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Ormat Technologies, Inc. Ormat History and Founders In 1965, Lucien and Dita Bronicki together co- founded a company called Ormat Turbines Ltd., in order to commercialize production of electricity using the Organic Rankine Cycle. This proprietary process, which Lucien co-developed with Harry Zvi Tabor, became the basis for the company’s steady, sustainable growth. By 1972, Ormat had successfully commercialized the Organic Rankin Cycle technology for application in remote power solutions and continued to expand the number of operating opportunities for these innovative units. In the early 1980s, Ormat began successfully integrating the Organic Rankin Cycle technology into geothermal power plants, an important milestone that has contributed significantly to the growth of the geothermal power industry. It did so chiefly because it enabled the use of resources that the existing steam technologies could not utilize. Ormat’s product line continued to expand to include offshore power solutions and waste heat recovery for power generation. In 1996, Ormat made the critical decision to enlarge its focus from that of an equipment supplier to embrace that of a total power solutions provider, which included operating and owning power plants that generate revenue through electricity sales. This vertically integrated model marked the beginning of a new era for Ormat, paving the way for transformation of the company from a modest, privately owned entity to a multinational geothermal powerhouse that today is publically traded on the New York Stock Exchange with a market capitalization of more than $ 1.2 billion dollars. Over the past five decades Lucien Bronicki has served as the Co-Founder, Chairman and Chief 12 Ormat’s 78 MW Steamboat geothermal power complex in NV, USA has been built in stages from 1988 to 2007 2012-2013 Sustainability Report Technology Officer for Ormat and his wife Dita has served as Co-Founder, Treasurer, Secretary and, since, 1991, Chief Executive Officer. Their son Yoram Bronicki served as President and Chief Operating Officer since 2007. After more than two decades as CEO, Dita Bronicki retired in mid-2014, while transitioning the company’s helm to new CEO Isaac Angel. Currently, Dita serve as a Director of Ormat. Yoram Bronicki relinquished his position as president and chief operating officer of the company in mid-2014 and assume the position of Chairman of the Board of Directors. The strong and accomplished board of directors with its extensive experience and industry expertise will continue to be an asset to the company and a resource for management going forward. Lucien, Dita, and Yoram have proven themselves exemplary, hardworking and visionary leaders who have thoughtfully stewarded a company that continues to resonate in the sustainable energy sector. Throughout this journey, the Bronickis have earned strong recognition for their many achievements. Lucien Bronicki received the Pioneers Award from the Geothermal Research Council for the more than 25 years of service he provided, particularly in the foundation-setting stages of the Council’s development. In addition, he has authored and co- authored over 30 professional articles and holds 40 patents surrounding his design of thermodynamic devices, turbines and controls. Dita Bronicki also received the Pioneers Award from the Geothermal Research Council and has served as a director for several major industrial and banking organizations. Ormat’s Board of Directors, management and employees deeply appreciate and value the considerable contributions made by the Bronicki family, which has laid a solid foundation for the company’s continued leadership and growth in the geothermal and renewable energy sectors. 13PDF Image | Ormat Technologies
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