Ormat Technologies is the largest independent geothermal power developer globally. Ormat's core business is developing, owning, and operating geothermal power plants using its proprietary Organic Rankine Cycle (ORC) binary technology, which converts heat extracted from the earth's subsurface into electricity through a closed-loop system. The result is a clean, baseload power source that runs 24/7, unlike solar or wind. Ormat sells power primarily to utilities and, increasingly, data centers and hyperscalers under long-term PPAs averaging roughly 14 years of remaining contract life, with most contracts carrying fixed or escalating prices. Ormat operates three segments: Electricity (~72% of revenue), Product (~20%), and Energy Storage (~7%). The Electricity segment owns and operates ~1,340MW of generating capacity across geothermal, solar PV, and recovered energy plants in the western U.S., Kenya, Guatemala, Indonesia, and other markets. The Product segment designs, manufactures, and sells ORC power units and provides EPC services to third-party geothermal developers globally. The Energy Storage segment owns and operates 415MW of grid-scale battery storage in U.S. power markets, selling capacity and ancillary services on a merchant basis or under tolling agreements. Ormat is vertically integrated across the geothermal value chain — it explores, drills, manufactures its own ORC units in Israel, constructs, and operates plants — giving it cost and quality advantages. Ormat also monetizes federal tax credits from geothermal and storage projects, selling them to tax equity partners for meaningful cash proceeds. Growth priorities include expanding geothermal capacity to 1.65–1.75GW by 2028, pursuing enhanced geothermal systems pilots, and scaling energy storage capacity toward ~1GW by 2028.