SOURCE: Glitnir

September 05, 2007 10:00 ET

Huge Potential for Green Geothermal Energy in the US, Holds Glitnir

First "Steam of Opportunities" Conference Outlines US Geothermal Energy Potential

NEW YORK, NY and REYKJAVIK, ICELAND and OSLO, NORWAY--(Marketwire - September 5, 2007) - Glitnir, the Nordic financial group, hosted the first "Steam of Opportunities" conference in New York today. The objective of the conference was to provide new research on the potential of geothermal energy as an environmentally sound, renewable source of energy in the United States. Glitnir, which offers universal banking and financial services in its home markets Iceland and Norway and is ranked one of the leading capital markets players in the Nordic region, is a globally leading provider of financial services in three specialized industry segments -- seafood/food, sustainable energy and offshore service vessels.

The "Steam of Opportunities" conference, which Glitnir plans to evolve into an annual global geothermal energy think tank, included such topics as the challenges of geothermal energy; investment opportunities; sustainable development; Iceland's unique experience in the employment of geothermal energy; Glitnir's view on the geothermal market; and the role of geothermal energy in the US renewable energy market.

"The US is at the forefront of geothermal energy development globally, and will continue to be in the lead. We see a considerable geothermal energy potential in 82 countries worldwide -- including the USA and Canada," said Árni Magnússon, Managing Director, Glitnir Global Sustainable Energy. "Geothermal -- long the 'Sleeping Beauty' of sustainable energy -- is now showing clear signs of waking up."

Glitnir's research findings recognize a potential six-fold increase in the annual sales of electricity from geothermal sources in the US, from USD1.8 billion today to USD11.0 billion. Potentially, geothermal energy could fill up to 20% of California's, 60% of Nevada's and 30% of Hawaii's electricity needs. Glitnir estimates the investments required to service current geothermal projects at USD9.6 billion, while the total investments required to develop the resources available through 2025 are estimated at approximately USD39.4 billion.

The "Steam of Opportunities" conference coincides with the inauguration of Glitnir Capital Corporation's office in New York. Participants at the conference today included President of Iceland, Ólafur Ragnar Grímsson; Alexander Karsner, US Assistant Secretary of Energy; CEO of ThermaSource Louis Capuano; CEO of Geysir Green Energy Ásgeir Margeirsson; Executive Director Karl Gawell of Geothermal Energy Association; along with Glitnir CEO Lárus Welding, Executive Vice President International Banking Magnús Bjarnason, and Jonathan Logan, Managing Director of Glitnir Capital Corporation; as well as Árni Magnússon, Managing Director Glitnir Global Sustainable Energy.

"The United States is indeed a land of opportunity for Glitnir, particularly in the realm of America's huge geothermal resources and potential, and of our track record as a leading global specialist bank in developing sustainable, environmentally friendly energy solutions," said Glitnir's CEO Lárus Welding. "Our sponsorship of the 'Steam of Opportunities' research conference, in coordination with the launch of Glitnir Capital Corporation's services in the US, is an expression of our enthusiasm for renewable energy, and underscores our commitment to help make it a widespread reality."

One of the major advantages of geothermal compared to other renewable energy sources is that it is a base-load power, which means that electricity is generated around the clock, all year round. A geothermal power plant emits 35 times less carbon dioxide per kilowatt produced than the average US coal-fuelled power plant, and requires less land than any other renewable energy source.

Jonathan Logan, Managing Director of Glitnir Capital Corporation, added: "The geothermal industry has huge potential, but is still faced with a number of challenges. Glitnir is committed to help overcome these hurdles, so that geothermal can release its potential for meeting the US' increasing demands for renewable energy. Our new North American presence will provide a crucial meeting point for Glitnir's geothermal and financial expertise and American developers who seek to realize this enormous potential."

For more information about geothermal energy:

About Glitnir

The financial group Glitnir offers universal banking and financial services with the Nordic region (Iceland, Norway, Sweden, Finland and Denmark) as home base. Glitnir is a leading niche player in three global industry segments; seafood/food, sustainable energy, and offshore service vessels. The group's services include retail, corporate and investment banking, stock trade/brokerage and capital management. Glitnir considers Iceland and Norway its home markets. The Glitnir group has operations in Iceland, Norway, Sweden, Denmark, Finland, the UK, Luxembourg, Russia, China, Canada and the USA, where Glitnir Capital Corporation's office in New York opened today. Glitnir is listed on the Icelandic Stock Exchange. For more information:

About 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)

Contact Information

  • For further information, please contact:
    Jonathan Logan
    Glitnir Capital Corporation
    Managing Director, Business Development U.S. and Canada
    phone: +1-212 716 0100

    Bjørn Richard Johansen
    Managing Director, Corporate Communication
    cell phone +47-47 800 100

    Jonathan Zaback
    Press contact in the US, New York
    office: +1-212-614 4429
    Blackberry: +1-917-293 5047