Ormat Technologies has committed a $25 million equity stake in Sage Geosystems’ Series B financing round, which raised just over $97 million in total. Co-leading the round alongside Carbon Direct Capital, Ormat’s investment accelerates its push into Enhanced Geothermal Systems (EGS). Under a companion commercial agreement, Sage will pilot its proprietary Pressure Geothermal technology at an existing Ormat facility, targeting the extraction of heat from hot dry rock formations. Upon successful validation, Ormat secures the right to develop, build, own and operate next-generation geothermal power plants and associated energy storage projects using Sage’s technology, reinforcing its position as a vertically integrated renewable energy provider.

Ormat has been awarded the Telaga Ranu geothermal concession in East Java, Indonesia, which is expected to add up to 40 MW of low-carbon baseload capacity to its global pipeline. This award lifts Ormat’s overall project pipeline toward 200 MW, complementing its existing 1,310 MW geothermal and solar portfolio spread across six countries. The Telaga Ranu concession underscores Ormat’s strategy to diversify geographically and to expand its footprint in high-growth emerging markets. Project development activities—including resource confirmation drilling and environmental permitting—are slated to begin in the second quarter, with first power targeted in 2028.