Ormat Technologies
Renewable-energy company specializing in geothermal and recovered-energy power technology.
Last updated November 4, 2026
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Overview
Ormat Technologies is an international renewable-energy company headquartered in Reno, Nevada, with Israeli origins and major manufacturing operations in Yavne, Israel. Its principal business is the development, manufacture, ownership and operation of geothermal power systems and other equipment that converts low- and medium-temperature heat into electricity. The company is particularly associated with the Ormat Energy Converter, an organic Rankine cycle system that uses a secondary working fluid to generate electricity from heat sources that are less suitable for conventional steam turbines. The company was established in 1965 in Yavne as Ormat Turbines Ltd. by engineer Lucien Bronicki and his wife, Yehudit “Dita” Bronicki. Bronicki’s earlier work in an Israeli government physics laboratory included the development of turbines capable of producing electricity from several heat sources, including solar energy. The early company concentrated on engineering and manufacturing power-generation equipment rather than owning generating assets. Interest in energy efficiency during the oil crises of the 1970s helped create a market for the company’s technology, although one early solar-thermal project ultimately proved uneconomic. During the 1980s, Ormat expanded into recovered-energy systems, which use heat released by industrial processes to produce electricity, and geothermal generation. It supplied systems for the Kawerau geothermal station in New Zealand in 1986 and later participated in numerous geothermal projects in that country. In 1989, it supplied equipment for a geothermal district-heating system in Iceland’s Sudurnes region. In the 1990s, the business broadened its model from equipment supply to the ownership and operation of renewable and alternative-energy facilities. Ormat’s technology portfolio has included turbines, generators, heat exchangers, condensers, pumps, controls and complete power-conversion systems. Its equipment has been used in geothermal plants, recovered-energy facilities and other applications where heat is available but conventional power generation is inefficient. The company has also developed and supplied solar technologies, including an early solar-pond power station near the Dead Sea, and later entered the solar photovoltaic market. Earlier corporate activities included oil-sands energy technology and an investment in the Canadian oil-sands venture OPTI Canada, as well as ownership of Bet Shemesh Engines, an aircraft-engine component and maintenance business that was sold in 2005. Ormat Industries became publicly traded in Israel in 1991. Ormat Technologies had been created in 1994 as the group’s United States subsidiary, and the US entity completed a New York Stock Exchange offering in 2004. Following the offering, the corporate structure was reorganized so that Ormat Technologies became the principal operating company while Ormat Industries continued as a holding company listed in Tel Aviv. Ormat’s shares have consequently had a presence on both the Tel Aviv Stock Exchange and the New York Stock Exchange under the symbol ORA. The company combines equipment sales with long-term asset ownership and electricity generation. Its owned and operated portfolio has included geothermal and recovered-energy facilities in the United States, Guatemala, Kenya, Honduras and Guadeloupe. The company has reported building more than 190 power plants, installing more than 3,200 MW of capacity across projects, and owning and operating hundreds of megawatts of geothermal and recovered-energy generation capacity. These figures vary by reporting date and by whether they refer to equipment supplied, cumulative installations or owned operating assets. Leadership changed substantially in 2014, when Dita Bronicki left the chief executive role, and again in 2020, when Doron Blachar, previously chief financial officer, became chief executive officer and Isaac Angel became chairman. In 2017, ORIX Corporation agreed to…
History
