of REG systems responds to two objectives that are high on the energy policy agenda: energy efficiency and emission reduction. We are very pleased with our progress on this area and remain confident about Ormat's prospects in the recovered energy arena going forward and maintaining our leadership in Organic Rankine Cycle (ORC) technology."

The ORMAT® REG facilities consist of ORMAT® Energy Converters (OEC) based on Organic Rankine Cycle technology, which convert recovered heat to electric power without the need for any additional fuel or water. The OEC units are environmentally benign as they have no emissions of CO2 or NOX.

Several similar ORMAT® REG plants have been operating successfully -- one on a TransCanada pipeline compressor station that has been in operation for more than seven years and a second ORMAT® REG plant that has been operating inside an Enterprise Products gas processing plant for more than three years. Recent installations include one on the Alliance Gas Pipeline in Canada that has been in operation since early 2007 and, another set of four projects on the Northern Border Gas Pipeline that began operation in mid-2007. Ormat also has orders for the supply of equipment for two REG projects that will be located in British Columbia, Canada, and currently has under construction three REG projects in Saskatchewan, Canada, and additional plants that it will own and operate on the Northern Border Pipeline selling their output to Basin Electric.

http://biz.yahoo.com/prnews/070723/lam089.html?.v=90

[midastouch017]

Ormat Technologies named one of 20 "Top Sustainable Stocks"
The Sustainable Business 20 list companies that help create an environmentally sustainable society.
Globes’ correspondent 19 Jul 07 14:12
SustainableBusiness includes Ormat Technologies Inc. (NYSE: ORA) in its 2007 list of Sustainable Business 20 (SB20): The World's Top Sustainable Stocks. The SB20 list, in its sixth year, consists of 20 public companies that have an important impact on creating an environmentally sustainable society.
SustainableBusiness.com CEO Dr. Rona Fried says, "Our goal is to create a list that showcases public companies that, over the past year, have made substantial progress in either greening their internal operations or growing a business based on an important green technology. “ Fried is also editor of Progressive Investor.

This year, SustainableBusiness.com focused on energy efficiency, defined as the least expensive, best economic returns, and most dramatic ways to reduce greenhouse emissions, simply by reducing energy consumption in the first place.

The Top Sustainable Stocks includes Canon (NYSE:CAJ; TSE:7751), Green Mountain Coffee Roasters Inc. (Nasdaq: GMCR), NIKE Inc. (NYSE:NKE), Royal Philips Electronics NV (NYSE:PHG; AEX:PHI), Groupe Danone (Paris: DANO), Chipotle Mexican Grill (NYSE:CMG), First Solar (Nasdaq: FSLR), and Fuel Tech (Nasdaq: FTEK).

Published by Globes [online], Israel business news - www.globes.co.il - on July 19, 2007

[midastouch017]

Ormat Technologies signs 20-year deal with SCE
Market sources: The contract could be worth up to $51.5 million a year.
Merav Ankori 2 Jul 07 18:20
Ormat Industries Ltd. (TASE: ORMT) subsidiary Ormat Technologies Inc. (NYSE: ORA) has signed 20-year power purchase agreement (PPA) with Southern California Edison (SCE) to purchase 50 megawatts (MW) of clean energy output from the company’s Brawley I Project, which Ormat is building in Imperial County, California. The PPA includes an option to increase deliveries to SCE to 100 MWs at Ormat’s discretion, and is subject to the approval of the California Public Utilities Commission (CPUC).
Ormat Technologies did not disclose the size of the PPA, only saying that it was the result of a SCE request for proposal made in 2006. The power rate agreed upon will not exceed the 2006 market price referent as approved by the CPUC. Market sources said that this market price referent was $0.615 per kw/h, which meant that the contract would generate $26-51.5 million revenue a year, depending on how much power Ormat supplied

When completed, the Brawley I Project will increase the total output supplied from Ormat to SCE to 190 MW. Deliveries are due to begin in late 2008 or early 2009.

