Over the past few months, ON Power has reached several significant milestones in the development and expansion of its Geothermal Park.
Among the key achievements are the establishment of a clear vision for the Geothermal Park through to 2035, the approval of an innovation centre, and the awarding of substantial grants to support research and value creation through ON Power’s projects.
“The Geothermal Park has become a key part of ON Power’s long-term vision. It enables us to utilise energy and natural resources in more diverse ways, attract new businesses, and develop solutions that create both societal and economic value. The milestones we have reached recently are an important confirmation that this journey is beginning to deliver tangible results,“ says Helga Kristín Jóhannsdóttir, Head of ON Power’s Geothermal Park.
A Clear Vision for 2035
An extensive strategic planning process for the Geothermal Park has now been completed, resulting in an ambitious vision for the future. By 2035, the Geothermal Park aims to become a leading international industrial park for the integrated utilisation of energy and natural resources, while also serving as one of ON Power’s primary sources of revenue.
According to the vision, the Geothermal Park will be home to a diverse community of companies and projects, creating value, employment and long-term benefits. It will extend across all of ON Power’s operational areas, with Glóð serving as the hub for collaboration and innovation. The ambition is for the Geothermal Park to become a source of pride for ON Power and a destination of choice for businesses, researchers and entrepreneurs.
Glóð to Become the Heart of Innovation
Another major milestone was the approval of the construction of Glóð, an innovation centre within the Geothermal Park. Glóð will provide a collaborative environment where entrepreneurs, start-ups, researchers and established companies can work together to develop new solutions and create value by leveraging the unique infrastructure, energy resources and facilities available within the Geothermal Park.
Grants Strengthen Research and Development
ON Power recently received two grants from Iceland’s Climate and Energy Fund to support the continued development of the Geothermal Park and research into expanded geothermal resource utilisation.
The project Infrastructure for Research and Innovation in the Cascading Use of Geothermal Fluids received a grant of ISK 25 million to support the development of infrastructure for Glóð.
A second project, Cascading Utilisation of Geothermal Resources and Value Creation Opportunities from Geothermal Fluids, received ISK 7.3 million to explore new ways of utilising separated geothermal water at lower temperatures.
These grants strengthen research and development efforts aimed at maximising resource efficiency and creating new opportunities for value creation.
Significant Opportunities Ahead
ON Power’s Geothermal Park is founded on the principle of using energy and natural resources as efficiently and sustainably as possible. This creates opportunities for a wide range of businesses to establish operations that make use of existing infrastructure, renewable energy and resource streams already available on site.
For ON Power, this development represents a significant opportunity to generate new value and diversify its revenue base beyond traditional operations. At the same time, the Geothermal Park reinforces the company’s position as a leader in the sustainable utilisation of natural resources, innovation, and the development of solutions that help shape a more sustainable future.
The milestones were celebrated recently, as shown in the following photos.
