09:51 AM EDT, 10/28/2024 (MT Newswires) -- Ormat Technologies ( ORA ) shares were up over 2% Monday after the company said it begun commercial operations at its Bottleneck battery and energy storage system in California's Central Valley and is now supplying energy, capacity and ancillary services to Sempra's ( SRE ) San Diego Gas & Electric unit through a 15-year power purchase agreement with the utility company.

Following the launch of the 80-megawatt Bottleneck project, Ormat ( ORA ) currently operates around 270 megawatts of electric storage, with another six projects with a combined 355 megawatts of additional capacity now under construction, the company said.

Ormat ( ORA ) also said the Bottleneck project likely will be eligible for a 40% investment tax credit, which it expects to monetize by the end of 2024.

Price: 81.05, Change: +2.18, Percent Change: +2.76