Ormat Selected for Approximately $35 Million in U.S. Department of Energy Funding to Advance EGS and Hydrothermal Development

RENO, Nev., Sept. 24, 2026 (GLOBE NEWSWIRE) -- Ormat Technologies Inc. (NYSE: ORA) (“Ormat” or the “Company”), a leading geothermal and renewable energy company, today announced that it has been selected by the U.S. Department of Energy (“DOE”) for up to approximately $35 million in funding, in partnership with SLB and the University of Utah, to advance an Enhanced Geothermal Systems (“EGS”) project at its Dixie Valley geothermal project in Nevada and, in partnership with the University of Utah, hydrothermal geothermal development at its Cove Fort geothermal project in Utah. The awards are subject to completion of award negotiations with DOE.

The Dixie Valley project, a collaboration with SLB and the University of Utah, was selected for up to $25 million in DOE funding which will be used to support design, drilling, testing and validation of an EGS doublet. The project is designed to demonstrate that engineered reservoirs developed adjacent to existing hydrothermal systems can deliver sustained circulation, enhanced permeability, and commercially relevant thermal output.

At Cove Fort, the project, in partnership with the University of Utah, was selected for up to $9.7 million in DOE funding, to support drilling and subsurface characterization. The work is designed to enhance the understanding of how heat and fluids are distributed in carbonate rock formations.

“We are pleased to have been selected for support from the DOE for two important projects within Ormat’s geothermal portfolio,” said Doron Blachar, Chief Executive Officer of Ormat Technologies. “These awards reinforce the important role that innovation and collaboration can play in advancing geothermal development in the United States. At Dixie Valley, the program will support our efforts to advance next-generation EGS technologies, while at Cove Fort, it will help deepen our understanding of the existing hydrothermal resource and its potential for further development.”

Blachar added, “Together, these projects reflect Ormat’s broader approach to geothermal growth by continuing to optimize and expand our industry leading capabilities and our existing resource base while actively investing in technologies that have the potential to significantly increase the addressable geothermal resource. We appreciate the DOE’s continued commitment to advancing geothermal energy as a reliable, 24/7 source of power, and we thank SLB and the University of Utah and their teams for their collaboration and partnership in advancing these important projects.”

ABOUT ORMAT TECHNOLOGIES

With over six decades of experience, Ormat Technologies, Inc. is a leading geothermal company, and the only vertically integrated company engaged in geothermal and recovered energy generation (“REG”), with robust plans to accelerate long-term growth in the energy storage market and to establish a leading position in the U.S. energy storage market. The Company owns, operates, designs, manufactures and sells geothermal and REG power plants primarily based on the Ormat Energy Converter – a power generation unit that converts low-, medium- and high-temperature heat into electricity. The Company has engineered, manufactured and constructed power plants, which it currently owns or has installed for utilities and developers worldwide, totaling approximately 3,600MW of gross capacity. Ormat leveraged its core capabilities in the geothermal and REG industries and its global presence to expand the Company’s activity into energy storage services, solar Photovoltaic (PV) and energy storage plus Solar PV. Ormat’s current total generating portfolio is 1,850MW with a 1,355MW geothermal and solar generation portfolio that is spread globally in the U.S., Kenya, Guatemala, Indonesia, Honduras, and Guadeloupe, and a 495MW energy storage portfolio that is located in the U.S.

Ormat is the only single-solution company with tangible and proven end-to-end capabilities to commercialize, scale, and operate Enhanced Geothermal Systems. As electricity demand accelerates, driven by AI data centers, electric vehicles, industrial reshoring, and the electrification of heating and cooling, Ormat's geothermal and EGS capabilities position the Company to help meet this growing demand and lead technological advancement in the market. The Company's industry-leading business model and strong reputation are built on long-standing expertise, operational excellence, high-performance teams, and delivering reliable long-term energy generation.

ORMAT’S 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. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that we expect or anticipate will or may occur in the future, including such matters as our projections of annual revenues and Adjusted EBITDA, expenses and debt service coverage with respect to our debt securities, future capital expenditures, business strategy, competitive strengths, goals, development or operation of generation assets, legal, market, industry and geopolitical developments and incentives, demand for renewable energy, the receipt or amount of government grants or awards, and the growth of our business and operations, are forward-looking statements. When used in this press release, the words “may”, “will”, “could”, “should”, “expects”, “plans”, “anticipates”, “believes”, “estimates”, “predicts”, “projects”, “potential”, or “contemplate” or the negative of these terms or other comparable terminology are intended to identify forward-looking statements, although not all forward-looking statements contain such words or expressions. 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. Although we believe that our plans and objectives reflected in or suggested by these forward-looking statements are reasonable, we may not achieve these plans or objectives. Actual future results may differ materially from those projected as a result of certain risks and uncertainties, including the possibility that DOE funding may not be awarded, may be reduced, or may be rescinded during the award negotiation process, and other risks described under "Risk Factors" as described in Ormat’s most recent annual report, and in subsequent filings.

These forward-looking statements are made only as of the date hereof, and, except as legally required, 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: Smadar Lavi VP Head of IR and ESG Planning & Reporting 775-356-9029 (ext. 65726) slavi@ormat.com

Investor Relations Agency Contact: Joseph Caminiti or Josh Carroll Alpha IR Group 312-445-2870 ORA@alpha-ir.com