An Electric Deal For Canada and Israel
While Canadians waffle over where to put their crap, a new deal between Ormat Technologies and a private Canadian electric company shows that Israelis are helping Canada get their alternative energy shit together. The USD $29 million deal will translate to three power stations in Canada that will produce electricity from residual heat- the by-product of industrial processes. See story at YNetnews. According to YNet, the power plants will produce five megawatts each and are scheduled to begin operating by late 2007.
Ormat Technologies is a NASDAQ-traded company and sources say, active in Nevada and California. The company is experienced in developing, manufacturing and marketing environmentally friendly energy converters, recovered energy generation, biomass and solar energy, and geothermal energy derived from volcanic activity. It is also traded at the Tel Aviv Stock Exchange ("the Boursa") and made a profit of USD 7.9 million in the first quarter of this year.
According to their website, they have been in the business since 1965 and are experts in combining ecology with economy to produce environmentally sound energy systems that make business sense. Their converter is the basis for dozens of geothermal power plants ranging up to over 130 MW.
The geothermal plant, they say, can deliver clean, reliable, and sustainable electricity to power grids on five continents: from Iceland to New Zealand, from California to the Philippines, and from Hawaii to Thailand. Their commercial-scale geothermal plants have been built in areas that would otherwise have been forced to depend on expensive oil imports and environmentally hazardous fossil fuels.
For remote areas, Ormat can build a sealed organic Rankine cycle generating set which contains only one smoothly rotating part, resulting in years of trouble-free operation.