The company paid $55,645 for the right to explore land along the Gulf Coast for pockets of hot water and steam.
Ormat Industries Ltd. (TASE: ORMT) subsidiary Ormat Technologies Inc. (NYSE: ORA) has been awarded Texas’s first lease for geothermal energy. The company paid $55,645 at $5 an acre for the right to explore land along the Gulf Coast for pockets of hot water and steam under the sea.
Ormat Technologies has signed a number of energy contracts recently, including one with Basin Electric Power Cooperative for five recovered energy generation (REG) power plants in Montana, North Dakota and Minnesota; a contract to build a $20 million new geothermal power plant in Ngawha, New Zealand; and is participating in a $200 million, 340-megawatt geothermal project in Sarulla, Sumatra in Indonesia.
Published by Globes [online], Israel business news - www.globes.co.il - on February 7, 2007
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