Ormat Technologies has signed a strategic commercial agreement with Sage Geosystems, marking a significant milestone in Ormat’s pursuit of innovative energy solutions.
Under the agreement, Sage with pilot its advanced Pressure Geothermal technology to extract heat energy from dry rock at an existing Ormat plant. The collaboration aims to significantly reduce the time needed to bring geothermal energy to market and is expected to enhance Ormat’s operational efficiency and accelerate the implementation of next-gen solutions.
Following the completion of the project, Ormat will have the right to develop, build, own and operate geothermal power plants using Sage’s techniques. Additionally, Ormat will have the right to develop and operate long- and short-duration energy storage projects utilising Sage’s pressure geothermal energy storage technology.
Chief Executive Offcier at Ormat technologies, Doron Blachar, said, “We are thrilled to partner with Sage, a company at the cutting edge of next-generation geothermal technology. This agreement marks a significant milestone for Ormat as it aligns with our commitment to advancing geothermal energy solutions and reducing our time to market. We look forward to utilising Sage’s expertise to enhance our existing power plant capabilities, facilitate future developments and accelerate our growth.”
Cindy Taff, Chief executive Officer at Sage Geosystems, commented, “This collaboration with Ormat represents a major step forward in the commercialisation of our Pressure Geothermal technology. We are excited to demonstrate the capabilities of our next-generation geothermal and energy storage technologies in partnership with Ormat. Together, we can drive innovation and sustainability in the energy sector.”