CELIOS Exposes Ormat Technologies' Status Behind Indonesia's Geothermal Investment: An Israeli Company

Executive Director of CELIOS, Bhima Yudhistira, has exposed the status of Ormat Technologies, which is involved in several geothermal projects in Indonesia.

Ormat Technologies is a renewable energy company known as one of the global leaders in geothermal (hot spring) technology, renewable energy, and energy storage solutions.

Bhima emphasised that Ormat remains an Israeli company, even though it is listed on the US stock exchange.

“Ormat Technologies is a company from Israel that is being twisted as if it is not an Israeli company. In fact, it was founded in 1965 in Yavne and is listed on the Tel Aviv Stock Exchange,” Bhima revealed.

According to him, the company’s status does not change just because it has been listed on the New York Stock Exchange since 2004.

“If Telkom Indonesia’s shares are listed in New York, does that mean it is no longer an Indonesian state-owned enterprise? Of course not. So Ormat remains an Israeli company,” he said.

Geothermal Deemed Mispositioned

On that occasion, Bhima also strongly criticised the narrative that portrays geothermal energy as renewable and clean.

“Geothermal is perceived as renewable energy, but geothermal operates under a mining regime. It mines to obtain heat,” he said.

He assessed that, substantively, geothermal remains an extractive energy source.

“Geothermal is not a renewable energy option; it is energy that truly falls under an extractive regime,” he stated.

Bhima even described the direction of technological development in that energy sector as misguided.

“So the technology being developed is simply wrong,” he said.