Ormat more than doubled its energy storage revenue in Q3. (Utility Dive)
The Nevada-based renewables firm reported 108% annual growth in storage revenue, helping drive an 18% increase in total quarterly revenue to $249.7M. Executives credited stronger PJM capacity prices and new storage projects.
Ormat plans to expand its storage portfolio from 290 MW today to as much as 1,050 MW by 2028, alongside 240–340 MW of new geothermal and 162 MW of solar capacity.
Partnerships with SLB and Sage Geosystems on enhanced geothermal pilots are also progressing, with first operations targeted for 2026 and potential commercial-scale facilities reaching hundreds of MWs per site.