Ormat Technologies Appoints Two New Independent Directors to the Company’s Board
June 03 2022 - 8:46AM
Ormat Technologies, Inc. (NYSE:ORA) (“Ormat,” the “Company,” “we”
or “us”) today announced the election at its annual meeting of
stockholders, held on June 2, 2022, of Michal Marom and Karin
Corfee to the Company’s Board of Directors, effective immediately.
Ms. Marom will also serve as the Chair of the Audit Committee and a
member of the Compensation Committee. Ms. Marom and Ms. Corfee will
replace the departing Board members Dan Falk and Albertus Bruggink,
respectively. With these new additions, one third of Ormat’s Board
of Directors will be represented by women.
Ms. Marom joins Ormat’s Board of Directors
having served in numerous senior executive leadership roles. Ms.
Marom currently serves on the Board of Directors and the audit and
compensation committees of several publicly traded companies in the
U.S. and Israel. From 2011 to 2015, Ms. Marom served as the Chief
Financial Officer of Linkury Ltd., an Israeli high-tech company she
co-founded. Ms. Marom is a Certified Public Accountant in Israel
and acts as a consultant providing strategic advice on business
models and financial transactions.
Ms. Corfee brings to Ormat’s Board of Directors
over 30 years of experience in the energy industry. Ms. Corfee
currently serves as Vice President, Professional & Advisory
Services at Kevala LLC, a power grid analytics company, a position
she has held since October 2021. Ms. Corfee is also the founder and
CEO of KC Strategies LLC, a business consultancy firm specializing
in climate and sustainability services, which she has held since
the company’s founding in April 2021. Most recently, she served as
Partner and Western Team Leader at Guidehouse from October 2019 to
April 2021. Ms. Corfee served as Managing Director and Leader of
Clean Energy Programs and Sustainability at Navigant Consulting,
Inc. Prior to Navigant, Ms. Corfee was the Vice President and West
Coast DSM Manager at KEMA Inc., a global energy consultancy
company. Ms. Corfee was nominated to Ormat’s Board of Directors by
ORIX Corporation pursuant to its board nomination right under its
previously disclosed agreement with the Company.
Doron Blachar, CEO of Ormat, said, “We are very
pleased to announce the addition of Michal and Karin to Ormat’s
Board of Directors and we look forward to the contributions that
both directors will bring to Ormat. Michal brings significant board
experience through her time serving as a director for publicly
traded corporations, and Karin’s deep energy industry knowledge and
advisory experience, particularly in the field of sustainability,
will help guide Ormat as it continues to pursue its growth goals
and emerge as the dominant renewable energy player in the United
States. We would also like to thank both Dan Falk and Albertus
Bruggink for their time as directors and their dedication to the
ongoing success of Ormat. We remain excited for the future of our
Company under the direction of the new members of the Board of
Directors.”
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 robust plans to accelerate
long-term growth in the energy storage market and to establish a
leading position in the U.S. energy storage market. 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 for utilities and developers worldwide, totaling
approximately 3,200 MW of gross capacity. In addition, Ormat is
expanding its activity into energy storage services, solar
Photovoltaic (PV) and solar PV plus energy storage. Ormat’s current
total generating portfolio is 1.1 GW with 1,025 MW of geothermal
and solar generation portfolio that is spread globally in the U.S.,
Kenya, Guatemala, Indonesia, Honduras, and Guadeloupe, and an 83 MW
energy storage portfolio that is located in the U.S.
ORMAT’S SAFE HARBOR
STATEMENTInformation 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. All statements, other than
statements of historical facts, included in this press release that
address activities, events or developments that we expect or
anticipate will or may occur in the future, including such matters
as our projections of annual revenues, expenses and debt service
coverage with respect to our debt securities, future capital
expenditures, business strategy, competitive strengths, goals,
development or operation of generation assets, market and industry
developments and the growth of our business and operations, are
forward-looking statements. When used in this press release, the
words “may”, “will”, “could”, “should”, “expects”, “plans”,
“anticipates”, “believes”, “estimates”, “predicts”, “projects”,
“potential”, or “contemplate” or the negative of these terms or
other comparable terminology are intended to identify
forward-looking statements, although not all forward-looking
statements contain such words or expressions. 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. Although we believe that our plans and objectives reflected
in or suggested by these forward-looking statements are reasonable,
we may not achieve these plans or objectives. Actual future results
may differ materially from those projected as a result of certain
risks and uncertainties and other risks described under "Risk
Factors" as described in Ormat’s annual report on Form 10-K filed
with the Securities and Exchange Commission (“SEC”) on February 25,
2022, and in Ormat’s subsequent quarterly reports on Form 10-Q and
annual reports on Form 10-K that are filed from time to time with
the SEC.
These forward-looking statements are made only
as of the date hereof, and, except as legally required, 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 LaviVP Head of IR and ESG
Planning & Reporting 775-356-9029 (ext.
65726)slavi@ormat.com |
|
Investor Relations Agency Contact:Sam Cohen or Joseph CaminitiAlpha
IR Group312-445-2870ORA@alpha-ir.com |
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