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MarketScreener Homepage  >  Equities  >  Nyse  >  Ormat Technologies, Inc.    ORA


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Ormat Technologies : Announces Launch of Public Offering of Common Stock

11/16/2020 | 04:11pm EST

RENO, Nev., Nov. 16, 2020 (GLOBE NEWSWIRE) -- Ormat Technologies, Inc. (NYSE: ORA) (“Ormat” or the “Company”), a leading vertically integrated company that is primarily engaged in the geothermal and recovered energy generation (“REG”) businesses, as well the solar photovoltaic (PV) and energy storage and management services business, today announced the launch of an underwritten public offering of 4,150,000 shares of its common stock. Ormat expects to grant the underwriters a 30-day option to purchase up to an additional 622,500 shares of its common stock. The offering is subject to market and other conditions.

Ormat intends to use the net proceeds from the offering for general corporate purposes, including working capital and capital expenditures, and for potential acquisitions, including complementary businesses, technologies or assets.

J.P. Morgan Securities LLC and BofA Securities are acting as joint book-running managers for the offering. UBS Securities LLC will also act as a joint book-running manager for the offering.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction.

The offering is being made pursuant to an automatically effective shelf registration statement on Form S-3 filed with the U.S. Securities and Exchange Commission on November 16, 2020 (the “Registration Statement”). The offering may be made only by means of a base prospectus and a related prospectus supplement, copies of which may be obtained by contacting J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, or by email: prospectus-eq_fi@jpmchase.com, or by telephone: 1 (866) 803-9204; and from BofA Securities, NC1-004-03-43, 200 North College Street, 3rd Floor, Charlotte, NC 28255-0001, Attention: Prospectus Department or by email at dg.prospectus_requests@bofa.com.


With over five decades of experience, Ormat Technologies, Inc. is a leading geothermal company and the only vertically integrated company engaged in geothermal and REG, with the objective of becoming a leading global provider of renewable energy. 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 to utilities and developers worldwide, totaling over 3,000 MW of gross capacity. Ormat’s current 933 MW generating portfolio is spread globally across the U.S., Kenya, Guatemala, Indonesia, Honduras, and Guadeloupe. Ormat expanded its operations to provide energy storage and energy management solutions, by leveraging its core capabilities and global presence as well as through its Viridity Energy Solutions Inc. subsidiary.


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 include statements concerning the completion of the offering and the use of proceeds therefrom. 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,” in each case, included in Ormat’s Annual Report on Form 10-K for the year ended December 31, 2019 filed with the Securities and Exchange Commission (“SEC”) on March 2, 2020, as amended by Amendment No. 1 on Form 10-K/A filed with the SEC on March 3, 2020, and Ormat’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2020 filed with the SEC on November 5, 2020 and other risk factors detailed from time to time in filings with the SEC. These forward-looking statements are made only as of the date hereof, and the Company undertakes no obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

Ormat Technologies Contact:
Smadar Lavi
VP Corporate Finance and Head of Investor Relations
775-356-9029 (ext. 65726)
Investor Relations Agency Contact:
Rob Fink


Source: Ormat Technologies, Inc.

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Financials (USD)
Sales 2020 711 M - -
Net income 2020 92,5 M - -
Net Debt 2020 1 295 M - -
P/E ratio 2020 67,0x
Yield 2020 0,40%
Capitalization 6 344 M 6 344 M -
EV / Sales 2020 10,7x
EV / Sales 2021 10,7x
Nbr of Employees 1 408
Free-Float 98,7%
Duration : Period :
Ormat Technologies, Inc. Technical Analysis Chart | MarketScreener
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Technical analysis trends ORMAT TECHNOLOGIES, INC.
Short TermMid-TermLong Term
Income Statement Evolution
Mean consensus HOLD
Number of Analysts 7
Average target price 85,29 $
Last Close Price 113,60 $
Spread / Highest target 10,0%
Spread / Average Target -24,9%
Spread / Lowest Target -38,4%
EPS Revisions
Managers and Directors
Doron Blachar Chief Executive Officer
Shlomi Argas President
Dan Michael Falk Independent Director
David Granot Independent Director
Ravit Bar Niv Independent Director
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