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RENO, NV - Ormat Technologies, Inc. (NYSE:ORA), a key player in the renewable energy sector with a market capitalization of $4.32 billion, announced a significant change in its board composition today. According to InvestingPro data, the company has shown strong momentum with a 2.65% gain in the past week, though analysis suggests the stock is currently trading above its Fair Value. Mike Nikkel, who has served on the company’s board of directors, will not seek reelection at the upcoming 2025 annual meeting of stockholders.
Nikkel, who was appointed to Ormat’s board as part of a governance agreement with ORIX Corporation, will step down following the termination of that agreement on December 13, 2024. The agreement ended with the closing of an underwritten offering of Ormat’s shares by ORIX, a major event in the company’s recent history.
Despite the termination of the governance agreement which included ORIX’s right to nominate a director, the board requested Nikkel to continue serving due to his deep understanding and expertise in the renewable energy market. In adherence to ORIX’s guidelines, Nikkel agreed to stay on until the annual meeting.
The company clarified that Nikkel’s decision not to stand for reelection is not due to any disagreements or disputes with Ormat’s operations, policies, or practices. Instead, it aligns with a formal step-down in accordance with ORIX’s guidelines post the offering.
The departure of Nikkel marks a transition for Ormat as it prepares for the annual meeting and the future of its board leadership. The company, which has maintained dividend payments for 21 consecutive years and achieved 6.06% revenue growth in the last twelve months, remains focused on its mission within the electric services industry. For deeper insights into Ormat’s financial health and future prospects, InvestingPro offers comprehensive analysis with additional ProTips and detailed metrics in its Pro Research Report, available to subscribers.
This development is based on a press release statement from Ormat Technologies, Inc. and reflects the latest information available from the company’s SEC filing.
In other recent news, Ormat Technologies Inc . reported its financial results for the fourth quarter of 2024, revealing an earnings per share (EPS) of $0.72, which significantly surpassed the forecast of $0.51. The company’s revenue, however, came in at $230.7 million, slightly below the expected $236.45 million. Despite the revenue shortfall, the strong EPS performance was well-received by investors. Ormat’s ongoing projects and exploration efforts are expected to fuel future growth. The company’s strategic focus on expansion and exploration remains a priority. Additionally, Ormat’s cash position stands at $270 million, which supports further investments and shareholder returns. Rodrigo Barbosa, CEO of Ormat, emphasized the company’s commitment to growth and operational excellence. The company continues to navigate market conditions and potential challenges, including volatility in gold prices and regulatory hurdles.
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