Geothermal energy receives more attention in Iceland

January 30, 2014 0 By Bret Williams

Energy investment program receives strong support from Geothermal Cluster

Iceland - Geothermal EnergyStartup Energy Reykjavik, an investment program that is focused on renewable energy, has received the support of Iceland’s Geothermal Cluster, a coalition of organizations that have a prominent presence in the nation’s geothermal energy sector. Iceland has had a strong focus on geothermal power for some time and is positioned in a part of the world that is littered with volcanoes and somewhat notorious for its geological activity. The country’s access to geothermal power has made a fossil-free future possible, though achieving this goal is still considered to be several years away.

Iceland continues to break away from fossil-fuels

In order to make a fossil-fuel free future a reality, the country’s renewable energy resources must be further developed. As such, organizations like Startup Energy Reykjavik have come to invest heavily in the development of new energy systems that focus on geothermal power. The support that the investment program is receiving from the Geothermal Cluster may help attract more attention to the renewable energy sector as well as provide support for programs that seek to tap into Iceland’s inherent energy resources.

New program could give energy developers promising opportunities for their projects

Through the partnership that has been formed between Startup Energy Reykjavik and the Geothermal Cluster, a new 10-week long program will be established in Reykjavik, Iceland. This program is meant to provide energy developers with promising projects up to $40,000 in seed funding for their concepts. The program will also provide guidance to these developers concerning geothermal power and its potential uses. At the end of the program, those participating will receive an opportunity to pitch their ideas and projects to angel investors for additional financial support.

Program aims to encourage innovative thinking in the renewable energy sector

The program is meant to foster progress and innovation within Iceland’s geothermal energy sector. The country has a strong focus on geothermal power, but new projects and ideas are needed in order for Iceland to continually break away from fossil-fuels. Promising opportunities may help encourage energy developers to become more aggressive with their ideas.

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