RBC initiated Ormat Technologies with an Outperform rating and $130 price target, citing geothermal energy as ideally suited for hyperscaler demand.

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Ormat Technologies announced a $25M equity investment as a co-lead in a $97M Series B funding round for Sage Geosystems, a startup developing next-generation geothermal systems that generate electricity from hot rocks.

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Ormat Technologies rose ~3.3% post-market Monday to near five-year highs after signing a 20-year power purchase agreement with Switch, marking Ormat’s first direct geothermal PPA with a data center operator.

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