This company is definitely flying under the radar of most investors.

Ormat Technologies develops, owns, and operates geothermal power plants that generate reliable 24/7 electricity using heat from deep underground.

Geothermal provides “baseload power.” That means the electricity runs 24/7, unlike solar and wind, which depend on weather conditions. As AI data centers explode in size and power usage, reliable always-on electricity becomes extremely valuable. And AI requires a ton of it. That is one of the biggest reasons geothermal is suddenly getting much more attention again.

One of the biggest recent developments was Ormat Technologies signing long-term geothermal power agreements tied to Google’s Nevada data center operations. The agreement could support up to 150 MW of geothermal capacity over time.

And this past Friday, Amazon announced it is investing in new carbon-free energy projects in Nevada to help power future data center operations in the Reno area. The plan includes 700 MW of new carbon-free capacity, including 100 MW of geothermal power, 600 MW of solar, and 600 MW of battery storage.

Big Tech is actively looking for geothermal power to support future data center growth.

Amazon also said this is its first data center powered in part by dedicated geothermal power, and that it sees significant potential for geothermal as a scalable source of firm carbon-free energy.

Ormat already owns real infrastructure and generates real cash flow today. It currently operates around 1.8 GW of total generating capacity globally across geothermal, solar, and battery storage.

For years, it has grown revenue consistently and profitably, reaching about $989M in revenue in 2025. But last week, it reported record earnings growing 40% year over year. This acceleration is clearly driven by the energy demand required for the AI buildout.

The Setup:

• Demand for reliable power is exploding

• AI data centers need 24/7 electricity

• Big Tech is desperately searching for stable clean power and signing long-term contracts

• Record quarter and growth acceleration

• Setting up for a breakout to new highs