VIRIDITY AND CONSUMERS ENERGY TO IMPLEMENT ENERGY MANAGEMENT & DEMAND RESPONSE SOLUTIONS FOR MICHIGAN CUSTOMERS
Philadelphia, PA. June 4, 2018 Viridity Energy Solutions Inc. (“Viridity”), a wholly owned subsidiary of Ormat Technologies, Inc. (NYSE: ORA), today announced that it has signed agreements with Consumers Energy, Inc. (“Consumers Energy”), to provide energy management and demand response software, services, and solutions to Consumers Energy customers in Michigan. Consumers Energy, Michigan’s largest energy provider, is the principal subsidiary of CMS Energy (NYSE: CMS), providing natural gas and/or electricity to 6.7 million of the state’s 10 million residents in all 68 Lower Peninsula counties.
Under the agreement, Viridity will provide its platform to enable Consumers Energy Virtual Energy Engineer™ services. Specifically, Viridity will serve as the technology and demand response services provider to Consumers Energy commercial and industrial customers. Viridity’s market-leading software and technology platform has been tailored to the progressive energy programs being implemented by Consumers Energy to assist their customers in effectively managing their energy costs.
Viridity will provide a range of software and services, which will be offered under the Consumers Energy brand. Current solutions include energy usage and demand visualization, energy analytics, peak shaving optimization, energy storage operations, emergency and economic demand response programs, customized alerts to customers for weather, energy prices and energy demand and usage. Viridity and Consumers Energy will continue to implement other leading-edge software and solutions to help the utility’s customers efficiently manage their energy costs, as well as assisting Consumers Energy in grid management.
“We are excited and honored to have been selected by Consumers Energy, one of the largest and most progressive utilities in the U.S., to deliver Distributed Energy Resources (DER) solutions to its customer base. We are confident that the programs will enable Consumers Energy to create energy cost savings for its customers, while also providing grid stability and furthering their carbon reduction goals. Consumers Energy’s focus on continuous innovation and superior customer service fits nicely with Viridity’s market-leading software and DER solutions,” said Mack Treece, CEO of Viridity.
“Consumers Energy is committed to delivering on our mission, “World Class Performance Delivering Hometown Service,” and this newly announced agreement with Viridity reinforces our desire to provide energy solutions that enhance conservation and develop demand response options that benefit our customers. We believe Consumers Energy’s future – and the energy future of Michigan – will be built on a foundation comprised of innovative programs and creative partnerships like this one,” said Lauren Youngdahl-Synder, Vice President of Customer Experience at Consumers Energy.
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Viridity to Own and Operate a Battery Storage Solution for Atlantic County Utility Authority
Viridity Provides Battery as a Service to ACUA
Viridity Energy Solutions Inc. (Viridity), an Ormat Company, has contracted with the Atlantic County Utility Authority (ACUA), and vendors, Johnson Controls and Rettew Field Services, Inc. (Rettew), to provide a Battery Storage as a Service (BSAAS) system to ACUA’s wastewater treatment plant in Atlantic City, New Jersey.
This progressive utility plant also includes a 7.5 MW wind farm, 500 kW of solar PV, and a fleet of electric vehicle charging stations. ACUA provides weekly public tours of its “next-generation” waste water treatment plant, highlighting its low power and carbon footprint as one of its core principles.
Under the agreement, Viridity will provide to ACUA Viridity’s market leading BSAAS solution that combines an advanced, fully integrated battery energy storage system with Viridity’s VPowerTM energy management and optimization software, as well as operational services for a period of 20 years with no capital outlay by ACUA. Furthermore, ACUA will receive a portion of the utility bill savings created through peak shaving over the term of the agreement. Viridity will serve as the general contractor and engineering procurement and construction (EPC) lead and will design and install the battery energy storage system utilizing a battery storage system from Johnson Controls and Engineering and Construction services from Rettew.
Viridity will own and operate the battery energy storage system to create energy savings for ACUA with an emissions-free solution and to provide services to the grid, including ancillary services in the PJM market. The system was installed and began market operations in Q1 2018.
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ORMAT’S VIRIDITY TO BEGIN CONSTRUCTION OF 40MWH ENERGY STORAGE SYSTEMS IN NEW JERSEY
Projects expected to be operational in Q4 2018
Ormat Technologies, Inc. (NYSE:ORA) announced that its wholly owned subsidiary, Viridity Energy Solutions, Inc., a leading battery storage, distributed generation, demand response, and energy management solution provider expects to start construction of two 20MW/20MWh utility scale, in-front-of-the-meter battery energy storage systems (BESS) located in Plumsted Township and Alpha, New Jersey. The projects were initiated by Ormat’s Viridity and are expected to be operational in the fourth quarter of 2018. Ormat, through Viridity, will finance, construct, own and operate the projects. The BESSs will be utilized to provide ancillary services to assist PJM Interconnection, a regional transmission organization (RTO), in balancing the electric grid, and will also be available as a capacity asset. In 2019, the projects are expected to generate average revenues of between $7 million and $8 million, mainly from ancillary services. The projects’ revenues are based on spot prices and may vary from period to period.
Ormat and Viridity selected Dynapower’s inverters and LG Chem’s modules for the two 20MW/20MWh BESSs. Viridity is also using Dynapower’s package to provide a fully integrated system including the inverters, batteries, thermal management and enclosures. Viridity’s market leading VPower™ software will provide the visualization, optimization, economic value stacking and automated control of the BESS to deliver the optimal economic return and to provide the electric grid with better performance.
