Bank of America Corp DE purchased a new stake in Ormat Technologies. The bank acquired 248,969 shares valued at approximately $27.1 million. This position represents a 0.40% ownership stake in the geothermal energy company.
Ormat is collaborating with Sage Geosystems on Project Vector at the Blue Mountain geothermal plant. This facility utilizes commercial-scale Enhanced Geothermal Systems (EGS). Management identifies the project as a central component of the company's future growth.
Extended U.S. geothermal tax credits support the project's economic outlook. These federal incentives facilitate Ormat's ongoing investment in new capacity.