Ormat Technologies co-leads investment in Sage Geosystems
Published by Jessica Casey,
Editor
Energy Global,
Ormat Technologies Inc., a leading geothermal and renewable energy company, has announced a US$25 million equity investment in an over US$97 million Series B funding round for Sage Geosystems Inc., a pioneer in next-generation geothermal and energy storage technology. Ormat and Carbon Direct Capital co-led the Series B financing, which will support Sage in advancing its geothermal power generation and energy storage solutions, including the development of its first commercial next-generation geothermal facility.
This investment represents an important milestone in Ormat’s strategy to expand its enhanced geothermal systems (EGS) portfolio and capabilities. Combined with the previously announced commercial agreement between Ormat and Sage, this investment is anticipated to accelerate the deployment and commercialisation of advanced geothermal technologies.
Sage plans to pilot its proprietary Pressure Geothermal technology at an existing Ormat power plant, with the goal of extracting geothermal heat from hot dry rock and accelerating the time to market for next-generation geothermal solutions. Upon successful completion of the pilot, Ormat will have the right to develop, build, own and operate geothermal power plants and energy storage projects utilising Sage’s technology.
Doron Blachar, CEO of Ormat Technologies, stated: “Our investment in Sage is a natural extension of our strategic collaboration and underscores our confidence in Sage’s Pressure Geothermal technology. As a long-established leader in the geothermal industry, this investment aligns with Ormat’s strategy to advance geothermal innovation, accelerate time to market and expand geothermal energy deployment within the global energy landscape.”
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Read the article online at: https://www.energyglobal.com/other-renewables/22012026/ormat-technologies-co-leads-investment-in-sage-geosystems/
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