Ormat‘s Viridity to Begin Construction of 40MWh Energy Storage Systems in New Jersey
April 16 2018 - 5:00PM
Ormat Technologies, Inc. (NYSE:ORA) announced that its wholly owned
subsidiary, Viridity Energy Solutions, Inc., a leading battery
storage, distributed generation, demand response, and energy
management solution provider expects to start construction of two
20MW/20MWh utility scale, in-front-of-the-meter battery energy
storage systems (BESS) located in Plumsted Township and Alpha, New
Jersey. The projects were initiated by Ormat’s Viridity and are
expected to be operational in the fourth quarter of 2018. Ormat,
through Viridity, will finance, construct, own and operate the
projects. The BESSs will be utilized to provide ancillary services
to assist PJM Interconnection, a regional transmission organization
(RTO), in balancing the electric grid, and will also be available
as a capacity asset. In 2019, the projects are expected to generate
average revenues of between $7 million and $8 million, mainly from
ancillary services. The projects’ revenues are based on spot prices
and may vary from period to period.
Ormat and Viridity selected Dynapower’s
inverters and LG Chem’s modules for the two 20MW/20MWh BESSs.
Viridity is also using Dynapower’s package to provide a fully
integrated system including the inverters, batteries, thermal
management and enclosures. Viridity’s market leading VPower™
software will provide the visualization, optimization, economic
value stacking and automated control of the BESS to deliver the
optimal economic return and to provide the electric grid with
better performance.
Earlier today Viridity announced a new
behind-the-meter 1 MWh project which will serve Atlantic County
Utility Authority’s (ACUA) unique ecological green facility by a
Battery Storage as a Service model, optimizing the facility
economics as well as providing PJM Interconnection grid ancillary
services.
Isaac Angel, CEO of Ormat Technologies said,
“The construction of these two 20MW/20MWh utility-scale
in-front-of-the-meter battery energy storage systems and the
initiation of the ACUA behind-the-meter system, mark another
significant step in our strategic plan to expand our reach into
energy storage and leverage Ormat’s core capabilities in this
growing market. We believe these projects, along with additional
initiatives we are working on, will augment our growth over the
next few years. The offering Ormat and Viridity bring to the market
represent a comprehensive end-to-end value in energy management
analytics and optimization from load and distributed resources
management as well as energy storage as a service. We are actively
pursuing opportunities and partnerships in the US and globally to
utilize our comprehensive offering and capabilities.”
“With the 2017 change in the PJM’s market
signal, Viridity and Ormat’s engineering teams worked with BESS
partners in designing a battery storage system that is tailored to
ensure the highest possible performance in the PJM market, thus
maximizing the economic return,” said Mack Treece, CEO of Viridity.
“Combining our engineering expertise with the industry leading
value-stacking algorithms in Viridity’s VPower™ software positions
us to produce above industry averages for revenue and savings
generated per kW of battery storage.”
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 77 U.S. patents, Ormat’s power solutions have
been refined and perfected under the most grueling environmental
conditions. Ormat has 530 employees in the United States and 770
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 over 2,500 MW of gross capacity.
Ormat’s current approximately 800 MW generating portfolio is spread
globally in the U.S., Guatemala, Guadeloupe, Honduras, Indonesia
and Kenya. In March 2017, 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, a Philadelphia-based
Company with nearly a decade of expertise and leadership in energy
storage, demand response and energy management.
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 Form 10-K filed with the SEC on March 16,
2018.
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: |
Investor
Relations Agency Contact: |
Smadar
Lavi |
Rob
Fink |
VP
Corporate Finance and Head of Investor Relations |
Hayden -
IR |
775-356-9029 (ext. 65726) |
646-415-8972 |
slavi@ormat.com |
rob@haydenir.com |
|
|
Ormat Technologies (NYSE:ORA)
Historical Stock Chart
From Aug 2024 to Sep 2024
Ormat Technologies (NYSE:ORA)
Historical Stock Chart
From Sep 2023 to Sep 2024