HS Orka is the leading private electricity generator in Iceland and is the country’s third largest energy company.

It has been producing 100% renewable energy for over 45 years.

Ancala invested in HS Orka in 2019. It owns and operates two geothermal plants, Svartsengi and Reykjanes, with a combined capacity of over 200MW. The company also has three hydropower plants with a combined capacity of over 20MW and operates a water and district heating supply business.

Utilising byproducts from generating electricity

In addition to being a major driver of the energy transition in Iceland, the company is playing a significant role in supporting the circular economy. HS Orka has developed the concept of a Resource Park next to its Svartsengi power plant. This offers companies the opportunity to locate in close proximity to HS Orka’s plant to benefit from direct electricity and have access to all the byproducts from the geothermal electricity generation process. For HS Orka, it provides additional revenue from by-products and develops strong customer relationships.

The site produces hot water, steam, CO₂, geothermal water, and lava filtered brine, amongst other resource streams. Ancala has been working closely with the management team to grow the Resource Park and attract more companies to the site to utilise the byproducts and offer electricity at the source, which provides sustainability advantages. Today, the Resource Park includes more than 10 companies with many others in discussions to establish operations. This includes firms operating across a range of sectors such as tourism, cosmetics, biotech, e-fuels and aquaculture, and notably, one of National Geographic’s 25 wonders of the world, the Blue Lagoon spa, which welcomes around 1.3m visitors a year.

Innovation at its heart

The Resource Park is helping to develop novel technologies and products which further support the energy transition and circular economy.

  • ORF Genetics has an R&D greenhouse for stem cell research for cosmetics, biopharma and cell cultured meat.
  • Carbon Recycling International is a global leader in sustainable methanol production. It has a 4,000 tonne capacity e-fuel plant at the Resource Park.
  • Matorka raises artic char and steelhead fish for export. The warm lava filtered sea water from the power plant is key for sustainable aquaculture.

The Ancala team continues to work with HS Orka to further develop the Resource Park and attract even more innovative businesses to this hub.


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