Ormat Invests $25M in Sage Geosystems
Ormat Technologies announced a $25M equity investment in an over $97M Series B funding round for Sage Geosystems. 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 portfolio and capabilities. Combined with the previously announced commercial agreement between Ormat and Sage, this investment is anticipated to accelerate the deployment and commercialization 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 utilizing Sage's technology.
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