The Ormat growth story in isolation (which is what I feel I've...

The Ormat growth story in isolation (which is what I feel I've been getting recently) isn't much of an investment thesis. Sure, it shows there's demand for this type of service, but it certainly doesn't mean the Kalina business model or project approach makes sense or is attractive from a customer perspective.

Think about it from Sinopec's perspective - will they commit to more Kalina roll-outs just because Ormat has a large market cap? Of course not, that makes no sense. If Sinopec find the tech difficult to work with or unreliable they may be reluctant to go further. Furthermore, if Sinopec are unhappy, and word gets around, it may make it very difficult for KPO to engage ROW

I hope you don't think I'm being overly circumspect. But I feel these are risks and possibilities that the broader market has already factored into our share price. Management needs to dispel these concerns asap, if they're in a position to do so