The company, set up to absorb royalties from the Tamar gas field, also plans to issue shares at a NIS 700 million company value.
The Herzliya-based company, which hopes to have a smartphone fast-battery charger on the market in 2019 is also developing a fast battery for cars.
On top of its other problems, Ormat Technologies is in breach of the New York Stock Exchange's conditions for listing.
The IEC, Histadrut and Ministry of Finance have agreed terms for opening up Israel's electricity sector to private competition.
Without independent and more efficient power stations, real competition in electricity supply is an illusion.