RENO, Nev., March 15, 2017 (GLOBE NEWSWIRE) — Ormat Technologies, Inc. (“Ormat”) (NYSE:ORA) today announced that it has closed its previously announced acquisition of substantially all of the business and assets of Viridity Energy, Inc. (VEI).
VEI is a privately held Philadelphia-based company with nearly a decade of expertise and leadership in demand response, energy management and storage. Using proprietary software and solutions, VEI serves primarily retail energy providers, utilities, and large industrial and commercial clients.
Pursuant to the Asset Purchase Agreement, Ormat paid an initial consideration of $35 million. Additional contingent consideration will be payable in two installments upon the achievement of certain performance milestones measured at the end of fiscal years 2017 and 2020. The acquired assets of VEI will be injected into a newly incorporated company named Viridity Energy Solutions Inc. (Viridity), which is a wholly owned subsidiary of Ormat.