Ormat Technologies CEO Dita Bronicki said, "It could not be more appropriate that this milestone agreement marking our largest PPA to date is with Southern California Edison, our largest customer and a strong supporter of clean energy production."

Published by Globes [online], Israel business news - www.globes.co.il - on July 2, 2007

[midastouch017]

Ormat Signs Its Largest Power Purchase Agreement to Date
Monday July 2, 10:23 am ET
20-Year Agreement with Southern California Edison for 50 MW with Option to Increase


RENO, Nev., July 2 /PRNewswire-FirstCall/ -- Ormat Technologies, Inc. (NYSE: ORA - News) today announced that it has signed a 20-year power purchase agreement (PPA) with Southern California Edison (SCE) to purchase 50 megawatts (MW) of clean energy output from the Brawley I Project, which is currently under construction in Imperial County, California, by Ormat. The PPA includes an option to increase capacity to 100 MWs at Ormat's discretion, and is subject to the approval of the California Public Utilities Commission (CPUC).

(Logo: http://www.newscom.com/cgi-bin/prnh/20040422/LATH066LOGO )

The PPA results from a 2006 request for proposal from SCE. The power rate agreed upon will not exceed the 2006 Market Price Referent as approved by the CPUC.

Dita Bronicki, Chief Executive Officer of Ormat said, "It could not be more appropriate that this milestone agreement marking our largest PPA to-date is with Southern California Edison, our largest customer and a strong supporter of clean energy production."

When completed, the Brawley I Project will increase the total output supplied from Ormat to SCE to approximately 190 MWs.

"This is one of the largest contracts SCE is entering into as part of its 2006 solicitation. It is an important part of meeting our renewable energy goals," said Pedro Pizarro, senior vice president, Power Procurement, Southern California Edison. "We are very pleased that our counterparty is Ormat Technologies -- a good business partner and leader in the renewable energy industry. SCE had been procuring geothermal power from Ormat-developed projects for the last 20 years and we consider them an exceptional supplier of green base load energy."

"SCE's continued commitment to increasing production from clean energy sources is evident in this agreement, which provides enough clean power to serve approximately 50,000 homes for an entire year," Mrs. Bronicki continued. "We value SCE's recognition that Ormat produces geothermal energy efficiently, reliably and cost effectively. During our 20+ years of working together, SCE has proven itself a noteworthy partner and a true advocate for a cleaner environment. We share in SCE's dedication to reduce harmful greenhouse gas emissions and will continue to grow our relationship to further our mutual goal."

http://biz.yahoo.com/prnews/070702/lam086.html?.v=92

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Citigroup sees upside at Ormat Technologies
“Ormat is a relatively inexpensive way to gain renewable energy exposure.”
Globes’ correspondent 28 Jun 07 15:11
Citigroup Global Markets has raised its target price for Ormat Industries Ltd. (TASE: ORMT) subsidiary Ormat Technologies Inc. (NYSE: ORA) to $37 per share from $36, after meeting with the company’s management. Citigroup gives the company a “Hold/high risk” recommendation.
Citigroup said, “These issues suggest a slightly improving fundamental outlook - in contrast to what has generally been lackluster equity performance from Ormat shares. We commensurately see more upside risk than downside risk at this point, though not yet enough to merit an attractive entry point.”


Citigroup predicts that Ormat Technologies will post $30 million net profit on $285 million in sales in 2007 and a net profit of $59 million on $351 million in sales in 2008. The earnings per share forecast is $0.78 for 2007 and $1.55 for 2008. The bank sums up its report: “At approximately 10.5 times 2008 EBITDA, Ormat is a relatively inexpensive way to gain renewable energy exposure.”

Citigroup says, “Ormat now has but two plants with continuing repair problems, the Brady and Steamboat Hills facilities. All other plant issues plaguing results in the last three out of four quarters have been resolved. As a result, the company's poor first quarter 2007 numbers, which set a negative tone for recent equity performance, appears to have been largely resolved.

