At the Hellisheiði Power Plant in Iceland, a unique ecosystem of companies has taken shape in recent years, showing how geothermal energy can be used far beyond traditional power generation. Within ON Power’s Geothermal Park, companies, researchers, and entrepreneurs work together to develop solutions based on renewable energy, circular economy principles, and smarter resource use.
The site produces more than electricity and hot water. A wide range of geothermal resource streams from the power plant, including geothermal fluids, hot and cold water, minerals, gases, and heat at different temperature levels, are being used to support new industries and create new opportunities for sustainable value creation.
Growing ecosystem that creates value
What makes this development especially interesting is the way companies, infrastructure, and resources connect and support one another. Residual streams or by-products from one company can become useful inputs for another. Infrastructure can be shared, operational efficiencies created, and expertise exchanged across projects and industries.
This approach delivers environmental benefits while also strengthening the business foundation for companies operating in the area. Locating operations close to renewable energy production and other innovation-focused businesses creates conditions where solutions can be developed faster, costs reduced, and new collaborations formed.
Examples of this can already be seen at Hellisheiði. Companies within the Geothermal Park use the plant’s resources in different ways for production, research, and development. The result is a growing ecosystem that connects sectors such as food production, biotechnology, carbon capture and storage, chemical processing, and high-tech industries. This diversity strengthens the ecosystem as a whole and creates fertile ground for new ideas, partnerships, and business opportunities.
Glóð can make a difference
The experience from the Geothermal Park highlights the value of bringing renewable energy, shared infrastructure, and industrial symbiosis together in one location. Companies can develop and scale solutions in a real operating environment with direct access to geothermal resources and technical expertise. Conditions like these can make a significant difference when moving technologies from early development into commercial growth and international markets.
The next step in this development is Glóð, an innovation and research hub within the Geothermal Park. Glóð will become a platform for startups, researchers, entrepreneurs, and international partners working on solutions related to geothermal energy, circular resource use, and sustainable industry.
The goal of Glóð is to make it easier to develop new projects by creating an environment that enables ideas to move more quickly from concept to implementation through close collaboration with industry, researchers, and other partners within the ecosystem. It will provide facilities for pilot projects, prototype development, testing, and scalable growth.
Iceland is in a unique position
Interest in these kinds of solutions is growing rapidly around the world. Companies and communities are looking for ways to reduce emissions, use resources more efficiently, and build more sustainable industries. Iceland holds a unique position in this transition, not only because of its renewable energy resources but also because of the experience and expertise built through decades of geothermal utilisation.
Geothermal energy offers opportunities that go far beyond conventional power production. With the right partnerships, infrastructure, governance, and innovation environment, it can become a platform for new industries, new technologies, and new export opportunities.
ON welcomes conversations with companies, investors, researchers, and partners who see the potential in this development and want to explore how geothermal energy can drive innovation and sustainable value creation.
Next month, Dr. Ingunn Gunnarsdóttir, Head 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 leading conferences on geothermal energy.
See you in Calgary.
