Ormat Technologies pivots to AI-driven geothermal power with EGS projects

For six decades, Ormat Technologies built its geothermal empire the old-fashioned way: find a spot where the Earth is already venting heat, build a plant on top, sell the power. That approach made it the world’s largest geothermal operator, with approximately 1,835 MW of total capacity across geothermal, solar, and storage resources. Now the company is betting it can do something far more ambitious: build geothermal plants almost anywhere a customer wants one. Ormat’s pivot to Enhanced Geothermal Systems, or EGS, combines traditional geothermal expertise with oil-drilling and hydraulic fracturing techniques to tap heat from deeper rock formations. AI data centers are devouring electricity across the Western US, and they need power that runs 24/7, not just when the sun shines or the wind blows. Deals already on the table Ormat isn’t just theorizing about this future. It’s signing contracts. In February 2026, the company locked in a Power Purchase Agreement with NV Energy for up to 150 MW of geothermal capacity specifically earmarked for Google’s data centers in Nevada. That power is expected to come online between 2028 and 2030. A separate 20-year PPA signed in January 2026 commits ...