Looking for growth, Ormat to diversify from geothermal and the U.S.
Ormat is betting big on the synergy between solar and geothermal and eyes places like Mexico, Ethiopia, Indonesia and the Philippines for future growth and expansion.
The current stagnant economy is forcing companies to look beyond their own borders (and sometimes beyond their confort zones) to ensure new business and expand. According to Haaretz, Ormat has set to go beyond the US and to diversify beyond geothermal in order to secure future growth. The aforementioned source states that during an “investor conference in New York at the end of March, CEO Isaac Angel said Ormat was widening its portfolio of technologies and the number of countries in which it operates, and expanding its customer base.”
It seems that Ormat is betting big on the synergy between solar and geothermal; the same source declares that “to move quickly into other segments of the renewable energy business, Ormat plans to develop technology in-house and make acquisitions. The company is eyeing opportunities in solar power as well as hybrid renewable energy”
Regarding new markets, “Ormat sees new geographical markets opening to it in places like Mexico, Ethiopia, Indonesia and the Philippines.” says Haaretz.
This is clearly a bold and daring strategy that clearly signals the company’s commitment on expanding geothermal and renewable energy worldwide.
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