The company will build an energy converter at Cyrq Energy's geothermal project in Utah.
Ormat Industries Ltd. (TASE: ORMT) subsidiary Ormat Technologies Inc. (NYSE: ORA) has signed a $22.7 million engineering, procurement and construction (EPC) contract and a credit agreement with Cyrq Energy Inc. to build an energy converter at the company's geothermal project in Utah. The project's additional unit will increase its output and lower its operating costs.
Ormat expects to complete the contract by mid-2013, and will provide the financing for it.
Published by Globes [online], Israel business news - www.globes-online.com - on December 27, 2011
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