Important milestones achieved in the development of the Geothermal Park

In recent months, several important milestones have been achieved in the construction and development of ON Power's Geothermal Park. A clear vision has been formulated for the Geothermal Park up to the year 2035, the construction of a new innovation center has been approved, and projects on behalf of ON Power have received generous grants to strengthen research and value creation, to name but a few.

„The Geothermal Park has become an important part of ON Power's vision. There, we utilize energy and resources in more diverse ways, can attract new companies, and develop solutions that create both social and financial value. The milestones we have recently achieved are an important confirmation that this journey is starting to bear fruit,“ says Helga Kristín Jóhannsdóttir, manager of ON Power's Geothermal Park.

A clear vision for the year 2035

Extensive strategic planning work for the Geothermal Park has now been completed. It formulated an ambitious vision where the goal is that by 2035, the Geothermal Park will be a leading international industrial park in the multi-utilization of energy and resources and one of ON Power's main revenue pillars.

According to the vision, the Geothermal Park will host a diverse community of companies and projects, create value, jobs, and long-term benefits, reach all ON operational areas, and have Glóð as the heart of collaboration and innovation. Furthermore, the goal is for the Geothermal Park to be the pride of ON Power and a sought-after destination for companies, researchers, and entrepreneurs.

Glóð will be the heart of innovation

Another major milestone was reached when it was approved to embark on the development of Glóð, a new hub for innovation in the Geothermal Park.

Glóð will be a platform where entrepreneurs, start-ups, researchers, and companies can work together to develop new solutions and build value based on the unique facilities and resources that the Geothermal Park offers.

Grants strengthen research and development

It is also worth mentioning that ON recently received two grants from the Climate and Energy Fund which support the ongoing development of the Geothermal Park and research into increased geothermal utilization.

The project Infrastructure for research and innovation for multi-utilization of geothermal fluids received a ISK 25 million grant to support the development of infrastructure at Glóð. The project Multi-utilization of geothermal energy and opportunities for value creation from geothermal fluids received ISK 7.3 million, which will explore ways to utilize separator water at lower temperatures.

The grants strengthen research and development work aimed at maximizing resource utilization and creating new opportunities for value creation.

Great opportunities ahead

ON Power's Geothermal Park is based on the philosophy of utilizing energy and resources in the most efficient and sustainable way possible. This creates opportunities for a diverse range of companies to build operations that utilize existing infrastructure, energy, and side streams.

For ON Power, this development represents opportunities for significant value creation and a more diversified revenue base that would be difficult to create through traditional operations alone. At the same time, the Geothermal Park strengthens ON’s position as a leading company in sustainable resource utilization, innovation, and the development of solutions that shape a sustainable future.

The milestones were celebrated recently where the accompanying pictures were taken.

Employees were invited to a celebration in honor of the milestones.

Ingunn Gunnarsdóttir, innovation leader, gave a short speech.

Helga Kristín Jóhannsdóttir, Head of the Geothermal Park, Sæmundur Hafsteinsson, Specialist in Innovation and Development Projects, and Ingunn Gunnarsdóttir, Innovation Leader.