ORMAT TECHNOLOGIES, INC.

**Signal Note: Driehaus Biotech Allocation Shift to Renewable Energy** Driehaus's $52.3M entry into Ormat (ORA) represents a notable pivot away from traditional biotech into geothermal energy—a sector benefiting from accelerating clean energy demand and potential IRA incentive extensions. This signals either portfolio rebalancing or conviction in renewable infrastructure valuations, but notably *this is not a biotech position* despite the fund's historical biotech focus, suggesting either sector rotation or opportunistic capital deployment outside core competencies.