Ormat Technologies announced a $25 million equity investment in Sage Geosystems as part of a $97 million Series B funding round that was co‑led by Carbon Direct Capital. The investment gives Ormat a significant stake in the developer of pressure‑geothermal technology, positioning the company to expand its Enhanced Geothermal Systems (EGS) portfolio beyond conventional hydrothermal fields.
Sage’s pressure‑geothermal system uses a two‑well configuration to create an engineered reservoir of hot water in hot dry rock. The technology couples this reservoir with a supercritical CO₂ turbine that can double efficiency compared with traditional organic Rankine cycle units. Sage plans to pilot the system at an existing Ormat plant, with a first commercial project expected to deliver 4–6 MW of power to the Nevada grid by 2027.
The investment aligns with Ormat’s strategy to broaden its EGS capabilities and strengthen its vertically integrated model. By gaining rights to develop, build, own, and operate future projects that use Sage’s technology, Ormat can tap into a global resource that is not limited to geologically active areas. The partnership also supports the growing demand for clean, firm power to run AI data centers, a market that Sage has already targeted with a 150 MW deal with Meta.
"Our investment in Sage is a natural extension of our strategic collaboration and underscores our confidence in pressure‑geothermal technology," said Ormat CEO Doron Blachar. Sage CEO Cindy Taff added, "Pressure Geothermal is designed to be commercial, scalable, and deployable almost anywhere." Carbon Direct Capital CEO Jonathan Goldberg noted, "EGS is well positioned to deliver clean firm power for hyperscalers, and Sage’s pressurized system offers both economic and environmental advantages."
The partnership opens new revenue streams for Ormat, allowing it to offer integrated power and storage solutions that leverage Sage’s technology. The pilot at an existing plant will validate the system’s commercial viability, and a successful demonstration could lead to larger projects that expand Ormat’s footprint into regions with abundant hot dry rock. The deal also builds on a prior strategic agreement signed on August 28 2025, and complements other collaborations such as the DOE grant for EGS at Ormat’s Brady facility and the Meta data‑center partnership.
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