Ormat Technologies, Inc. announced the signing of a 15-year Energy Storage Service Agreement (ESSA) with San Diego Community Power (SDCP), California's second largest community choice aggregator, for the 20MW/40MWh Pomona 2 Battery Energy Storage System (BESS) located in Los Angeles County, California. The Pomona 2 project, operational since July 2023, represents Ormat's commitment to growing its energy storage segment through the delivery of innovative solutions and storage services. This agreement marks the second tolling agreement in the Company's expanding portfolio, following the 2022 Bottleneck contract.

These agreements contribute to the growth of a stable, profitable and predictable revenue stream for Ormat's energy storage segment, with over 40% of the segment's revenue expected to be contracted starting the second half of 2024.