RENO, Nev., Nov. 5, 2014 (GLOBE NEWSWIRE) -- Ormat Technologies, Inc. (NYSE:ORA) announced today that its wholly-owned subsidiary has entered into a $22.3 million engineering, procurement and construction (EPC) contract with the Utah Associated Municipal Power Systems (UAMPS). Ormat will install an air-cooled Ormat Energy Converter at the Kern River Gas Transmission Company's ("Kern River") Veyo natural gas compressor station in southern Utah. Ormat's energy converter will generate power using heat that would have otherwise gone to waste.
The Veyo project, which is expected to go online in fall 2016, marks the second Recovered Energy Generation (REG) facility on the Kern River natural gas pipeline. The other unit in southern Nevada has been in operation for over four years and provides 7 MW of power.
"We are excited to work with UAMPS to provide clean, fuel-free energy to its customers while showcasing how our waste heat recovery solution can benefit compressor stations along natural gas pipelines," said Isaac Angel, chief executive officer of Ormat. "The Veyo project will produce electricity without burning additional gas or creating emissions, therefore increasing the use of energy content of the natural gas by about 30 percent. This is a great example of how states can reduce emissions by using a cost effective heating source that is readily available in the U.S."
In 2009, Utah became one of the first states to recognize waste heat recovery as a renewable energy technology and has taken steps to incentivize its development. Since then, Utah has continued to see a wave of new projects across the renewable spectrum, including geothermal and waste heat. To date, Ormat has provided 49 MW of capacity for third-party customers in the state.
"Renewable energy plays a significant role in our state's energy economy," said Doug Hunter, general manager of UAMPS. "We're confident that deploying proven technology like Ormat's REG solution will further promote our goal for an efficient and sustainable future."
Ormat's REG power plants capture waste heat that would otherwise be released to the atmosphere and convert that heat into electrical energy using an Ormat Energy Converter, similar to those used in geothermal electricity generation. With approximately 150 MW of installed REG capacity in North America, Ormat is the leading manufacturer and supplier of waste heat recovery generation equipment, services and power.
About Ormat
With over four decades of experience, Ormat Technologies, Inc. is a leading geothermal company and the only vertically integrated company solely engaged in geothermal and recovered energy generation (REG). 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 over 77 U.S. patents, Ormat's power solutions have been refined and perfected under the most grueling environmental conditions. Ormat has 480 employees in the United States and about 640 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 supplied to utilities and developers worldwide, totaling more than 1,800 MW of gross capacity. Ormat's current generating portfolio of 626 MW (net) is spread globally in the U.S., Guatemala and Kenya.
Learn more about Ormat Technologies by visiting Ormat.com. To download Ormat's investor relations app, which offers access to its SEC filings, press releases, webcast and more, please visit Apple's App Store for the iPhone and iPad or Google Play for Android mobile devices.
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 February 28, 2014.
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.