Ormat’s origins lie in the work of Lucien Bronicki, an engineer who worked in an Israeli government physics laboratory during the late 1950s. There he developed turbine concepts for converting heat from different sources into electricity, including solar heat, and worked with Harry Zvi Tabor on organic Rankine cycle technology. Bronicki later left government research to commercialize the technology with Yehudit “Dita” Bronicki. The company was founded in 1965 in Yavne as Ormat Turbines Ltd., later becoming Ormat Industries. It initially operated primarily as a manufacturer and engineering supplier of power-generation equipment. The energy crises of the 1970s increased attention on efficient generation, and Ormat obtained Israeli government support and private financing for a solar-pond power station near the Dead Sea. The facility reached approximately 5 MW and was among the earliest large solar-pond electricity projects, but it was ultimately discontinued in 1988 because it was not economically viable. In the 1980s, Ormat developed systems for recovered energy, using industrial waste heat to produce electricity. It also moved into geothermal generation. In 1986, it designed and supplied systems for the Kawerau geothermal power station in New Zealand, beginning a long relationship with that market. By the time described in the reference material, the company had built 13 geothermal plants in New Zealand. In 1989, it supplied geothermal equipment for the Sudurnes regional-heating system in Iceland, which used local geothermal resources to provide heat to approximately 20,000 people. During the 1990s, Ormat changed from being only an equipment supplier to also owning and operating alternative-energy power stations. Ormat Industries was listed on the Tel Aviv Stock Exchange in 1991. In 1992, it acquired a controlling interest in Bet Shemesh Engines, an Israeli manufacturer and service provider for aircraft engines; that investment was sold in 2005. Ormat also developed OrCrude, an energy-related oil-sands process, and held a minority interest in OPTI Canada before selling that interest in 2010. Ormat Technologies was established in 1994 as a US subsidiary. It completed a New York Stock Exchange offering in 2004, after which the group was reorganized around the US operating company while the Israeli holding structure remained listed in Tel Aviv. The business continued to expand its geothermal and recovered-energy equipment activities, including a 2006 order for a geothermal project in Landau, Germany. Its systems were subsequently deployed in geothermal and recovered-energy projects across North America, South America, Europe, Asia, Australia and other markets. The Bronicki family’s direct management role diminished in the 2010s. Dita Bronicki stepped down as chief executive in June 2014 and joined the board, while Yoram Bronicki became chairman and Isaac Angel was selected as chief executive. Dita and Yoram Bronicki left the board in November 2015, when Gilon Beck became chairman. In 2017, ORIX acquired the stakes held by FIMI and the Bronicki Investment Fund in a reported $627 million transaction. In July 2020, Doron Blachar became chief executive officer after serving as chief financial officer since 2013. Isaac Angel became chairman. Ormat’s modern business combines renewable-power equipment, project development and ownership of operating assets. Its geothermal and recovered-energy portfolio has included facilities in the United States, Guatemala, Kenya, Honduras and Guadeloupe. The company continues to be identified principally with geothermal generation, organic Rankine cycle systems and the conversion of otherwise underused heat resources into electricity.
- 2020
Executive succession
[1]Doron Blachar becomes CEO and Isaac Angel becomes chairman.
- 2017
ORIX becomes a major shareholder
[1]ORIX acquires the FIMI and Bronicki Investment Fund holdings in Ormat.
- 2006
Landau geothermal order
[1]Ormat receives an order to supply equipment for the geothermal power plant in Landau, Germany.
- 2004
New York Stock Exchange offering
[1]Ormat Technologies completes a US public offering and becomes traded on the New York Stock Exchange.
- 1994
US subsidiary is established
[1]Ormat Technologies is founded as the group’s United States subsidiary.
- 1991
Tel Aviv listing
[1]Ormat Industries becomes listed on the Tel Aviv Stock Exchange.
- 1989
Sudurnes geothermal heating equipment
[1]The company supplies geothermal equipment for regional heating in Sudurnes, Iceland.
- 1986
Kawerau geothermal systems
[1]Ormat designs and supplies geothermal power systems for the Kawerau station in New Zealand.
- 1965
Ormat is founded in Israel
[1]Lucien Bronicki and Yehudit “Dita” Bronicki establish Ormat Turbines Ltd. in Yavne to commercialize power-generation technology.
Products and positioning
An integrated geothermal and renewable-energy technology provider combining equipment engineering, project development, power-plant ownership and electricity generation.
Geothermal and recovered-energy generation
Ormat Energy Converter
The Ormat Energy Converter is the company’s core power-conversion platform. It uses an organic Rankine cycle to convert low- and medium-temperature heat into electricity. A typical system includes a preheater or vaporizer, turbo-generator, condenser, feed pump and control equipment. The technology is designed for geothermal resources and industrial waste heat where conventional steam-cycle generation may be impractical. It can use air-cooled or water-cooled condensation and is intended to provide relatively low-emission electricity from heat that might otherwise be unused.
