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Ormat Technologies, Inc. (0KDH.L)

LSE - LSE Delayed price. Currency in USD
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52.82-24.16 (-31.38%)
As of 05:33PM BST. Market open.
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  • Y
    Yahoo Finance Insights
    Ormat reached a 52 Week high at 85.36
  • Y
    Yahoo Finance Insights
    Ormat reached a 52 Week high at 84.26
  • R
    Department of Energy Selects 5 Projects to Receive up to $28 Million for Geothermal Energy Research
    Department of Energy Selects 5 Projects to Receive up to $28 Million for Geothermal Energy Research
  • S
    Very damming report from Hindenburg
    • Today we reveal how ESG-darling Ormat, a developer and operator of geothermal power plants, has engaged in what we believe to be widespread and systematic acts of international corruption.
    • We expect the blowback to these revelations to be severe, threatening Ormat’s contracts in its most lucrative markets. In fact, history is already catching up to Ormat’s senior leadership.
    • Immediately prior to their work at Ormat, several senior Ormat executives and directors worked at Shikun & Binui, a leading Israeli construction company. Shikun & Binui was recently charged by Israeli prosecutors with bribing officials in what are now two of Ormat’s key markets, Kenya and Guatemala.
    • Ormat’s General Counsel & Chief Compliance Officer, along with an Ormat director, are under pre-indictment in Israel. This is a formal stage of prosecution just prior to indictment. Ormat has apparently chosen not to disclose that the two are currently in the midst of a criminal prosecution. Both still serve in senior oversight roles at Ormat.
    • Ormat CEO Doron Blachar’s immediate prior work experience was serving as CFO at Shikun & Binui. The CEO during Blachar's entire tenure at Shikun & Binui was arrested in 2018 over the above-referenced bribery allegations. It is unclear whether Blachar faces near-term risk of indictment as well.
    • International electricity projects contributed to 70% of Ormat’s 2020 net income—the vast majority of which is comprised of Kenya, Guatemala, and Honduras. We have uncovered evidence tying Ormat to corruption with senior government officials in this lucrative international business.
    • For example, multiple former Ormat employees and business partners have revealed how Ormat routes sales of energy assets in Guatemala through an undisclosed related party entity. Guatemalan corporate records corroborate these claims.
    • The entity shares an address with several Ormat subsidiaries and was set up by a former Ormat senior employee-turned “independent” consultant who answers directly to senior Ormat leadership, according to the former employees.
    • Official corporate records show that the same Guatemalan entity funneled energy rights to two senior government officials who were responsible for approving Ormat's original deal in the country; the former head of the Mines & Energy Ministry and the former head of the state utility company.
    • We believe this is direct evidence tying Ormat to corruption with senior Guatemalan government officials.
    • Another Guatemalan Mines and Energy Minister, who was in office when Ormat was later awarded major improvements to its contract, was fired and charged with corruption by the United Nations-created anti-corruption commission. He is currently on the run with an outstanding international arrest warrant.
    • Ormat's operations in Kenya contribute “disproportionately” to the company's bottom line, generating an estimated ~41% of the company’s FY 2020 net income. Its customer is the Kenya state power company.
    • A politically-connected businessman admitted to us that he “opened the doors” for Ormat in Kenya and got the go-ahead for the project after an in-person meeting with the Kenya Power boss (who was later charged with corruption) and former President Daniel Arap Moi, widely regarded as one of Kenya’s most corrupt leaders.
    • We present documents showing that Ormat paid contractors in Kenya tied to corrupt government officials, including one run by the son of the former President Daniel Arap Moi along with others run by his documented front-men.
    • The head of the Kenyan state-backed utility who oversaw the original contract with Ormat, as well as the energy minister at the time, were later found to have demanded millions of dollars in bribes to allow international power companies to do business in Kenya.
    • Two former CEOs of Ormat’s Kenyan customer (the state-backed utility) were subsequently arrested in 2018 and more than a dozen top managers were arrested or accused of crimes relating to corruption.
    • The same state utility customer, responsible for driving Ormat's "disproportionate" financial success in the country, is reportedly "broke" and "technically insolvent", posing another threat to Ormat’s most lucrative market.
    • In Honduras, Ormat charges the state energy company roughly the same rate as end customers pay, virtually guaranteeing a loss for the state. These rates make no economic sense.
    • The power agreement assumed by Ormat in Honduras was signed within days of other uneconomical agreements that were signed by the then head of the state utility, who is now under investigation for corruption relating to those agreements.
  • X
    Anybody understand the drop since March 1st? Is it the U.S. Geothermal acquisition? The tariff scare? Insiders selling/exercising options on allowed dates? The last results didn't seem horrific enough to justify a 15% drop on high volume in the space of a week.
  • S
    this is significant... "RENO, Nev., April 01, 2021 (GLOBE NEWSWIRE) -- Ormat Technologies, Inc.1 (NYSE: ORA) today announced the commercial operation of the 10 MW/40 MWh Vallecito Battery Energy Storage System (Vallecito BESS). The Vallecito BESS provides local resource adequacy to Southern California Edison (SCE) under a 20-year energy storage resource adequacy agreement. In addition, the facility will provide ancillary services and energy optimization through participation in merchant markets run by the California Independent System Operator (CAISO).
    The Vallecito BESS is Ormat’s second operating BESS facility in California with one more project under construction and multiple other projects in various stages of development."
  • b
    Ormat is the category leader in geothermal energy production globally. They've spent 45+ years refining their proprietary technology and now they are also getting into energy storage. This stock could be a big winner if Biden is elected, as they have a pipeline of of dozens of geothermal power projects within USA, and they have strong financial backing from JP Morgan. I just bought 250 shares at $61.25.
  • M
    I just read into ORA seeing their cash reserves for fiscal 2020 jump to $448.25m! That's insane, when you see the growth chart you can see why people are excited about geothermal energy. You can read into the full details @ecoshares on Instagram, they only review climate change related firms.
  • R
    New geothermal capacity in Mexico could rise 300 MW over 10 years.
    New geothermal capacity in Mexico could rise 300 MW over 10 years.
  • Z
    Ormat is a paper tiger. The debt is unsustainable - the company would do best to sell their assets, get acquired and cash out. The company that gets their assets may be worth investing in.

    WM is a great play. Building sales channels to sell refuse as raw materials in North America and tapping their landfills for methane then selling the gas to local energy utilities. Becoming a highly diversified company.

    $200 stock by summer 2022. Fundamentals are strong AF.

    RSG is another company doing the same - refuse into raw materials and landfills into energy. Also good fundamentals. They don't have the money to acquire assets as fast as WM so the growth is not as good.

    Theres gold up in them landfills, yee ha! And pays a dividend too!
  • Y
    Yahoo Finance Insights
    Ormat is up 5.44% to 76.82
  • S
    bought a first traunch at $87. will add a second traunch next week.
  • C
    Crazy D
    Slowly but surely the climb continues. Maybe one day I will be I. The positive again 🤞
  • Y
    Yahoo Finance Insights
    Ormat reached an all time high at 121.05
  • Y
    Yahoo Finance Insights
    ORA is up 4.91% to 52.11
  • T
    Have the Redditors ganged up against the short sellers on this?