Reykjavik Energy signs partnership for deep geothermal energy utilization in Iceland

Representatives of Reykjavik Energy, Clean Air Task Force, and Transition Labs at an informational meeting with Iceland’s Minister for Environment, Energy and Climate (source: Reykjavik Energy)

Reykjavik Energy  (Orkuveita Reykjavíkur / OR) has signed a Memorandum of Understanding with Transition Labs and the Clean Air Task Force (CATF) on the development and testing of technology for the utilization of deep geothermal energy in Iceland. The partnership aims to bring about the next revolution in geothermal energy that will come with the use of resources that lie deeper and can be found almost anywhere.

“The development of deep utilization is an important step forward for the utilization of geothermal energy on a global scale, especially in areas where geothermal energy has not been exploited to date,” said Hera Grímsdóttir, Executive Director of Research and Innovation at Reykjavik Energy. “The goal of the collaboration is to speed up development, promote global carbon neutrality and protect intellectual property that could be created.”

With most of the high-temperature resources in Iceland already being exploited, the project aims to tap into deeper resources that can found almost anywhere in Iceland. This can be carried out, for example, with EGS (engineered geothermal systems), which has not been used in Iceland before.

Reykjavik Energy will be providing their considerable expertise in developing heat absorption technology and leading development projects in Iceland. The project also supports the company’s strategic goal of improved resource utilization, as it is possible to use the technology in wells and resource areas that have so far not been usable.

“Deep utilization is something we have been looking at and would like to look into further, as the possibilities are great. It is therefore extremely gratifying to be able to take the next steps in this exciting project and lead the project in this country with such powerful people,” added Hera.

Transition Labs is an Icelandic company that works with international climate projects, helps to get them off the ground and thus creates a model for future growth around the world. The Clean Air Task Force is an American organization that works internationally and was founded in 1996. Their goal is to reduce greenhouse gas emissions and work on solutions to combat climate change.

“Most of the world’s people have massive amounts of clean energy under their feet, literally. We want to promote that it is possible to use that energy to a greater extent than is currently the case and thus meet the world’s increased energy demand in a green and sustainable way,” says Davíð Helgason, chairman of Transition Labs.

“What we hope with this development project in Iceland is to be able to create a roadmap to establish international test centers for deep utilization, where work would be done systematically to deal with more difficult conditions to promote the technology in different regions and thus demonstrate that deep utilization is a possible and cost-effective energy option in most of the world’s major cities,” said Terra Rogers, director of deep utilization at CATF.

Source: Reykjavik Energy