Israeli geothermal and renewable energy company Ormat Technologies Inc. (NYSE: ORA; TASE: ORA) announced on Friday that it has been selected by the US Department of Energy for up to about $35 million in funding. The company will receive $25 million 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 a further $9.7 million, in partnership with the University of Utah, to advance its hydrothermal geothermal development at its Cove Fort geothermal project in Utah. The awards are subject to completion of award negotiations with DOE. RELATED ARTICLES Ormat to power Google operations in Nevada Ormat signs $200m data centers deal Dual traded Ormat, managed by CEO Doron Blacher, is traded on Wall Street with a market cap of $5.8 billion. The company’s share price rose 1.2% in response to the announcement, although the stock is down 35% from its peak earlier this year. Blachar said, "These awards reinforce the important role that innovation and collaboration can play in advancing geothermal development in the US." Published by Globes, Israel business news - en.globes.co.il - on September 27, 2026. © Copyright of Globes Publisher Itonut (1983) Ltd., 2026.
