Geothermal energy powering innovation

At the Hellisheiði Geothermal Power Plant, a unique ecosystem of businesses has developed in recent years, where geothermal energy is utilized in a wider variety of ways than previously seen. In the Geothermal Park, businesses, researchers, and entrepreneurs work together to develop solutions based on renewable energy, circular economy principles, and better resource utilization.

The Hellisheiði is not only producing electricity and hot water; diverse resource streams from the power plant are also being utilized: geothermal fluid, hot water, cold water, minerals, and heat at various temperatures, creating a foundation for a new industry and new opportunities for value creation.

Synergy creating new value

What makes this development particularly interesting is how the synergy between companies and resources can create new value. A waste stream or a by-product from one company can become a resource for another, infrastructure can be shared, and knowledge can flow between different projects.

This approach not only creates environmental benefits but also a stronger operational foundation for businesses. By positioning operations near energy generation and other innovative companies, conditions are created where solutions can be developed faster, costs reduced, and collaborations built that otherwise would not have existed.

At Hellisheiði, examples of such development can already be seen. Companies in the Geothermal Park utilize the power plant's resources in different ways for production, research, and development. This creates connections between the energy sector, food production, biotechnology, carbon capture, chemical processing, and high-tech industries. This diversity strengthens the ecosystem as a whole and creates a breeding ground for new ideas and new businesses.

Glóð can make a difference

Experience shows what can happen when access to renewable energy, infrastructure, and expertise comes together in one place, like in a Geothermal Park. Companies get the opportunity to develop solutions in a real operational environment with direct connections to the resources themselves. This kind of environment can make a crucial difference when new technology is developed and moved from the research phase to business creation and global growth.

The next step in this development is Glóð, a center for innovation and research in the Geothermal Park. Glóð will provide a platform for entrepreneurs, startups, researchers, and international partners who want to develop solutions related to sustainable resource utilization and geothermal energy.

The goal of Glóð is to lower the barrier for new projects and create conditions where ideas can develop faster in close cooperation with industry, researchers, and other stakeholders within the ecosystem. It will offer facilities to test solutions, develop prototypes, and build partnerships that connect energy, innovation, and sustainability.

Opportunities on a global scale

Globally, interest in such solutions is growing rapidly. Businesses and societies around the world are looking for ways to reduce emissions, make better use of resources, and build a more sustainable industry. Iceland has a unique position here, not only due to renewable electricity but also because of the experience built around its utilization.

Geothermal energy offers opportunities that extend far beyond traditional power production. With the right cooperation, access to infrastructure, and a strong innovation environment, it can become the foundation for new solutions, new businesses, and new export opportunities.

ON wants to engage in dialogue with businesses, investors, researchers, and partners who see potential in this development and want to explore how geothermal energy can drive innovation and sustainable value creation.

Next month, Dr. Ingunn Gunnarsdóttir, lead of innovation at ON, will present this vision and ON's experience at the World Geothermal Congress (WGC) in Calgary, Canada, one of the world's largest conferences on geothermal energy.