Geothermal News & Analysis
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Ormat Technologies (ORA) Q2 Revenue Up 10.6% to $258.8 Million
Ormat Technologies (NYSE:ORA) reported a 10.6% increase in Q2 revenue to $258.8 million, alongside a 6.9% rise in adjusted EBITDA to $143.9 million. The company raised its full-year revenue outlook to between $1.15 billion and $1.2 billion. A significant driver was energy storage revenue, which nearly tripled to $42.8 million, supported by strong pricing in the PJM market. The gross margin expanded 220 basis points to 26.5%, indicating improved profitability and operational efficiency.
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Geothermal Energy: New Drilling Technology Supports Development Efforts
Geothermal energy, a topic of bipartisan support, is gaining traction due to new drilling technologies aimed at accessing deeper, hotter locations. The Next-Generation Geothermal Research and Development Act has been introduced to direct the Department of Energy in developing advanced geothermal systems. Enhanced geothermal systems (EGS) involve hydraulic fracturing techniques, akin to those used in oil and gas. The company Quaise is pioneering millimetre wave drilling, which could enhance access to geothermal resources worldwide, potentially transforming the energy landscape. Efforts to commercialize such technologies could impact U.S. energy independence and greenhouse gas emissions.
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