binary power plant at steamboat nevada usa . type public traded as template nyse tase industry alternative energy and renewable energy founded 1965 ; 51 years ago 1965 founder lucien and dita bronicki headquarters nevada united states products geothermal power solutions energy recovery solutions revenue us 594.6 million 2015 operating income us 164.1 million 2015 profit us 123.3 million 2015 total assets us 2 293 million 2015 total equity us 1083.9 million 2015 number of employees 1 060 2015 website www.ormat.com worker at ormat s olkaria iii geothermal power station in kenya wairakei power station in new zealand powered by ormat equipment ormat technologies inc. is a provider of alternative and renewable energy technology based in reno nevada . to date the company has built over 150 power plants and installed over 2 000 mw worldwide . as of feb. 2016 ormat owns and operates 697 mw of geothermal and recovered energy based power plants . the company s shares have been listed on the tel aviv stock exchange since 1991 and the new york stock exchange since 2004 . the company s main production facilities are based in yavne israel . contents 1 history 2 operations 3 technologies 3.1 thermal energy 3.2 solar energy 3.3 oil sands 4 spin offs 4.1 orbotech 4.2 orad 5 references 6 external links history edit ormat was established in 1965 as ormat turbines ltd. later renamed ormat industries in yavne israel by engineer lucien bronicki who was the company s chairman and cto until 2014 and wife yehudit dita bronicki who served as ceo until 2014 . 1 in the late 1950s lucien bronicki worked in a government physics laboratory where he developed a turbine to produce electricity from a range of energy sources including solar ; the process is known as organic rankine cycle which he co developed with harry zvi tabor . he retired from the lab to commercialize his ideas and set up ormat . in its early years the company focused exclusively on manufacturing power generation equipment . 2 the 1970s energy crisis increased interest in efficient generation technology . to exploit this situation ormat obtained financial assistance from the israeli government and raised capital from private investors to build one of the world s first solar driven power stations . however the power station was not economically viable and was abandoned in 1988 . 3 during the 1980s ormat developed generation systems utilizing recovered energy i.e. heat emitted during industrial processes . the company also applied its technology to generate electricity from geothermal sources . in 1986 ormat designed and supplied geothermal power solutions to the kawerau power station in new zealand . since then 13 geothermal power plant were built by ormat in new zealand . 4 in 1989 ormat supplied geothermal equipment for the regional heating system at sudurnes iceland ; which utilizes the abundant local geothermal resources to provide heating for 20 000 people . 5 in the 1990s the company decided not only to provide power generation equipment but also to own and operate alternative and renewable energy power stations . in 1991 the company then as ormat industries listed on the tel aviv stock exchange . in 1992 ormat acquired a controlling stake of bet shemesh engines a manufactures parts for jet engines that also overhauls maintains and assembles jet engines . in 2005 ormat sold its shares the company . 6 in 2004 ormat technologies completed an initial public offering on the new york stock exchange raising 100 million . ormat technologies was founded in 1994 as a us subsidiary of ormat industries . following the initial public offering ormat industries was restructured as a holding company that was still listed in the tel aviv stock exchange while shifting all its operations to the subsidiary ormat technologies . 7 in 2006 ormat received for the first time an order for to supply equipment for a geothermal power plant in germany . in february 2015 ormat technologies inc. acquired its parent company ormat industries ltd. in an all stock merger in an attempt to streamlining and simplify its corporate structure . shareholders of ormat technologies retained about 38 percent of the company s shares while ormat industries ltd. shareholders owned the remaining 62 percent . ormat technologies inc. shares were listed on the tel aviv stock exchange . 8 operations edit the company owns and operates geothermal power plants in california nevada hawaii guatemala and kenya . technologies edit an ormat energy converter oec at a geothermal generation power plant in landau germany thermal energy edit ormat s core technology is the ormat energy converter oec power generation unit . it converts low and medium temperature heat into electrical energy with low or zero emission of co2 and pollutants . the oec s main components are a vaporizer preheater turbo generator air cooled or water cooled condenser feed pump and controls . ormat has installed more than 900 mw of geothermal and recovered energy generation reg power units based on oec technology . ormat s technology is optimized for use in geothermal energy generation and the company is the third largest geothermal producer in the united states . the technology is also suitable for recovered energy power generation reg which converts waste heat from industrial processes into electricity that can be used on site or sold to power generation utilities . ormat s recovered energy solutions have been deployed in projects in germany canada india usa and japan . solar energy edit in the 1980s ormat built and operated one of the world s first power stations to produce electricity from solar energy located just north of the dead sea in israel . 3 the plant utilized a technology known as solar pond a large scale solar thermal energy collector with integral heat storage for supplying thermal energy . it was the largest operating solar pond ever built for electricity generation and operated up until 1988 . it had an area of 210 000 m and gave an electrical output of 5 mw . 9 after the decommissioning of the solar pool project ormat was not active in the solar energy market until recently when it entered the solar pv market . oil sands edit ormat s former parent company ormat industries ltd. has developed an energy efficient technology orcrude for extracting crude oil from oil sands . the orcrude process is claimed to be more efficient than other technologies as it includes gasification which substantially reduces the requirement for natural gas typically the largest input cost in an in situ oil sands project . the technology is currently being utilized in the long lake project a former joint venture between nexen inc. tsx nxy and opti canada . 10 in 2010 ormat industries sold all its holdings 5.1 % in opti canada . in 2011 opti canada was acquired by cnooc luxembourg s. r.l an indirect wholly owned subsidiary of cnooc limited . spin offs edit through the years ormat has been involved in establishment and development of several companies including orbotech edit orbotech nasdaq orbk which develops and manufactures automated optical inspection aoi systems for bare and assembled printed circuit boards and flat panel displays . the company s systems imaging and computer aided manufacturing cam and engineering technologies enable electronic manufacturers to achieve the increased yields and throughput essential for electronics production . orad edit orad hi tec systems ltd. developer of video and real time image processing technologies for tv broadcasting internet production studio and sports events . references edit lucien bronicki executive profile & biography businessweek retrieved 2009 10 19 beyond fossil fuels lucien bronicki on geothermal energy scientific american april 2009 a b israel s 150 kw solar pond mother earth news may june 1980 the world s largest binary geothermal power plant opens in new zealand sudurnes regional heating corp. bronicki family parts ways with revamped bet shemesh engines haaretz 8 april 2005 ormat technologies files for 100m wall st. ipo globes 21 07 2004 ormat technologies to acquire parent company in all stock merger bloomberg november 10 2014 carl nielson aliakbar akbarzedeh john andrews humberto r becerra l and peter golding the history of solar pond science & technology proceedings of the international solar energy society 2005 . the long lake project overview pdf nexen inc. retrieved 2009 10 19 external links edit media related to ormat at wikimedia commons ormat technology inc. orbotech inc. orad hi tec systems v t e companies of the ta 25 index companies of israel avner oil exploration azrieli group bezeq cellcom delek delek drilling elbit systems fibi frutarom gazit globe hapoalim israel chemicals israel corporation israel discount bank isramco leumi mizrahi tefahot nice opko health ormat technologies osem paz oil company perrigo company strauss group teva retrieved from https en.wikipedia.org w index.php title ormat 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