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Ormat Technologies Announces Closing of the Acquisition of Viridity Energy
RENO, Nev. March 15, 2017 Ormat Technologies, Inc. (“Ormat”) (NYSE:ORA) today announced that it has closed its previously announced acquisition of substantially all of the business and assets of Viridity Energy, Inc. (VEI).
VEI is a privately held Philadelphia-based company with nearly a decade of expertise and leadership in demand response, energy management and storage. Using proprietary software and solutions, VEI serves primarily retail energy providers, utilities, and large industrial and commercial clients.
Pursuant to the Asset Purchase Agreement, Ormat paid an initial consideration of $35 million. Additional contingent consideration will be payable in two installments upon the achievement of certain performance milestones measured at the end of fiscal years 2017 and 2020. The acquired assets of VEI will be injected into a newly incorporated company named Viridity Energy Solutions Inc.(Viridity), which is a wholly owned subsidiary of Ormat.
“The successful completion of this acquisition is an important milestone in our strategic plan to expand our presence in the growing energy storage and demand respond markets” noted Isaac Angel, Chief Executive Officer. “We believe that the integration plan we developed will combine Ormat’s and Viridity’s business’ expertise and resources to accelerate our long term growth”
About Ormat Technologies
With over five decades of experience, Ormat Technologies, Inc. is a leading geothermal company and the only vertically integrated company engaged in geothermal and recovered energy generation (REG), with the objective of becoming a leading global provider of renewable energy. The company owns, operates, designs, manufactures and sells geothermal and REG power plants primarily based on the Ormat Energy Converter – a power generation unit that converts low-, medium- and high-temperature heat into electricity. With 73 U.S. patents, Ormat’s power solutions have been refined and perfected under the most grueling environmental conditions. Ormat has 474 employees in the United States and over 700 overseas. Ormat’s flexible, modular solutions for geothermal power and REG are ideal for the vast range of resource characteristics. The company has engineered, manufactured and constructed power plants, which it currently owns or has installed to utilities and developers worldwide, totaling 2,200 MW of gross capacity. Ormat’s current 713 MW generating portfolio is spread globally in the U.S., Kenya, Guatemala, and Guadeloupe.
Ormat’s Safe Harbor Statement
Information provided in this press release may contain statements relating to current expectations, estimates, forecasts and projections about future events that are “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements generally relate to Ormat’s plans, objectives and expectations for future operations and are based upon its management’s current estimates and projections of future results or trends. Actual future results may differ materially from those projected as a result of certain risks and uncertainties. For a discussion of such risks and uncertainties, see “Risk Factors” as described in Ormat Technologies, Inc.’s Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 01, 2017.
These forward-looking statements are made only as of the date hereof, and we undertake no obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise.
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Ormat to Acquire Viridity’s business
Ormat to Acquire Viridity Energy’s business and resources to capture market share in demand response and energy storage markets
Ormat will pay Viridity’s shareholders an initial consideration of $35 million at closing. Additional contingent consideration will be payable in two installments upon the achievement of certain performance milestones measured at the end of fiscal years 2017 and 2020. Upon closing of the acquisition, expected in early 2017, Viridity will continue operations and retain current management and staff, as well as maintain all customer relationships and agreements. The new ownership structure will result in additional resources, capabilities, services, and solutions being made available to Viridity’s customers.
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Viridity Energy Awarded Key Patent for Energy Storage Used With Rail Systems and Electric Vehicles
It is the latest in a series of patents awarded to Viridity, including patents related to data center operations and battery/solar asset-combined operations.
Viridity President Raj Chudgar commented: “Since 2012, Viridity has operated two award-winning energy storage systems in partnership with the South Eastern Pennsylvania Transportation Authority. The intellectual property inherent in our systems relates to the parallel functions for savings and market revenue and system support for voltage management and power assist. It’s a unique combination of regenerative braking capture and reuse, coupled with revenue-generating, market-based services. Indeed, the value is so compelling that the project has expanded from a single battery installation to a fleet of nine batteries that will be operational in the coming months.”
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Viridity Energy Raises $8.5 Million in Growth Round
AltEnergy Increases Investment to Expand Energy Management Technology and Battery Storage Solutions
“Since AltEnergy’s original investment in Viridity in 2009, the company has evolved into an industry leader with innovative software technology that maximizes the value of flexible energy load,” said Russell Stidolph, Founder and Managing Director of AltEnergy. “This investment will help fuel the continued rapid growth of the company, and further extend its leadership position in energy storage and advanced demand response.”
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Half Moon Ventures Selects Viridity Energy
Half Moon Ventures Selects Viridity Energy to Operate Largest Solar + Storage Project in Continental U.S.
The Village of Minster, Ohio is developing a 4.2MW solar array paired with a 7.5MW storage system. Energy produced by the solar array will be stored in batteries and deployed by Viridity’s market operations center in high-value applications that keep the grid in balance and provide back-up power support.
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Will Brake for Batteries
SouthEastern Pennsylvania Transportation Authority, Constellation, and Viridity Energy Announce 8.75-Megawatt Energy Storage Project
A battery storage network, which captures and reuses the energy created by braking subway cars, will help Southeastern Pennsylvania Transportation Authority (SEPTA) reduce operating costs, ensure energy resiliency, and support the stability of the electrical grid. Viridity Energy will provide energy market services for the project, bidding the batteries into the PJM market as frequency regulation resources to help match generation with demand and maintain the desired electrical frequency on the grid.