Ormat and Gotion Sign a New Multi-Year Agreement Supporting the Company’s Energy Storage Growth Plans

RENO, Nev., Sept. 18, 2023 (GLOBE NEWSWIRE) -- Ormat Technologies, Inc. (NYSE: ORA), a leading renewable energy company, today announced that it has secured a new multi-year contract in partnership with Gotion High-Tech to supply batteries in support of Ormat’s upcoming Energy Storage projects. Under this supply contract, Gotion will provide Ormat with batteries at a capacity of up to 750MWh, with a variable pricing structure, partly linked to Lithium Carbonate prices. In addition to the signed agreement, the companies are discussing additional supply contracts and expansions to the existing signed agreement to provide Ormat with U.S. domestic manufactured batteries from Gotion’s planned battery plant in Manteno, Illinois which will allow Ormat to benefit from higher Investment Tax Credits.

Doron Blachar, CEO of Ormat Technologies, said, “We are excited to partner with Gotion and sign this new multi-year battery supply contract. We have been encouraged by the long-term trends we’re seeing in the Storage segment, and securing a critical battery supply while solidifying our supply chains gives us confidence in our ability to successfully advance our projects currently in development and achieve our long-term capacity goals. Our 2025 Energy storage goal of 600MW to 670MW remains well within our reach, and this multi-year deal strengthens our confidence in Ormat’s ability to expand and grow our storage offerings into new regions both in the short-term and long-term.”

Chen Li, CEO of Gotion Global, said, “We look forward to the strategic partnership with Ormat and supporting Ormat with batteries for their ESS projects. We are excited to deliver products that support the green energy transition and carbon neutral future for generations to come, and to begin manufacturing products right here in the United States. Gotion is committed to the US and Americas market by ‘our local for local’ strategy to enable the value chain, and we look to grow our presence through strategic partnerships and innovative solutions with developers like Ormat.”

ABOUT ORMAT TECHNOLOGIES

With over five 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 3,200 MW 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 1,277 MW with a 1,107 MW geothermal and solar generation portfolio that is spread globally in the U.S., Kenya, Guatemala, Indonesia, Honduras, and Guadeloupe, and a 170 MW energy storage portfolio that is located in the U.S.