Reykjavik Geothermal
Icelandic geothermal development company targeting high-quality resources in underserved power markets.
Last updated August 25, 2026
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Overview
Reykjavik Geothermal Ltd, commonly referred to as RG, is an Icelandic geothermal development company established in 2008. The company describes its work as the identification and development of high-quality geothermal resources, particularly in power markets where reliable electricity supply is limited or underserved. Its capabilities cover the principal stages of geothermal project development, including geoscience, resource exploration, engineering, financing, project management and power-plant construction. The company was formed in Iceland by a management and scientific team with experience across geothermal development. Rather than operating primarily as a consumer-facing energy brand, RG functions as a project developer and technical-commercial partner. Its activities can therefore include resource assessment, exploration planning, feasibility work, development structuring and support for the construction of geothermal generation facilities. The available reference material does not establish a complete list of projects brought into commercial operation, total installed capacity or current revenue. RG has been associated with international activity beyond Iceland. Reference material identifies offices in New York City, Addis Ababa and Port Moresby, indicating an international development model focused on markets with geothermal potential. Publicly cited activity includes work and proposed development in East Africa, including Ethiopia, as well as reported interest in India and cooperation with Russia’s RusHydro. A 2012 trade-publication report described RG as planning a 300-megawatt geothermal power-plant project in Ethiopia, but the available material does not confirm that the project reached construction or operation. The company has also emphasized management systems and responsible development practices. It reported verification against ISO 9001 quality-management requirements and implementation of ISO 14001 environmental-management and OHSAS 18001 occupational-health-and-safety systems, with BSI audit status referenced in 2012. It also reported implementing ISO 26000 guidance on social responsibility and SA 8000 social-accountability standards. These measures point to a positioning centered on technically rigorous, environmentally managed and socially accountable geothermal development. RG was described as management-owned with investment from U.S. investors. A reference source also reports investment activity involving Ambata Capital Partners. No reliable current information in the supplied material confirms the company’s present ownership, leadership, operating status, website or active project portfolio. Accordingly, its current corporate status should be treated as requiring verification.
History
Reykjavik Geothermal was established in Iceland in 2008 as a specialist geothermal-development company. Its founding team was described as bringing together experience in geothermal science, resource assessment, engineering, finance and management. This multidisciplinary structure reflects the complexity of geothermal projects, which require both subsurface analysis and long-term infrastructure and financing decisions before electricity generation can begin. The company’s stated business model was to identify high-quality geothermal resources and connect them with power markets that lacked sufficient electricity supply. This gave RG an international orientation from the outset. In addition to its Icelandic headquarters, the reference material identifies offices in New York City, Addis Ababa and Port Moresby. These locations correspond with the company’s reported interest in international investment, project development and technical work in regions with geothermal potential. During the early 2010s, RG appeared in reporting about geothermal opportunities in several countries. Coverage referenced a cooperation agreement with RusHydro, reported investment in East Africa and interest in an Indian geothermal project. In 2012, trade reporting described a proposed 300-megawatt geothermal power-plant project in Ethiopia. The supplied sources do not establish whether all of these initiatives advanced beyond agreements, planning or early-stage development. They also do not provide a verified current portfolio, operating capacity or recent project record. RG presented its internal systems as part of its professional and responsible-development framework. The company reported verification against ISO 9001 quality-management standards and implementation of ISO 14001 environmental-management and OHSAS 18001 occupational-health-and-safety systems. It also reported implementing ISO 26000 social-responsibility guidance and SA 8000 social-accountability standards. In 2012, BSI documentation was cited in connection with the company’s management systems, although the available material does not provide a complete, current certification history. Ownership was described as being held by management and U.S. investors. Separate reporting identified an investment by Ambata Capital Partners. Public interviews and business coverage from the period also referred to senior management and to Carl Hahn as vice chairman and a former chief executive, but the supplied sources do not provide enough current information to construct a reliable executive roster. No verified information is available here about later ownership changes, mergers, dissolution, current operations or the company’s present website. RG’s historical profile is therefore best understood as that of an Iceland-founded, internationally focused geothermal developer whose documented public activity is concentrated in the late 2000s and early 2010s.
- 2012
International office and standards activity documented
[1]Reference material identified offices in New York, Addis Ababa and Port Moresby and described the company’s quality, environmental, safety and social-responsibility systems.
- 2012
Ethiopian geothermal project reported
[3]ThinkGeoEnergy reported that RG was planning a 300-megawatt geothermal power project in Ethiopia; later delivery is not confirmed in the supplied sources.
- 2011
Reported cooperation with RusHydro
[3]Trade reporting described a geothermal cooperation agreement between RG and RusHydro.
- 2008
Company founded in Iceland
[1]Reykjavik Geothermal was established as a geothermal-development company with capabilities spanning geoscience, engineering, finance and management.
Products and positioning
An internationally oriented geothermal project developer combining geological, engineering, financing and management capabilities for high-quality resources in underserved power markets.
Geothermal services · 2008
Geothermal resource development
RG’s core offering is the identification and development of geothermal resources. This work can include geological and geophysical assessment, resource targeting, exploration planning and evaluation of whether a site can support commercial energy production. The company’s stated focus is on high-quality resources linked to power markets with inadequate or underserved supply.
Energy infrastructure development · 2008
Geothermal power-project development
The company provides, or was established to provide, integrated development support for geothermal power projects. Its described competencies include engineering, financing, project management and plant construction, allowing it to participate across the path from early resource work to an electricity-generating facility. The supplied references do not identify a standardized commercial product or confirm which projects reached operation.
Brand decisions
2012
Pursuit of an Ethiopian geothermal power projectStrategyBackground
RG was reported to be pursuing geothermal development in Ethiopia, an underserved power market consistent with the company’s stated international strategy.
Action taken
The company was reported to be planning a 300-megawatt geothermal power plant.
Aftermath
The supplied material does not confirm whether the project secured financing, entered construction or began commercial generation.
2011
Geothermal cooperation with RusHydroStrategyBackground
International cooperation was presented as a way to expand geothermal development capabilities and opportunities.
Action taken
RG and RusHydro reportedly signed a geothermal cooperation agreement.
Aftermath
The available references do not document specific projects or measurable results arising from the agreement.
Recent events
- 2012
Reykjavik Geothermal reported to be planning a 300 MW Ethiopian power project[3]
Other
ThinkGeoEnergy reported that RG was planning a 300-megawatt geothermal power-plant project in Ethiopia. The available references do not confirm financing, construction, commissioning or final capacity.
- 2012
British Standards Institution records RG management-system certification activity[2]
Regulation
A BSI reference identified management-system activity associated with Reykjavik Geothermal, including the company’s stated work toward quality, environmental and occupational-health-and-safety systems.
- 2011
Reykjavik Geothermal and RusHydro sign geothermal cooperation agreement[3]
Other
Trade coverage reported a geothermal cooperation agreement between Reykjavik Geothermal and Russia’s RusHydro. The supplied material does not specify the agreement’s scope, project location or subsequent outcome.
Sources3 sources
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