Thursday, January 11, 2007

New geothermal company makes a splash

Geysir Green Energy, a new Icelandic investment company, has been founded with the objective of investing in renewable energy around the world. Specifically, it plans to invest $1 billion to develop, construct, and buy geothermal projects.

With global energy demands expected to double in the next 50 years, the demand for clean, renewable energy will rise as well. The EU wants to increase renewable energy 50% by 2020, and many local governments in the States are also pursuing progressive

Runólfur, Managing Director of VGK Hönnun, a founder of Geysir:

"Icelandic engineers have had plenty of ideas for development in this area in the past, but have lacked the financial strength needed to implement them. Green Energy will combine the technical know-how we have in Iceland with international investment skills. The enterprises involved in the company are all leaders in their field, so we look forward to the future with a real sense of optimism."

Photo credit: NREL

No comments: