Ram Power

In 2008, a group of senior executives from Ormat Technologies, a leader in the geothermal energy sector, decided to forge their own path. Led by CEO Hezy Ram, they founded Ram Power, Inc., a renewable energy company based in Reno, Nevada, with a clear focus: to develop, own, and operate geothermal power plants. The timing, however, was challenging. An initial financial commitment from Icelandic partners evaporated with the 2008 global economic crisis, forcing the new company to seek alternative funding. A pivotal moment arrived in October 2009. Through a series of strategic negotiations, Ram Power, Inc. amalgamated with two publicly-listed Canadian geothermal companies, Western GeoPower and Polaris Geothermal. This complex transaction created a new, stronger entity named Ram Power, Corp., which simultaneously raised approximately C$180 million through a stock offering on the Toronto Stock Exchange. This move provided the crucial capital needed to advance its portfolio of projects, including the promising Orita project in California's Imperial Valley. Years of development followed, but the company's journey took another significant turn. In April 2015, Ram Power announced a major recapitalization transaction. This restructuring led to the company changing its name to Polaris Infrastructure Inc. in May 2015. The transformation continued, and in 2022, the company rebranded once more to Polaris Renewable Energy Inc., reflecting a broader focus on various renewable sources. Today, the company that started as Ram Power operates a diverse portfolio of geothermal, hydroelectric, and solar projects across Latin America.