SOURCE: Glitnir

November 14, 2006 12:21 ET

Glitnir announces expansion into U.S. geothermal energy market: Nordic bank outlines market and U.S. development plans

WASHINGTON, DC -- (MARKET WIRE) -- November 14, 2006 -- Glitnir executive Árni Magnússon represented the leading Nordic specialty bank today in a speech at the Geothermal Development and Finance Workshop in Washington, D.C. Magnússon outlined the latest trends and opportunities in sustainable energy, specifically within the growing niche market of geothermal energy in which Glitnir plans to invest and look for opportunities in the United States

Speaking today at the first ever east coast U.S. Geothermal Development and Finance Workshop held at the L'Enfant Plaza Hotel in Washington, D.C., Árni Magnússon, Director of Sustainable Energy for Glitnir, announced that the Bank will expand operations into the United States. The announcement coincides with the release of a survey by the Geothermal Energy Association at the conference which identifies power projects under development across Canada and nine U.S. states: Alaska, Arizona, California, Hawaii, Idaho, New Mexico, Nevada, Oregon, and Utah.

Magnússon spoke about the significant opportunities for Sustainable Energy development in the U.S. to an audience made up of senior officials from the U.S. Department of Energy, Congressional staff energy experts, project managers from related businesses, and members of the Geothermal Energy Association, the organization which hosted the event.

"We are thrilled to announce our plans to support the development of this important alternative energy in the United States," remarked Mr. Magnússon, a former Minister in the Icelandic Government hired by Glitnir earlier this year to lead the Bank's Center of Excellence for Sustainable Energy. "The emergence of these projects as viable economic and environmental opportunities, coupled with positive statements about alternative energy from U.S. elected officials on both sides of the political spectrum, will bode well for geothermal energy development in 2007. To top it off, geothermal energy is green energy, something that will become more important in a world where we see changes in our climate," stated Magnússon.

Karl Gawell, the Executive Director for the Geothermal Energy Association hosting the event, seconded the statement with his remarks: "Geothermal energy will be a vital part of both U.S. and global strategies to mitigate climate change. Expanding use of our largely untapped geothermal resources will also help reduce our dependence on foreign oil and improve the security of our nation's energy supplies. This is an incredible business opportunity as the world transitions from brown energy to green. Glitnir's involvement in the early stages of this industry will certainly pay dividends for both their company and for the environment."

Magnússon summed up his remarks about the bank's entry into the U.S. geothermal market space by saying that "Glitnir originated in Iceland, where the model for financing and producing cost-efficient geothermal energy has been proven. We have since applied our expertise to countries around the globe. With a proven track record, along with over $28 billion dollars in assets, Glitnir has the expertise and capital to be a significant investor and trusted advisor in Canada and in the 'new frontier' of geothermal energy in the United States!"

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To access this announcement and more information from today's announcement, visit

Details from GEA survey results also announced at today's workshop may be downloaded from the Geothermal Energy Association website:

What is Geothermal Energy?

Geothermal energy is defined as heat from the Earth. It is a clean, renewable resource that provides energy in the United States and around the world. It is considered a renewable resource because the heat emanating from the interior of the Earth is essentially limitless. Geothermal energy is contained in underground reservoirs of steam, hot water, and hot dry rocks. The heat continuously flowing from the Earth's interior is estimated to be equivalent to 42 million megawatts of power. The interior of the Earth is expected to remain extremely hot for billions of year to come, ensuring an inexhaustible flow of heat. Sources: Geothermal Energy Association and the U.S. Dept. of Energy

About Glitnir

Glitnir is a leading financial specialty group that offers universal banking and is a leading niche player in three global segments; sustainable energy, seafood/food, and offshore supply vessels. Services include retail, corporate and investment banking, stock trade and capital management. Glitnir is the sole owner of banks in Luxembourg (Glitnir Bank Luxembourg S.A) and Norway (BNbank and Glitnir bank, Glitnir Securities and Glitnir Kapitalforvaltning, the factoring company Glitnir Factoring, as well as 50.1 percent of Union Gruppen). Glitnir's subsidiary BNbank own 45 per cent of the shares in Norsk Privatøkonomi ASA. Norsk Privatøkonomi ASA is an independent financial advisory company with 12 branches in key areas of Norway. Glitnir own the leading Swedish brokerage firm Fischer Partners. The bank has a branch in London and in Copenhagen, Denmark. Glitnir has an office in Halifax, Canada. Glitnir plans to open an office in Shanghai, China in December 2006. Glitnir is listed on the Icelandic Stock Exchange. Glitnir announced record profits, with a return on equity of 45.5 percent for the first half year of 2006 - making second quarter 2006 the best ever in the bank's history. For more information go to: in English, in Icelandic and in Norwegian.

Glitnir and Sustainable Energy

Glitnir has been serving the energy industry in Iceland for decades. The industry focus is based almost entirely upon sustainable resources - hydro and geothermal. Today Glitnir meets the financial needs of companies in the geothermal energy, both for electricity production and direct use. We believe in the need for responsible energy production and believe that the renewable energy sector will play a tremendously important role dealing with the global climate changes that we are already experiencing.

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Contact Information

  • For further information, please contact:
    Richard Johansen
    Managing Director of Corporate Communication
    +47-47 800 100

    Amy Smith
    Burson-Marsteller Public Relations
    Washington, D.C.
    +1 202 530 4591