Ormat Technologies Inc. announced a $25 million equity commitment as co-lead investor in Sage Geosystems’ more than $97 million Series B financing, alongside Carbon Direct Capital. The round will fund Sage’s Pressure Geothermal technology, accelerate development of its first commercial next-generation geothermal facility and support integrated energy storage solutions. Under a prior commercial agreement, Sage will pilot its proprietary hot-dry-rock extraction process at an existing Ormat power plant, targeting a reduction in deployment time for enhanced geothermal systems. Upon pilot success, Ormat secures exclusive rights to develop, build, own and operate power plants and storage projects utilizing Sage’s technology, reinforcing its strategy to expand its Enhanced Geothermal Systems portfolio and advance its long-term growth in energy storage.

Ormat has been awarded the Telaga Ranu geothermal concession in East Java, Indonesia, which has an estimated capacity of up to 40 MW. This award brings Ormat’s global development pipeline close to 200 MW of capacity under construction or in late-stage permitting. The Telaga Ranu project will leverage Ormat’s vertically integrated model—encompassing resource development, plant design, manufacturing and operations—to deploy modular Ormat Energy Converters. With drilling and field development scheduled to begin in the second quarter of 2026 and commercial operations targeted for 2028, the project is expected to contribute to Ormat’s goal of growing its geothermal and recovered energy generation portfolio beyond its current 1,310 MW base and further diversify its presence in the Asia-Pacific region.