Swedish company, Climeon, has established a branch office in Iceland, one of the most interesting geographical markets in the world for geothermal heat power. Through the expanded order from the Icelandic energy operator Varmaorka in June 2018, Iceland has become the first foreign market in which Climeon received a major breakthrough. Varmaorka increased its existing order of €30 million ($34.9 million) to €65 million ($75.6 million).
Because of this important client relationship, combined with the opportunities the company sees in the Icelandic market, Climeon has now chosen to establish a branch office in the country.
“Geothermal heat power has the potential to become a dominating renewable energy source and the largest knowledge of the geothermal area is found in Iceland,” said Thomas Öström, CEO of Climeon.
“These good pre-requisites, combined with the large delivery we started to Iceland, makes a local establishment a natural and important step for the company,” continued Öström.
Öström will also be the CEO of the Icelandic branch office.
Iceland has among the lowest electricity prices in the world, but locally produced electricity can be a key enabler for local communities to grow around the country. Climeon's plants produce electricity from hot water locally and at competitive cost around the clock, all year round. The first four Heat Power modules to Varmaorka and Iceland were delivered in June this year.
The establishment of a branch office in Iceland means that Climeon today has local representation in two foreign markets. In May 2018, a representative office was opened in Japan to strengthen the company's presence for continued expansion in the Japanese market.
Photo: Minister for EU Affairs and Trade Ann Linde was on hand when Climeon delivered the first Heat Power modules in Iceland (Climeon)