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RENO, Nev., Aug. 6
/PRNewswire-FirstCall/ -- Ormat Technologies, Inc. (NYSE: ORA) today
announced that its subsidiary has entered into a US$5.7 million agreement
with Italcementi Group of Bergamo, Italy, for the supply of one ORMAT(R)
ENERGY CONVERTER (OEC) for a new Recovered Energy Generation (REG) plant. The
plant is to be installed in the Martinsburg, West Virginia cement plant,
belonging to Essroc, an Italcementi subsidiary in the USA. The equipment is
to be supplied within 14 months from the contract date.
(Logo: http://www.newscom.com/cgi-bin/prnh/20040422/LATH066LOGO)
The Italcementi
Group is the world's fifth largest cement group, with 62 cement plants in 19
countries.
Construction of the
recovered energy power plant utilizing the readily installed and largely
pre-assembled OEC is being undertaken by the Italcementi Group itself. When
completed, the OEC power plant will convert unused exhaust air from the
cement plant's clinker cooler into electric power.
Lucien Y. Bronicki,
Chairman of the Board and Chief Technology Officer of Ormat Technologies,
said: "This will be the first project in the USA utilizing exclusively
clinker cooler exhaust air for power generation. The relatively low
temperatures and varying loads of clinker cooler exhaust air in cement plants
make conventional power solutions impractical, but is well suited for the
Ormat's Organic Rankine Cycle based OEC. An additional environmental
advantage of the OEC plant is that it uses air-cooled condensers rather than
water consuming cooling towers."
"The power
plant will generate fuel-free electrical power, substituting fossil-fuel
power and avoiding approximately 26,000 tons of CO2 emissions per year. This
contract marks our third Recovered Energy Generation plant in the cement
industry, adding to our Recovered Energy Generation systems in gas compressor
stations, gas processing plants, refineries and others. We look forward to
further applications of this type, which are well suited to Ormat's
technology. "
Over 900 MW of Ormat
Geothermal and Recovered Energy Generation (REG) power plants have been
constructed around the world in 23 countries, from California in the USA to
Thailand and from Iceland to New Zealand.
About Ormat
Technologies
Ormat Technologies,
Inc. is a vertically-integrated company primarily engaged in the geothermal
and recovered energy power business. The Company designs, develops, builds,
owns and operates geothermal and recovered energy power plants using Organic
Rankine Cycle (ORC) technology. Additionally, the Company designs,
manufactures and sells geothermal and recovered energy power units and other
power generating equipment, and provides related services. Ormat is a pioneer
and a leader in the manufacture of ORC power equipment its products and
systems are covered by approximately 70 patents. Ormat currently operates the
following geothermal power plants: in the United States -- Brady, Heber,
Mammoth, Ormesa, Puna and Steamboat; in the Philippines -- Leyte; in
Guatemala -- Zunil; in Kenya -- Olkaria; and in Nicaragua -- Momotombo. In
the U.S., Ormat owns and operates four OREG1 Recovered Energy Generation
plants.
Safe Harbor
Statement
Information provided
in this press release may contain statements relating to current
expectations, estimates, forecasts and projections about future events that
are "forward-looking statements" as defined in the Private
Securities Litigation Reform Act of 1995. These forward-looking statements
generally relate to Ormat's plans, objectives and expectations for future
operations and are based upon its management's current estimates and
projections of future results or trends. Actual future results may differ
materially from those projected as a result of certain risks and
uncertainties. For a discussion of such risks and uncertainties, see
"Risk Factors" as described in Ormat Technologies, Inc.'s Annual
Report on Form 10-K filed with the Securities and Exchange Commission on
March 12, 2007.
These
forward-looking statements are made only as of the date hereof, and we
undertake no obligation to update or revise the forward-looking statements,
whether as a result of new information, future events or otherwise.
��� Ormat Technologies Contact:������������ Investor Relations Contact: ��� Dita Bronicki�������������������������� Todd Fromer/ Marybeth Csaby ��� CEO and President���������������������� KCSA Worldwide ��� +1-775-356-9029������������������������ +212-896-1215 / 212-896-1236 ��� dbronicki@ormat.com�������������������� tfromer@kcsa.com / mcsaby@kcsa.com SOURCE� Ormat Technologies, Inc. ��� -0-���������������������������� 08/06/2007 ��� /CONTACT:� Dita Bronicki, CEO and President of Ormat Technologies, Inc., +1-775-356-9029, dbronicki@ormat.com; or Investors, Todd Fromer, +1-212-896-1215, tfromer@kcsa.com, or Marybeth Csaby, +1-212-896-1236, mcsaby@kcsa.com, both of KCSA Worldwide, for Ormat Technologies, Inc./ � ��/Photo:� http://www.newscom.com/cgi-bin/prnh/20040422/LATH066LOGO ������������� AP Archive:� http://photoarchive.ap.org ������������� PRN Photo Desk, photodesk@prnewswire.com/ ��� /Web site:� http://www.ormat.com / ��� (ORA) CO:� Ormat Technologies, Inc.; Essroc; Italcementi Group ST:� Nevada, Virginia, Italy IN:� OIL ENV UTI SU:� LIC GS-CD -- LAM102 -- 1441 08/06/2007 13:40 EDT http://www.prnewswire.com |