Ormat, a global leader in the renewable energy sector, is continuing to grow its energy storage business. With an unwavering focus on innovation and a commitment to sustainability, Ormat Energy Storage is focused on helping to reshape the landscape of clean energy storage and utilization.
A key factor that sets Ormat Energy Storage apart is its impressive and rapidly expanding portfolio of projects. Over the past six months, the company has achieved an impressive growth rate, adding five new projects to its operating portfolio. These projects have expanded the Ormat Energy Storage portfolio from 88 MW/196 MWh at the end of 2022 to 170 MW/298 MWh today. Such progress highlights Ormat's remarkable ability to bring projects online.
At the heart of Ormat Energy Storage, lies with state-of-the-art infrastructure. Ormat Energy Storage solutions are built using advanced lithium-ion-based battery technology, carefully selected for its safety, reliability, and efficiency. The company's in-house design team ensures that each project is tailored to meet specific market needs while maximizing the potential for renewable energy integration and grid stability.
Looking ahead, Ormat remains optimistic about its growth prospects and aims to further augment its portfolio in the coming years. Currently, the company has six projects under construction, boasting a combined capacity of 275 MW/740 MWh, with plans to achieve between 600MW/1470MWh and 670MW/1700MWh total operating protfolio by the end of 2025. Ormat's development pipeline contains approximately 3.3GW/11.5GWh with 34 named prospects.
Traditionally, Ormat Energy Storage's focus has centered on the East Coast, with flagship projects such as Alpha (Stryker, 20 MW/20 MWh) and Plumsted (20 MW/20 MWh), which are located in northern New Jersey, and provide ancillary services to PJM. The company is now expanding its presence on the West Coast. Ormat has been actively working on constructing larger energy storage projects in the CAISO market in California. Notably, two such projects with a combined capacity of 115MW/460 MWh, are presently under construction in southern California. Additionally, Ormat has plans to expand its footprint in the ERCOT market in Texas, where it currently operates two projects with a combined capacity of 33 MW/33 MWh, and has another two projects under construction with a combined capacity of 120MW/240MWh.
As the world moves toward a more sustainable energy future, Ormat Energy Storage remains at the forefront of innovation, pushing the boundaries of what is possible in clean energy storage development. The company's dedication to research and development, coupled with its unwavering commitment to sustainability, positions it as a trailblazer in the energy storage domain.
Ormat Energy Storage's impressive growth, operational expertise, unwavering focus on safety and reliability, and strategic expansion into key markets make it a nascent industry leader and a driving force in the global transition to clean, reliable, and sustainable energy solutions. With its visionary approach, technical expertise, and dedication to creating a brighter future, Ormat Energy Storage continues to inspire and pave the way for a cleaner and greener tomorrow.