Renewable power generation
Geothermal power plants
Ormat develops, supplies, owns and operates geothermal generating facilities. Its work spans equipment supply, project construction and long-term operation, allowing the company to participate both as a technology vendor and as a power producer. Geothermal assets have formed the center of its operating portfolio in the United States and selected international markets, including Guatemala, Kenya, Honduras and Guadeloupe.
Industrial energy recovery
Recovered Energy Generation systems
Recovered Energy Generation systems capture heat discharged by industrial processes and convert it into electricity for on-site use or sale to a utility. Ormat has supplied such systems in markets including Germany, Canada, India, the United States, New Zealand and Japan. These systems extend the company’s organic Rankine cycle expertise beyond geothermal resources and can improve the energy efficiency of industrial facilities.
Solar energy
Solar energy systems
Ormat’s solar history includes a large solar-pond power station north of the Dead Sea in Israel. The project used a solar pond as both a thermal collector and heat-storage medium and operated at approximately 5 MW before being abandoned in 1988. After a period away from solar, the company later entered solar photovoltaic activities. Solar is a supplementary area relative to Ormat’s geothermal and recovered-energy businesses.
Power-generation equipment
Turbines, generators and heat exchangers
Ormat supplies the major mechanical and thermal components used in its power systems, including turbines, turbo-generators, generators, heat exchangers, condensers, pumps and controls. The equipment portfolio supports complete geothermal and recovered-energy installations as well as individual project requirements. The company has reported supplying more than 1,000 turbochargers or related turbine units worldwide, although the precise figure depends on the reporting period and definition used.
Brand decisions
2020
Leadership transitionOtherBackground
The company changed its senior leadership after Isaac Angel’s tenure as chief executive.
Action taken
Doron Blachar became CEO and Isaac Angel became chairman of the board.
Aftermath
The transition placed a long-serving finance executive at the head of the company while retaining Angel in a senior governance role.
2017
ORIX acquisition of shareholder stakesM&ABackground
FIMI Opportunity Funds and the Bronicki Investment Fund were among Ormat’s largest shareholders.
Action taken
ORIX acquired their combined holdings in Ormat.
Aftermath
ORIX became a major shareholder while Ormat continued operating as a publicly traded renewable-energy company.
Reported transaction value. $627 million (2017)
2004
US public-market expansionStrategyBackground
Ormat sought access to US capital markets and a corporate structure centered on its American operating subsidiary.
Action taken
Ormat Technologies completed a New York Stock Exchange offering, after which the group reorganized its operations around the US subsidiary.
Aftermath
The company maintained public-market links in both Israel and the United States.
IPO proceeds. $100 million raised (2004 offering)
1990
Move into power-plant ownership and operationStrategyBackground
After decades focused mainly on equipment manufacturing, Ormat sought a larger role in the renewable-energy value chain.
Action taken
The company began developing, owning and operating alternative-energy power stations in addition to supplying equipment.
Aftermath
This integrated model became a defining feature of Ormat’s geothermal business.
Recent events
- 2020
Doron Blachar becomes chief executive officer[1]
Leadership change
Doron Blachar, who had served as Ormat’s chief financial officer since 2013, became chief executive officer, while Isaac Angel moved to the chairmanship.
- 2017
ORIX acquires major shareholder stakes[1]
M&A
Japanese financial and infrastructure company ORIX acquired the holdings of FIMI Opportunity Funds and the Bronicki Investment Fund in Ormat for $627 million, based on the reported transaction value at the time.
- 2006
Ormat supplies equipment for Landau geothermal project[1]
Product launch
The company received its first reported order to supply equipment for a geothermal power plant in Landau, Germany.
- 2004
Ormat completes New York Stock Exchange offering[1]
Other
Ormat Technologies completed a New York Stock Exchange initial public offering that raised $100 million. The amount is reported for the 2004 offering period.
- 1991
Ormat becomes publicly listed in Tel Aviv[1]
Other
Ormat Industries was listed on the Tel Aviv Stock Exchange, marking a major step in the company’s transition from a privately developed engineering business to a publicly financed energy group.
Sources3 sources
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