Ormat Technologies Receives Up to $35 Million from DOE for EGS Project
Ormat Technologies (ORA) has been awarded up to approximately $35 million in funding by the U.S. Department of Energy (DOE). The grant is part of a collaborative effort with SLB and the University of Utah aimed at advancing an Enhanced Geothermal Systems project on Ormat's site. This initiative supports research into EGS, which has potential as a scalable renewable energy source. By leveraging this funding, Ormat aims to accelerate development in both enhanced geothermal systems and hydrothermal technologies. The collaboration is expected to contribute significantly to the advancement of clean energy solutions within the U.S., potentially enhancing Ormat's position in the geothermal sector. The financial support from DOE could help reduce project costs for Ormat while promoting innovation, which may lead to broader adoption of EGS technology and long-term growth opportunities.
Topics: Funding Geothermal Energy Partnership