Ormat Technologies, Inc.


Before the markets opened on March 1, 2021, analyst Hindenburg Research published a scathing report on Ormat entitled “Ormat: Dirty Dealings in ‘Clean’ Energy.” In its report, Hindenburg wrote that Ormat “has engaged in what we believe to be widespread and systematic acts of intentional corruption.” Hindenburg continued that it “expect[s] the blowback to these revelations to be severe, threatening Ormat’s contracts in its most lucrative markets.” Hindenburg further wrote that it had “uncovered evidence tying Ormat to corruption with senior government officials,” and Hindenburg alleged that there is “direct evidence tying Ormat to corruption with senior Guatemalan government officials” and that “Ormat paid contractors in Kenya tied to corrupt government officials.” On this news, shares have fallen in premarket trading.

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