“Ormat entered into a renewable production tax credit securitization deal on three of its facilities in June. The deal does not alter our fundamental valuation for Ormat Technologies shares, but we acknowledge that it theoretically provides Ormat with a cheaper form of financing.

“We previously wrote that major pipeline wins could significantly boost Product Segment backlog or new generation awards; our channel checks suggests these wins are likely to be smaller in scale than we initially thought."

Published by Globes [online], Israel business news - www.globes.co.il - on June 28, 2007

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IBI concurs with Gazit on Ormat
“For investors who don’t yet own shares, this might be the last chance to get on the train.”
Amir Keidan 14 Jun 07 14:10
IBI Investment House Ltd. advises investors to buy Ormat Industries Ltd. (TASE: ORMT) following the investment in the company by Gazit Inc. (TASE: GZIT). IBI analyst Yuval Zehira says, “This might be the last chance to get on the train.”
Gazit Inc., controlled by Chaim Katzman, announced yesterday that a wholly owned subsidiary had acquired almost 8.5 million shares in Ormat Industries Ltd. at NIS 47.90 per share for a total of over NIS 405 million. Gazit Inc. now holds 12% of Ormat.

IBI gives Ormat a “Buy” rating with a target price of NIS 58. It also gives a target price of $50 for subsidiary Ormat Technologies Inc. (NYSE: ORA).

Zehira says that Gazit chairman Chaim Katzman’s investment in Ormat is a positive move because he is “an investor of financial strength and a long-term perspective.”

Zeheria adds, “Ormat is a player in the hottest sector of all - alternative-green energy,” so an investment by a strategic investor was likely. Although the present investor is an Israeli, he adds, “We believe that the Buffetts will yet come.”

Published by Globes [online], Israel business news - www.globes.co.il - on June 14, 2007

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The reason for the recent spike,

Chaim Katzman's Gazit Inc. ups Ormat stake
"Globes" reported yesterday that there was an offer made to institutional investors to purchase hundreds of millions of shekels in Ormat shares.
Merav Ankori, Roy Meltzer, and Michal Yoshai 14 Jun 07 10:52
Gazit Inc. (TASE: GZIT), controlled by Chaim Katzman, announced yesterday that a wholly owned subsidiary had acquired almost 8.5 million shares in Ormat Industries Ltd. (TASE: ORMT) at NIS 47.90 per share for a total of NIS 407 million. Gazit Inc. now holds 12% of Ormat.
'Globes' reported yesterday that a foreign investor had made offers to a number of local investment institutions to purchase hundreds of millions of shekels worth of shares.

It appears that among the institutions that were approached was Bank Hapoalim (LSE: BKHD; TASE: POLI) provident fund management company Gmulot. Other local institutions were also reportedly approached.

Against the backdrop of these events, Ormat led trading on the Tel Aviv Stock Exchange (TASE) yesterday, soaring 11% on turnover of NIS 320 million, nine times its seasonal average.

A spokesperson for Ormat commented this morning, "We have no knowledge of these acquisitions."

Published by Globes [online], Israel business news - www.globes.co.il - on June 13, 2007

... and

Gazit Inc buys 12% of Ormat Industries
14.6.07 | 10:54 By Yoram Gavison
Aggressive buying by a foreign investment firm that operates in Israel spurred shares in Ormat Industries (TASE: ORMT) to a 12% gain on the Tel Aviv Stock Exchange, on enormous turnover of NIS 358 million. That's ten times its average daily volume of trade in the last three months. No less than 6.3% of the company's stock changed hands yesterday alone, and TheMarker has learned that the buyer is none other than Gazit Inc., which belongs to real estate developer Chaim Katzman.

In mid-morning Thursday, Gazit released an announcement confirming that it had bought 8,455,000 shares in Ormat Industries in and off the floor, for an average share price of NIS 47.91.

