Global geothermal firm Ormat Technologies is expanding its business into the energy storage and demand response sectors through the acquisition of Philadelphia-based storage solutions provider Viridity Energy for $35 million.
Viridity offers proprietary storage solutions primarily to retail energy providers, utilities, and large industrial and commercial clients for the purpose of optimizing energy management, demand response and storage facilities. Viridity’s solutions interact on behalf of clients with regional transmission operators.
“Ormat intends to use the Viridity platform to accelerate long term growth, expand its market presence, and further develop Viridity’s demand response VPower software platform and energy storage services,” Ormat CEO Isaac Angel said in a statement today. Ormat will continue to provide services and products to existing customers, while expanding into new geographies and targeting a broader potential customer base.”
According to Angle, Ormat’s long-term vision is to evolve from a leader in the geothermal industry to a “leader in the broader renewable energy market.”
Ormat in March announced it signed an agreement with a subsidiary of Alevo Gropu to jointly build, own and operate the Rabbit Hill energy storage project in Georgetown, Texas.