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Climeon hosts Icelandic heat power delivery ceremony

On June 27, Sweden-based heat to power technology developer Climeon AB hosted a delivery ceremony in Fludír, Iceland marking the first delivery of Heat Power modules to the Icelandic energy utility Varmaorka. The event was officiated by Sweden's Minister for EU Affairs and Trade Ann Linde as part of her visit to Iceland along with Ambassador Håkan Juholt and Iceland's Minister of Foreign Affairs Gudlaugur Thór Thórdarson.

Marking the first delivery to Iceland, Thomas Öström, CEO of Climeon, explaining how the Heat Power module converts geothermal heat into green electricity (photo courtesy Mikael Fjällström).

It is very pleasing that Swedish companies and innovations contribute to the growth of the Icelandic economy. The Climeon plant is an important investment for Iceland and represents an excellent example of how new technologies can create new opportunities, said Ann Linde, Swedish Minister for EU Affairs and Trade, in her address.

Through its unique and patented solution Heat Power that produces electricity from low-temperature heat, Climeon can utilize waste heat from industry, large ship engines, as well as geothermal sources.

In 2017, sales really took off. Iceland placed an order of 100 Heat Power modules for geothermal heat power – an order worth around SEK 300 million. This has now been expanded to a total of SEK 670 million, remarked Thomas Öström, CEO of Climeon.

About fifty people attended the delivery ceremony in Fludír, Varmaorka’s first site for the innovative geothermal heat power plant supplied by Climeon in Iceland. In addition to politicians, delegates included representatives from the Swedish Export Credit Corporation (SEK), the Swedish Export Credit Agency (EKN) and the Swedish Energy Agency along with other financiers, suppliers, partners and customers.

Customer financing is an important key to the breakthrough we have had in our geothermal business in 2018. The fact that SEK and EKN contribute to attractive financing solutions is essential to our business and enables for Climeon to focus on achieving its goal – becoming the world’s number one climate solver, said Thomas Öström.

According to the Swedish Energy Agency, the company is “one of many exciting innovative companies” that the Agency has supported from research, business development to internationalisation. Climeon’s business concept contributes to increasing the share of renewable energy as well as use the existing energy more efficiently.

In order to reach the vision of a sustainable energy system, it is crucial that the companies we fund reach the market, that is what our mission is about. We are pleased about the development that is taking place in the company and the order they received. Converting low-temperature heat to electricity is very relevant in relation to the transition to 100 percent renewable and towards a more decentralized energy system, commented Charlotte Lejon, Unit Manager at the Swedish Energy Agency.

Climeon’s biggest potential lies in producing power from geothermal sources and was initially thought of as a future venture. However, the geothermal to power market application has gained momentum not least through the recently expanded Icelandic order as well as orders in the US, Germany and Canada.

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