Gazit Inc now owns 14,255,000 shares in Ormat Industries, it declared, comprising 12.1% of the energy company's issued and paid-up share capital., and voting rights.

It began investing in Ormat during the first quarter of 2007, Gazit stated, and has so far invested a total of NIS 688 million in the company.

Traders had speculated that Gazit began buying on Wednesday morning, from Gmulot's provident funds and Migdal's profit-sharing insurance policies.

Gazit paid a substantial premium over Ormat Industries' Wednesday-opening share price.

"We are happy to announce that from today, Gazit Inc is an interested shareholder in Ormat," Katzman stated, adding that it had already owned a smaller stake in the company and has been watching it closely. "Once an opportunity arose, we took advantage of the conditions on the market and increased our holdings in the company. We believe in the company and in its management, and believe in the field of alternative energy."

Based on the speed of the action and the willingness to pay a premium over the share price, market sources had surmised that the buyer was an investment company wanting to obtain a substantial stake in the geothermal energy company. They were right.

Ormat actually engages in alternative ("green") energy of different types. Mainly it builds and operate geothermal and heat-recovery power stations.

In the United States, subsidiary Ormat Technologies has become one of the three biggest green-energy players.

Traders surmise that Gazit began the Wednesday session already owning nearly 5% of Ormat Industries' shares, and that it increased its stake to around 12%. In parallel Gazit also bought shares of Ormat Technologies on Wall Street.

Gazit is not believed to be planning a hostile takeover of Ormat, which is run by Yehudit and Lucien Bronicki. More probably Katzman wants representation on Ormat's board of directors.

The Bronicki's own 27.7% of Ormat Industries' shares. In turn Ormat Industries owns 64% of Ormat Technologies, which is traded on the New York Stock Exchange at a market cap of $1.4 billion.

Shares in Ormat Technologies shot up 7% on Wall Street last night.

http://www.haaretz.com/hasen/spages/871046.html


Dubi

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Morgan Stanley, Lehman Brothers invest in Ormat Technologies’ projects
The company has sold stakes in its Nevada geothermal projects for $118m.
Erez Wollberg 13 Jun 07 10:56
Ormat Technologies Inc. (NYSE: ORA) subsidiary Ormat Nevada Inc. will monetize production tax credits from some of its geothermal power projects by bringing in affiliates of Morgan Stanley & Co. Inc. and Lehman Brothers Inc. (NYSE:LEH) as institutional equity investors to own the projects jointly with Ormat Nevada. Ormat Nevada received $71.8 million. The projects involved in the transaction include Desert Peak 2, Steamboat Hills, and Galena 2, all located in the state of Nevada.
The transaction also involves a second closing expected by April 2008, subject to certain conditions, when Galena 3, another Ormat geothermal power project now under construction in Nevada, will be brought into the joint ownership vehicle. Ormat Nevada expects to receive an additional amount of approximately $46.6 million on this sale.

Ormat Nevada has set up a new subsidiary, OPC LLC, for the joint venture with Morgan Stanley and Lehman Brothers, which will receive the geothermal power projects. Ormat Nevada will continue to operate and maintain the projects and will receive initially all of the distributable cash flow generated by the projects, until it gets back the capital it has invested in them. The two financial institutions will receive substantially all of the production tax credits and the taxable income or loss, and the distributable cash flow after Ormat Nevada has been returned its capital. Once the institutional equity investors reach a target after-tax yield on their investment in OPC, Ormat Nevada will receive almost all of both distributable cash and taxable income. Ormat Nevada also has the option to buy out the financial institutions' remaining interest in OPC at the then-current fair market value or their capital account balance in OPC, whichever is greater. If Ormat Nevada exercises this option, it will again become the sole owner of the projects.

Ormat Technologies president and CEO Dita Bronicki said, “We are very happy to be able to utilize another tool to finance our growth plans, through the more efficient and timely use of the production tax credit and the accelerated depreciation, which we would not have been able to do using a traditional project finance vehicle."

