Ormat and SLB partner to deliver integrated geothermal project solutions

Strategic combination of technology and industry-leading expertise will enable faster adoption of clean, reliable geothermal energy source

Ormat geothermal facility, Casa Diablo IV

Ormat Technologies, Inc. (NYSE: ORA) and SLB (NYSE: SLB) today announced a strategic collaboration to develop and deliver integrated geothermal project solutions.

The collaboration aims to improve the technical economics of geothermal projects and ensure long-term performance and reliability of these projects by offering developers a comprehensive suite of solutions, from exploration and resource assessment to power plant commissioning and operation. This strategic collaboration combines SLB's industry-leading expertise in reservoir characterization, well completion, and production technologies with Ormat's industry-leading expertise in geothermal fields and project development, power plant design, manufacturing, operations and engineering, procurement, and construction (EPC) capabilities. As part of this collaboration, the parties will be focusing on both traditional geothermal systems and enhanced geothermal systems (EGS), with SLB obtaining a license of Ormat’s EGS patent.

“Geothermal energy represents a significant opportunity for the energy transition, providing clean, baseload renewable power,” said Irlan Amir, Vice President of Renewables and Energy Efficiency, SLB. “By combining our expertise with Ormat, we are pioneering the first ever geothermal-as-a-service offering in the market to help customers unlock the full potential of geothermal resources and accelerate the deployment of this sustainable energy source.”

“As the largest owner and operator of geothermal fields and powerplants in the U.S., this strategic collaboration with SLB aims to expand the opportunities for geothermal development utilizing both traditional and EGS technologies,” said Paul Thomsen, Vice President of Business Development, Ormat Technologies. “Ormat's world class geothermal development expertise perfectly complements SLB's significant reservoir knowledge and well completion technologies. Together, we can deliver more projects, offering exceptional value to our developers and contributing to a cleaner energy future.”

The collaboration is in it's initial discussions and brings together two global leaders in geothermal energy solutions. Working in the subsurface for more than 100 years, SLB is involved in 80% of the world’s geothermal power projects. Ormat is the largest manufacturer of geothermal binary equipment and the second-largest global owner and operator of geothermal fields and power plants under management.

ABOUT SLB

SLB (NYSE: SLB) is a global technology company that drives energy innovation for a balanced planet. With a global footprint in more than 100 countries and employees representing almost twice as many nationalities, we work each day on innovating oil and gas, delivering digital at scale, decarbonizing industries, and developing and scaling new energy systems that accelerate the energy transition. Find out more at slb.com.