Ormat Technologies, Inc.
DOE Funding to Support Development Activities at Ormat's Dixie Valley, Nevada and Cove Fort, Utah Geothermal Projects
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.
At Cove Fort, the project, in partnership with the University of Utah, was selected for up to $9.7 million in DOE funding, to support drilling and subsurface characterization. The work is designed to enhance the understanding of how heat and fluids are distributed in carbonate rock formations.
"We are pleased to have been selected for support from the DOE for two important projects within Ormat's geothermal portfolio," said Doron Blachar, Chief Executive Officer of Ormat Technologies. "These awards reinforce the important role that innovation and collaboration can play in advancing geothermal development in the United States. At Dixie Valley, the program will support our efforts to advance next-generation EGS technologies, while at Cove Fort, it will help deepen our understanding of the existing hydrothermal resource and its potential for further development."
Blachar added, "Together, these projects reflect Ormat's broader approach to geothermal growth by continuing to optimize and expand our industry leading capabilities and our existing resource base while actively investing in technologies that have the potential to significantly increase the addressable geothermal resource. We appreciate the DOE's continued commitment to advancing geothermal energy as a reliable, 24/7 source of power, and we thank SLB and the University of Utah and their teams for their collaboration and partnership in advancing these important projects."