Ormat Technologies Announces Closing of the Acquisition of Viridity Energy
March 15 2017 - 5:32PM
Ormat Technologies, Inc. (“Ormat”) (NYSE:ORA) today announced that
it has closed its previously announced acquisition of substantially
all of the business and assets of Viridity Energy, Inc. (VEI).
VEI is a privately held Philadelphia-based
company with nearly a decade of expertise and leadership in demand
response, energy management and storage. Using proprietary software
and solutions, VEI serves primarily retail energy providers,
utilities, and large industrial and commercial clients.
Pursuant to the Asset Purchase Agreement, Ormat
paid an initial consideration of $35 million. Additional contingent
consideration will be payable in two installments upon the
achievement of certain performance milestones measured at the end
of fiscal years 2017 and 2020. The acquired assets of VEI will be
injected into a newly incorporated company named Viridity Energy
Solutions Inc. (Viridity), which is a wholly owned subsidiary of
Ormat.
“The successful completion of this acquisition
is an important milestone in our strategic plan to expand our
presence in the growing energy storage and demand respond markets,”
noted Isaac Angel, Chief Executive Officer. “We believe that the
integration plan we developed will combine Ormat's and Viridity’s
business’ expertise and resources to accelerate our long term
growth”
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 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. With 73 U.S. patents, Ormat’s power solutions have
been refined and perfected under the most grueling environmental
conditions. Ormat has 474 employees in the United States and over
700 overseas. Ormat’s flexible, modular solutions for geothermal
power and REG are ideal for the vast range of resource
characteristics. The company has engineered, manufactured and
constructed power plants, which it currently owns or has installed
to utilities and developers worldwide, totaling 2,200 MW of gross
capacity. Ormat’s current 713 MW generating portfolio is spread
globally in the U.S., Kenya, Guatemala, and Guadeloupe.
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. 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. 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" as described in Ormat
Technologies, Inc.'s Annual Report on Form 10-K filed with the
Securities and Exchange Commission on March 01, 2017.
These forward-looking statements are made only
as of the date hereof, and 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
Investor Relations
775-356-9029 (ext. 65726)
slavi@ormat.com
Investor Relations Agency Contact:
Rob Fink/Brett Maas
Hayden - IR
646-415-8972/646-536-7331
rob@haydenir.com / brett@haydenir.com
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