Ormat Technologies, Inc. Secures Geothermal Rights in Alaska
RENO, Nevada, September 11, 2008 – Ormat Technologies, Inc. (NYSE: ORA) today announced that it has secured geothermal rights for approximately 35,000 acres of land to explore geothermal energy in the vicinity of Anchorage, Alaska's largest city, for a total purchase price of approximately $3.3 million
Ormat won 15 of the 16 tracts offered for lease on Mount Spurr, a snowcapped 11,070-foot (3,374 meters) volcano, 75 miles (120 km) west of Anchorage. Mount Spurr is in an active volcanic region. This increases the likelihood of finding a large geothermal field, compared to the more mature geological structures of Nevada and California.
Commenting on the Company's recent news, Lucien Bronicki, Chairman and Chief Technology Officer, stated, "Alaska is a new frontier in the geothermal arena with many technological and logistical challenges. Our global experience, particularly in Hawaii, and the support of the local Government along with the collaboration of other local stakeholders, will turn this challenge into an opportunity."
Mr. Bronicki continued, "Alaska has a special significance to Ormat that dates as far back as 1975 when we supplied 100 remote gate valve power systems used for protection of the environment along the TransAlaska pipeline which have been operating continuously for more than 30 years. Even the first geothermal unit developed by Ormat was for the University of Fairbanks for 130 deg Fahrenheit water at the Manley Hot Spring. We have been a friend to Alaska for many years now and we are up to the challenge of creating the State's first large-scale geothermal power plant."
About Ormat Technologies
Ormat Technologies, Inc. is the only vertically-integrated company primarily engaged in the geothermal and recovered energy power business. The Company designs, develops, owns and operates geothermal and recovered energy-based power plants around the world. Additionally, the Company designs, manufactures and sells geothermal and recovered energy power units and other power-generating equipment, and provides related services. The Company has more than four decades of experience in the development of environmentally-sound power, primarily in geothermal and recovered-energy generation. Ormat products and systems are covered by more than 75 patents. Ormat currently operates the following geothermal and recovered energy-based power plants: in the United States - Brady, Heber, Mammoth, Ormesa, Puna, Steamboat and OREG 1; in Guatemala - Zunil and Amatitlan; in Kenya - Olkaria; and in Nicaragua - Momotombo.
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 its 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 Ormat Technologies, Inc.'s Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 5, 2008.
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