Ormat Technologies, a leading geothermal and renewable energy company, has announced the signing of a strategic commercial agreement with Sage Geosystems, a pioneer in next-generation geothermal and energy storage technology. The agreement marks a significant milestone in Ormat’s pursuit of innovative and sustainable energy solutions.
Under the terms of the agreement, Sage will pilot its advanced Pressure Geothermal technology to extract geothermal heat energy from hot dry rock at an existing Ormat power plant. This collaboration aims to significantly reduce the time needed to bring geothermal energy to market and is expected to enhance Ormat’s operational efficiency while accelerating the implementation of next-generation geothermal solutions.
Following the successful completion of the pilot project, Ormat will have the right to develop, build, own and operate geothermal power plants using Sage’s Pressure Geothermal techniques. In addition, Ormat will have the right to develop, build, own and operate long- and short-duration energy storage projects utilizing Sage’s pressure geothermal energy storage technology.
The transaction, envisioned by the agreement, is subject to closing conditions and is anticipated to close by year-end.
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Doron Blachar, Chief Executive Officer of Ormat Technologies, stated, “We are thrilled to partner with Sage, a company at the cutting edge of next-generation geothermal technology. This agreement marks a significant milestone for Ormat, as it aligns with our commitment to advancing geothermal energy solutions and reducing our time to market. We look forward to utilizing Sage’s expertise to enhance our existing power plant capabilities, facilitate future developments and accelerate our growth.”
Cindy Taff, Chief Executive Officer of Sage Geosystems, added, “This collaboration with Ormat, a leading geothermal company, represents a major step forward in the commercialization of our Pressure Geothermal technology. We are excited to demonstrate the capabilities of our next-generation geothermal and energy storage technologies in partnership with Ormat. Together, we can drive innovation and sustainability in the energy sector.”
SOURCE: GlobeNewswrie