Ormat, Alevo Report Will Jointly Build First Energy Storage Project in Texas

Ormat Technologies, Inc. ORA announced today its subsidiary has signed an agreement with a subsidiary of Alevo Group SA to jointly build, own and operate the Rabbit Hill Energy Storage Project, located in Georgetown, Texas. The 10 MW project will consist of three GridBank™ enclosures. Ormat will own and fund the majority of the Rabbit Hill energy storage project and provide engineering, construction services and balance of plant equipment. Alevo will provide its innovative GridBank inorganic lithium ion energy storage system in conjunction with the power conversion systems. "Entering the energy storage market is a key component of our long term growth plan, helping us to further diversify revenues and advancing our goals of transitioning from a geothermal company to a recognized leader in the renewable energy industry," commented Isaac Angel, Chief Executive Officer of Ormat. Shares of Ormat are down 0.34 percent Wednesday.