Ormat selected for ~$35M in DOE geothermal funding

Ormat Technologies (NYSE: ORA) has been selected by the U.S. Department of Energy for up to approximately $35 million in funding to support two geothermal projects, according to a company press release. The awards are subject to completion of negotiations with the DOE.

The larger allocation, up to $25 million, will go toward an Enhanced Geothermal Systems project at Ormat's Dixie Valley site in Nevada, in partnership with SLB and the University of Utah. The funding will support design, drilling, testing, and validation of an EGS doublet intended to demonstrate that engineered reservoirs adjacent to existing hydrothermal systems can deliver sustained circulation and commercially relevant thermal output.

A second award of up to $9.7 million will support drilling and subsurface characterization at Ormat's Cove Fort geothermal project in Utah, in partnership with the University of Utah. That work aims to improve understanding of how heat and fluids are distributed in carbonate rock formations.

"These awards reinforce the important role that innovation and collaboration can play in advancing geothermal development in the United States," said Doron Blachar, Chief Executive Officer of Ormat Technologies.

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