Business Description

Overview We are a leading vertically integrated company primarily engaged in the geothermal power business. We leverage our core capabilities, proprietary technologies, and global presence to expand our activities in conventional geothermal development, recovered energy generation and emerging geothermal technologies, including piloting of new EGS technologies. In addition, we are expanding into different complementary energy solutions, including stand alone utility scale energy storage services and solar PV generation (including hybrid geothermal and solar PV as well as solar plus energy storage). Our objective is to become a leading global provider of renewable energy and to help mitigate climate change by providing reliable base-load and flexible alternatives to carbon-intensive energy sources. To support this objective, we have adopted a strategic plan focused on several key initiatives to expand our business, including advancing EGS through collaborations and pilot projects, diversifying our renewable energy offerings, and leveraging our operational expertise to drive long-term growth. We currently conduct our business activities in three business segments: • Electricity Segment. In the Electricity segment, we develop, build, own and operate geothermal, solar PV and recovered energy-based power plants in the United States and geothermal power plants in other countries around the world and sell the electricity they generate. Since the beginning of 2025, we have increased our commercial operation by 115MW from geothermal and solar PV power plants, achieved through both organic growth and M&A. Through organic development, 6MW were contributed by the repowering of the Beowawe geothermal plant, 17MW, our proportional share, by the Ijen geothermal facility in Indonesia, and 42MW by the Arrowleaf solar PV plant, which is connected to an energy storage system. Furthermore, we acquired an additional 20MW from the Blue Mountain geothermal plant after closing a transaction with Cyrq Energy in June 2025 and another 30MW from a solar PV plant connected to a battery energy storage system in Hawaii, purchased from Innergex Renewable Energy Inc. in January 2026. • Product Segment. In the Product segment, we design, manufacture and sell equipment for geothermal and recovered energy-based electricity generation and provide services relating to the engineering, procurement and construction of geothermal and recovered energy-based power plants. During 2025, we signed new contracts that were added to our backlog, and secured $103.5 million of anticipated Product revenues, the majority of which we expect to be recognized over the next two years. In addition, in January 2026 we added approximately $100.0 million to the backlog related to the TOPP2 project in New Zealand that was transferred to third party at COD and which we expect to be recorded as revenues in the first quarter of 2026. • Energy Storage Segment. In the Energy Storage segment, we own and operate grid-connected, stand alone In Front of the Meter (IFM) BESS facilities, which provide capacity, energy and ancillary services directly to the electric grid. We operate our facilities in three main areas in the U.S., California, Texas and the East Coast (mainly in the PJM market) and generate our revenues mainly from the sale of ancillary services in the merchant market and /or tolling agreements and RA contracts. Since the beginning of 2025, we commissioned two energy storage facilities with a total capacity of 95MW/260 MWh, one in Texas and the second that is connected to the Solar PV power plant in California. In addition, we acquired a 30MW/120MWh battery energy storage system connected to a solar PV power plant in Hawaii from Innergex Renewable Energy Inc, in January 2026. 11 The following chart sets forth a breakdown of our revenues for each of the years ended December 31, 2025 and 2024: The following chart sets forth the geographical breakdown of revenues attributable to our Electricity and Product segments for each of the years ended December 31, 2025 and 2024: The revenues attributable to our Energy Storage segment for each of the years ended December 31, 2025 and 2024 were 100% generated in the United States. Our Electricity Segment Our Company-owned power plants include both power plants that we have built and acquired. The substantial majority of these power plants produce electricity from geothermal energy sources.…