Ormat Technologies to Supply a Series of Recovered Energy Generation Units to ICQ Eenergeticoa in Italy
18 November 2005
Ormat Technologies, Inc. (NYSE: ORA) today announced that one of its subsidiaries has entered into a US$8.25 million agreement with ICQ Energetica s.r.l. of Italy, for the supply of ORMAT(R) Energy Converter (OEC) systems for Recovered Energy Generation (REG) Plants. The equipment is to be supplied within 16 months from the contract date.
Installation of the recovered energy power plants utilizing the skid-mounted pre-assembled OECs at ICQ landfill plants in Italy, is being undertaken by ICQ itself. When completed, the OEC power plants will convert unused gases from ICQ landfill plants into electric power without burning any additional fuel and will benefit from the Italian government's significant incentive program for promotion of renewable energy (Marziano Law of 2003 in the framework of Italy commitments under Kyoto Protocol).
This product is an environmentally friendly power recovery system that is
well suited to operate with hot exhaust gases to generate electricity on a continuous basis. To save consumption of water for cooling and for simplicity of installation and operation, the OEC plant will employ air-cooled condensers.
Lucien Y. Bronicki, Chairman of the Board and Chief Technology Officer of
Ormat Technologies, said, "This contract marks the first entry of our Recovered Energy Generation plants into a new market: landfills in Italy, adding to our Recovered Energy Generation Systems already used in gas compressor stations, gas processing plants, cement plants and other facilities. We look forward to further similar projects for which ORMAT's technology is well suited."
Over 750 MW of ORMAT Geothermal and Recovered Energy Generation (REG) Power Plants have been constructed around the world in 23 countries, from California in the USA to Thailand and from Iceland to New Zealand.
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 and also designs, develops and builds and plans to own and operate 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 more than 70 patents. Ormat currently has operations in the United States, Israel, the Philippines, Guatemala, Kenya and Nicaragua.
Safe Harbor Statement
Information provided in this press release may contain statements relating
to current expectations, estimates, forecasts and projections about future events that are "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements
generally relate to Ormat's plans, objectives and expectations for future
operations and are based upon management's current estimates and projections of future results or trends. Actual future results may differ materially from those projected as a result of certain risks and uncertainties. For a discussion of such risks and uncertainties, see "Risk Factors" as described in the Company's Annual Report on Form 10-K/A filed with the Securities and Exchange Commission on April 12, 2005.
These forward-looking statements are made only as of the date hereof, and
we undertake no obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise.
Ormat Technologies Contact: Investor Relations Contact
Dita Bronicki Jeff Corbin/Todd Fromer
CEO and President KCSA Worldwide
+1-775-356-9029 212-896-1214/212-896-1215
dbronicki@ormat.com jcorbin@kcsa.com/tfromer@kcsa.com
SOURCE Ormat Technologies, Inc.
Web Site: http://www.ormat.com
Photo Notes:
http://www.newscom.com/cgi-bin/prnh/20040422/LATH066LOGO
Source: PR Newswire
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