Ormat Selected for Approximately $35 Million in U.S. Department of Energy Funding to Advance EGS and Hydrothermal Development

RENO, Nev., Sept. 24, 2026 (GLOBE NEWSWIRE) -- Ormat Technologies Inc. (NYSE: ORA) (“Ormat” or the “Company”), a leading geothermal and renewable energy company, today announced that it has been selected by the U.S. Department of Energy (“DOE”) for up to approximately $35 million in funding, in partnership with SLB and the University of Utah, to advance an Enhanced Geothermal Systems (“EGS”) project at its Dixie Valley geothermal project in Nevada and, in partnership with the University of Utah, hydrothermal geothermal development at its Cove Fort geothermal project in Utah. The awards are subject to completion of award negotiations with DOE.

The Dixie Valley project, a collaboration with SLB and the University of Utah, was selected for up to $25 million in DOE funding which will be used to support design, drilling, testing and validation of an EGS doublet. The project is designed to demonstrate that engineered reservoirs developed adjacent to existing hydrothermal systems can deliver sustained circulation, enhanced permeability, and commercially relevant thermal output.