GEA members Alternative Earth Resources and Ormat Technologies

The Geothermal Energy Association is proud to bring you news from its member companies.

Alternative Earth Resources: Faulkner 1 Geothermal Plant Operations Handover Complete
Ormat Technologies: Board Names Mr. Isaac Angel as CEO

Alternative Earth Resources: Faulkner 1 Geothermal Plant Operations Handover Complete
AER Press Release (Vancouver, B.C.) February 6 ~ Alternative Earth Resources Inc. (TSX.V: AER) today announced that its Nevada operating subsidiary, Nevada Geothermal Operating Company LLC, has turned over operations at the Faulkner 1 geothermal power plant at Blue Mountain, Nevada to a new operator designated by the project owner. This ends Alternative Earth’s involvement in the project effective February 1, 2014. Alternative Earth holds leaseholds at four other geothermal properties in the western United States and now directs full attention to advancing its current project interests and assessing new opportunities.

Ormat Technologies: Board Names Mr. Isaac Angel as CEO
Ormat Press Release (RENO, Nev.) February 11 ~ Transition of Succession to Begin on April 1 With Mr. Angel to Succeed Dita Bronicki Following Retirement on July 1 ~ Ormat Technologies, Inc. (NYSE:ORA) announced today that its Board of Directors has appointed Mr. Isaac Angel as Chief Executive Officer. Mr. Angel will join Ormat on April 1, 2014 and assume the CEO position effective July 1, 2014. He will succeed Mrs. Yehudit (Dita) Bronicki, who announced her retirement in November after 50 years of service in the company. Mrs. Bronicki will continue to serve as a Director of Ormat, in a non-executive capacity.

“After careful consideration, the Board has determined that Mr. Angel is the right person to lead Ormat forward,” said Mrs. Bronicki. “Mr. Angel is a proven leader with extensive experience of growing, managing and advising public companies. His ability to immerse himself in the operations of a business and find ways to optimize them will prove invaluable, as Ormat continues on its trajectory as the leading geothermal company.”

Mr. Gillon Beck, Chairman of the Board of Directors of Ormat, added: “I know Mr. Angel as an experienced, talented and visionary leader. On behalf of the entire Board I want to express how excited we are at the prospect of Mr. Angel leading this unique company and its capable management team to new levels of success in the coming years”.

“I am extremely honored to have been chosen by the Board, as Ormat’s next CEO, and look forward to advancing the Company and enhancing value for shareholders,” said Mr. Angel. “With the demand for renewable energy on the rise across the globe, Ormat is well-positioned to generate strong growth on both the Electricity and Products sides of its business. Ormat is a great company, I am confident that working together with Ormat’s world-class team and its Board, will make it possible for Ormat to realize its full potential.”

Background on Mr. Angel
Mr. Angel, 57, spent 27 years in various positions at Lipman Electronic Engineering Ltd., including as its President and CEO, from February 1999 to November 2006, when it was acquired by VeriFone Holdings Inc. During his years with Lipman which began in 1979, Mr. Angel rose through the ranks holding positions focused on Research & Development and Sales & Marketing. He also led Lipman through a successful IPO and later on a secondary offering in NASDAQ. After the acquisition by VeriFone, he served as Executive Vice President, Global Operations of VeriFone from 2006 to 2008. From 2008 to 2009, Mr. Angel served as Executive Chairman of LeadCom Integrated Solutions Ltd. Mr. Angel is a director of Frutarom Industries Ltd. since 2008 and served as a director for Retalix Ltd. from 2012 until it was acquired in 2013. In recent years Mr. Angel has also been active making personal investments and supporting a wide variety of philanthropic endeavors.

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