July 28, 2016 10:51 AM ET

Independent Power and Renewable Electricity Producers

Company Overview of Ormat Industries Ltd.

Company Overview

Ormat Industries Ltd. operates in the renewable energy sector in the United States, Latin America, Africa, New Zealand, the Far East, Europe, and Israel. The company operates in two segments, Electricity and Products. The Electricity segment engages in the maintenance and operation of geothermal power stations, which produce and supply energy. The Products segment engages in the design, development, and production of turbines and power units. This segment also engages in the construction of power plants, as well as generation of energy from geothermal fields and from other alternative energy sources. Ormat Industries Ltd. serves electricity companies; contractors of geothermal power stations...

1 Shidlovski Road

New Industrial Zone

PO Box 68

Yavne,  81100

Israel

Founded in 1965

Phone:

972 8 943 3777

Fax:

972 8 943 9901

Key Executives for Ormat Industries Ltd.

Chief Executive Officer and Director
Age: 60
Chief Financial Officer
Age: 48
Vice President and Corporate Controller
Compensation as of Fiscal Year 2016.

Ormat Industries Ltd. Key Developments

Ormat Industries Ltd. to Pay Compensation of $375 Million in Lawsuit Brought by Two Former Employees

Ormat Industries Ltd. have to pay compensation of $375 million in a lawsuit brought by two former employees who claim that the company defrauded the authorities in the US, or are the claims baseless, as the company insists. In a legal proceeding opened against the company in 2014, two former employees, Tina Calilung and Jamie Kell, alleged that Ormat committed fraudulent acts that led to it receiving grants amounting to $137 million from the US government as part of the government's program of incentives in power production. The lawsuit is being conducted under a "qui tam" procedure under the US False Claims Act that allows people who expose corruption to sue for unlawful expenditure on behalf of the government and to receive 35% of the money. It should be recalled that Ormat encountered technical difficulties with this power plant, which it reported at the time, and for which it made provisions in its 2010 financial statements because of the postponement of commercial operation. According to the claimants, Ormat also made misrepresentations about the Puna power plant in Hawaii. In April this year, the Nevada District Court rejected applications from both sides in the case: Ormat's application for a summary proceeding, and the claimants' application to present a new response to the court. The legal proceeding is currently at the discovery stage which is expected to be completed by the end of this year.

Ormat Industries Ltd.(TASE:ORMT) dropped from FTSE All-World Index (USD)

Ormat Industries Ltd.(TASE:ORMT) dropped from FTSE All-World Index (USD)

Ormat Industries Ltd.(TASE:ORMT) dropped from TA-100 Index

Ormat Industries Ltd. will be removed from TA-100 Index.

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Recent Private Companies Transactions

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