Business innovation

Energy-related innovation creates opportunities.

Innovation in the energy sector

There are numerous opportunities for energy-related innovation in Iceland. Innovative companies have benefitted from increased expertise and the development of an appropriate environment and infrastructure, providing ideal conditions for ideas and creativity to thrive.

Innovation within the energy industry is an ever-expanding part of Landsvirkjun’s operations. The Company is a leader in the sustainable utilisation of renewable energy resources and supports increased expertise, innovation and technological development. Increased innovation and increased value creation enables us to utilise the resources we have been entrusted with more efficiently and to lay the foundation for a stronger and better society.

Landsvirkjun works in cooperation with a variety of parties: entrepreneurs, universities and other educational institutions, companies and individual researchers (both national and international). Landsvirkjun also conducts a broad range of research on ecosystems, climate, hydrology, geology and glaciers.

Eimur

Landsvirkjun’s geothermal power stations are located in the Northeast of Iceland. The new innovation partnership ‘Eimur’ was launched in 2016 to improve the efficient utilisation of energy and to increase the sustainability of communities within the area.

The innovation partnership and sponsors of the project include Landsvirkjun, Norðurorka (Utility Company), Húsavík Energy and an association of the municipalities in Northeast Iceland. The project will run for three years and the sponsors have made an initial contribution of 100 million ISK. The Iceland Geothermal Cluster and the Iceland Tourism Cluster are also members of the project

The core focus of Eimur is to increase the sustainability of communities, within the area, by improving the efficient utilisation of energy and through increased expertise on the interaction between society, the environment, natural resources and the economy. It is hoped that the project will lay the foundation for diverse innovation and subsequently create employment opportunities in the area. The project aims to secure the cooperation of the tourism industry, all types of manufacturing, industry and researchers (including researchers from the academic community). The expectation is that the project will create investment opportunities for companies within the region, investment funds and other investors, both domestic and foreign.

Mývatn nature baths

Many of the most frequented tourist destinations in the country are based around the by-products of energy generation. These include the Mývatn Nature Baths. The water that flows into the lagoon is in fact excess water from the Bjarnarflag Geothermal Power Station nearby and the chemical composition of the water makes it particularly suitable for bathing. The lagoon is man-made and the bottom is covered with sand and small stones.

The baths opened in 2004 and have since then welcomed an ever growing number of local and international tourists who have enjoyed the lagoon and steam baths, set in the unique surroundings of the Mývatn area and built directly on top of the geothermal area.

Blámi

The main goal of the Blámi Project is to inspire the development of innovative energy transition projects. Energy transition is driven by the decarbonisation of energy sources and the Blámi project aims to increase the use of environmentally friendly fuel, hydrogen and e-fuel in transport and industry. The Project will support energy and climate change-related projects, empowering entrepreneurs and promoting innovation in the Westfjords.

Orkídea

Orkídea is a collaborative innovation project in South Iceland, involving Landsvirkjun, the Federation of South Iceland Municipalities, the Agricultural University of Iceland and the Minister of Fisheries and Agriculture.

The primary aim of the collaboration is to increase value creation and facilitate energy-related opportunities, particularly in the field of high-tech food production and biotechnology. The intention is to boost innovation and research into the utilisation of green energy and establish dynamic collaboration between the academic and business communities.

In a play on the Icelandic word for orchid, the project’s name Orkídea combines orka (energy) with idea. Thus the name evokes both green energy and innovative ideas which spring from fertile soil.