Ormat Industries Ltd. (TASE: ORMT) owns 64% of Ormat Technologies.

Published by Globes [online], Israel business news - www.globes.co.il - on June 13, 2007

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Ormat Technologies, Inc. Announces Closing of Sale of Part-Ownership Interest in Certain Geothermal Power Projects to Institutional Equity Investors
Tuesday June 12, 8:30 am ET

RENO, Nev., June 12 /PRNewswire-FirstCall/ -- Ormat Technologies, Inc. (NYSE: ORA - News) today announced that on June 7, 2007 its wholly-owned subsidiary, Ormat Nevada Inc., concluded a transaction to monetize production tax credits resulting from certain of its geothermal power projects by bringing in affiliates of Morgan Stanley & Co. Incorporated and Lehman Brothers Inc., as institutional equity investors to own the projects jointly with Ormat Nevada. The projects involved in the transaction include Desert Peak 2, Steamboat Hills, and Galena 2, all located in the state of Nevada. Ormat Nevada received $71,800,000 from the sale of the part ownership interest in the projects to the institutional equity investors. The transaction also involves a second closing that is expected to occur by April 2008, subject to certain conditions, at which time Galena 3, another Ormat geothermal power project that is currently under construction in Nevada, will be brought into the joint ownership vehicle. Ormat Nevada expects to receive an additional amount of approximately $46,600,000 (subject to certain adjustments) in connection with such second closing.

(Logo: http://www.newscom.com/cgi-bin/prnh/20040422/LATH066LOGO)

Under the transaction structure, Ormat Nevada established a new subsidiary, OPC LLC ("OPC"), transferred the subject geothermal power projects to OPC, and sold limited liability company interests in OPC to the institutional equity investors. Ormat Nevada will continue to operate and maintain the projects and will receive initially all of the distributable cash flow generated by the projects until it gets back the capital it has invested in the projects, while the institutional equity investors will receive substantially all of the production tax credits and the taxable income or loss, and the distributable cash flow after Ormat Nevada has been returned its capital. Once the institutional equity investors reach a target after-tax yield on their investment in OPC, Ormat Nevada will receive substantially all of both distributable cash and taxable income. Ormat Nevada also has the option to buy out the investors' remaining interest in OPC at the then-current fair market value or, if greater, the investors' "capital account" balance in OPC. Should Ormat Nevada exercise this purchase option, it would thereupon revert to being sole owner of the projects.

Commenting on the transaction, Dita Bronicki, President and Chief Executive Officer of Ormat, said:" We are very happy to be able to utilize another tool to finance our growth plans, through the more efficient and timely use of the production tax credit and the accelerated depreciation, which we would not have been able to do using a traditional project finance vehicle."

Ormat Nevada was advised by Capstar Partners Capital LLC and BNP Paribas Securities Corp. in connection with the structuring and placing of the transaction.

About Ormat Technologies

Ormat Technologies, Inc. is a vertically-integrated company primarily engaged in the geothermal and recovered energy power business. The Company designs, develops, builds, owns and operates geothermal power plants. Ormat is a pioneer in Organic Rankine Cycle (ORC) technology and a leader in the manufacture of ORC power equipment.

It also designs, develops and builds, and owns and operates, recovered energy-based power plants. Additionally, the Company designs, manufactures and sells geothermal and recovered energy power units and other power generating equipment, and provides related services. Ormat products and systems are covered by approximately 70 patents. Ormat currently operates the following geothermal power plants: in the United States -- Brady, Heber, Mammoth, Ormesa, Puna and Steamboat; in the Philippines -- Leyte; in Guatemala -- Zunil; in Kenya -- Olkaria; and in Nicaragua -- Momotombo. In the U.S., Ormat owns and operates four OREG1 Recovered Energy Generation plants.

http://biz.yahoo.com/prnews/070612/latu087.html?.v=93