A number of key geothermal projects across North America and the Caribbean helped Ormat Technologies post a strong operating performance in its Q2 results.
Announced on 5 August, the company saw 10.6% revenue growth and 20.8% gross profit growth compared to the same quarter in 2025.
In July 2026, it achieved commercial operation from its 10 MW Dominica geothermal power plant in the Caribbean, demonstrating continued execution of the company’s global development pipeline.
In June 2026, it completed the 5 MW upgrade at the Cove Fort geothermal facility in the USA, enhancing the performance and profitability of an asset it acquired in 2024.
The company reported that its energy storage business also thrived during the period with revenues in this area nearly tripling year over year.
“Our electricity segment built on its growth momentum during the quarter, driven by contributions from our Blue Mountain [Nevada] geothermal power plant acquired in June 2025, improved performance at our…Puna power plant [Hawaii], and lower curtailments in the USA compared to the prior-year period,” said Doron Blachar, Ormat’s CEO, who also referenced the company’s Olkaria project in Kenya.
Blachar also highlighted “significant progress” on Ormat’s Enhanced Geothermal System (EGS) strategy during the quarter.
“On the subsurface side, we advanced both the SLB and Sage Geosystems pilot projects toward field execution, with each partnership taking concrete steps toward commercial-scale validation,” he said.
At the Desert Peak project with SLB, it completed geophysical data acquisition, updated the subsurface model, advanced permitting and procurement of long-lead materials, and entered the final stages of vendor selection ahead of planned drilling in Q4 2026.
At the Sage Geosystems pilot, it selected a power plant in Nevada, advanced permitting activities, neared completion of procurement for drilling services and equipment and progressed engineering work to integrate the two-well EGS facility into the selected Ormat power plant.
“We are also actively working to expand our substantial geothermal land position and water rights to support future EGS development, in addition to applying for new interconnections, recognising that building a strong EGS pipeline will enable us to accelerate our project development,” said Blachar.
On the surface technology side, it also introduced its Ormega100 surface generation unit, to advance its ability to convert subsurface EGS resources into grid-scale power by connecting upstream development capabilities with downstream generation at an accelerated pace.
“Together with our growing pipeline of partnership opportunities, we anticipate that these initiatives position Ormat to accelerate the commercialisation of EGS technology and capture increasing demand for next-generation geothermal power.”