Ormat Technologies reported “continued progress” in its next-generation geothermal activities, after it outlined company-wide project and financial details in its latest Q3 results.
Doron Blachar, Chief Executive Officer, cited the company’s work in Enhanced Geothermal System (EGS) in North America, where it is working alongside a number of well-known partners.
“Ormat’s six decades of geothermal experience and integrated capabilities position the company to participate in EGS as a developer, owner, operator and technology provider, while pursuing a diversified approach that extends beyond a single emerging technology,” said Blachar.
“We are advancing two pilot projects with SLB and Sage and negotiating power purchase agreements for Dixie Valley, our first planned commercial EGS project, and for other potential projects.”
In September, Ormat was selected by the US Department of Energy for up to US$35mn in funding, alongside SLB and the University of Utah, to advance EGS at Dixie Valley, Nevada, as well as hydrothermal development at Cove Fort, Utah.
Since the start of the year, Ormat Technologies has also massively upgraded its lease holdings, with approximately 40,000 acres of BLM leases for EGS development and identified additional acreage with EGS potential within its existing portfolio, Blachar added.
“Our total EGS land position now stands at approximately 170,000 acres, which we estimate could support 5 to 6 gigawatts of potential future EGS development, a significant opportunity for long-term growth.”
This is some way up on previous estimates, of approximately 3 to 4 gigawatts, presented at its last Investor Day.