Tuesday, September 22, 2009

Ormat doubles production capacity at Israeli factory

Ormat Technologies, Inc. today inaugurated a new wing at its manufacturing plant in Yavne, Israel.

Ormat invested $10 million in the new area, which covers 7,200 square meters and will enable the company to double its production capacity, according to a report in Globes. Ormat has hired 140 new employees for the expanded factory, increasing its workforce by 30%.

Guests at the inauguration ceremony included Minister of National Infrastructures Uzi Landau, high-tech entrepreneur Yossi Vardi, who is a close friend of Ormat Group controlling shareholders Yehudit and Yehuda Bronicki, and Dov Lautmann, former Chairman of Delta Galil Industries.

Ormat, a global leader in the geothermal power industry, develops, builds, owns and operates geothermal recovered energy-based power plants, usually using equipment that it designs and manufactures in Israel.

Ormat's shares are traded on the New York Stock Exchange (NYSE: ORA), where the company is valued at approximately $1.8 billion.

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