Ormat Technologies Inc., a major geothermal and renewable energy company, has announced a USD 25M equity investment in an over USD 97 million Series B funding round for Sage Geosystems Inc. (Sage), 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. 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.