Annual
Report
2024
Report
2024
Geothermal Research Cluster
The non-profit organization, Geothermal Research Cluster (GEORG), strives to promote sustainable research and development of geothermal resources to reduce the world’s reliance on carbon-based energy. GEORG aims to accelerate the adoption of geothermal energy globally and increase its value for society by bringing together various actors in the geothermal industry, such as academia, industry, and public authorities.
Through close collaboration among these three sectors, GEORG fosters interdisciplinary partnerships, particularly with socio-economic and volcanology. Additionally, GEORG has formed alliances with many respected international institutions, resulting in more comprehensive and closer collaborations on a global level.
GEORG Goals
- Reduce worldwide GHG emission by contributing to a significant increase in sustainable energy production/utilisation from geothermal sources.
- Make Iceland a case study for near-total energy independent and a carbon-neutral society.
- Create a platform for entrepreneurship and the export of geothermal energy resources and education, both for partners in the group and the wider geothermal industry
- Respectively related to Affordable and clean energy, industry, innovation and infrastructure, and climate action).
- Contribute to the Sustainable Development Goals (SGD7, SDG9 and SDG13).
Message
from the Chairman
of the Board
and the Managing Director
from the Chairman
of the Board
and the Managing Director
Prof. Sigurður Magnús Garðarsson
Sigurður H. Markússon
Following an exceptional 2023, GEORG has maintained strong momentum throughout the year 2024, with an annual income of 142 million ISK. While this represents a modest reduction from the previous year’s record turnover, it reflects our strategic transition as the Krafla Magma Testbed (KMT) evolved into an independent entity, a strong testament to GEORG’s ability to incubate and mature early-stage concepts through to independent projects.
GEORG
– Impartial collaboration platform
– Impartial collaboration platform
Within GEORG, there are close interactions between academia, industry and public authorities, which has contributed to better collaboration within and between the three sectors. The cooperation focuses on furthering interdisciplinary collaborations, notably with partners from socio-economic, volcanology and agricultural disciplines. On the international level, GEORG partnered with many renowned international institutions, which have resulted in closer and more comprehensive collaborations.
Activities in 2024
Financial Statements
Ongoing Projects
Continuing on our mission to support the “Krafla Magma Testbed (KMT)” and fostering workforce and stakeholder engagement
Supporting energy transition in Europe through the project office of “GEOTHERMICA Initiative”
Shaping the future of geothermal wells in superhot contexts
Showcasing high-level cooperation in the field of geothermal in Europe
The Clean Energy Transition Partnership
Fostering geothermal energy cooperation between Iceland and Poland
Fostering geothermal energy cooperation between Iceland and Romania
Advancing a Pioneering Geothermal Vision
The establishment of the Krafla Magma Testbed as a Non-Profit Organisation is a key milestone of this decade-long endeavour.
The registration of the organisation within the Icelandic registry marks its journey as an independent entity and opens the doors to new horizons of collaboration and cooperation with local, national, and international stakeholders.
GEORG is proud to have been part of carrying the KMT as a project within its operation and proud to deliver it to the World for the benefit of the society and the planet!
KMT: Worldwide Media Coverage!
Public collaboration for stronger geothermal energy progress
GEOTHERMICA Initiative is now firmly established as a strategic platform for accelerating geothermal energy deployment across Europe. Managed by GEORG along with the Environmental and Energy Agency of Iceland, UOS, the Initiative supports its Cabinet and Members in launching co-funded calls, coordinating joint activities, and driving the initiative’s smooth and effective operation.
GEOTHERMICA’s core mission is to align national research and innovation programs through public-sector collaboration, creating a unified front that accelerates the integration of geothermal energy into the broader energy transition. The vision is clear: moving beyond isolated national efforts and fostering long-term, transnational cooperation that strengthens the geothermal sector.
Board
The Board of Directors of GEORG is composed of nine representatives of GEORG’s members, a chairperson, and eight directors: four directors represent the universities and research organisations, and four directors represent the energy companies and private sector. Members of the Board are elected for a term of two years.
The following individuals were elected as a BoD member at the General Annual Assembly on Thursday, May 15th, 2024.
-
Sigurður Magnús Garðarsson Chairman of the BoardUniversity of Iceland
-
Bjarni Pálsson Landsvirkjun -
Carine Chatenay Verkís
-
María S. Guðjónsdóttir University of Reykjavík
-
Kristín Steinunnardóttir COWI
-
Bjarni Gautason Iceland GeoSurvey
-
SAMUEL WARREN SCOTT HI
-
ÁSDÍS BENEDIKTSDÓTTIR OR
-
SIGRÚN NANNA KARLSDÓTTIR HÍ
GEORG’s
Story
Story
GEORG was founded in 2009 based on a successful proposal to the Centre of Excellence and Research Cluster Program of the Icelandic Centre for Research (RANNIS). The proposal was a seven-year project with the purpose to create and build strategic opportunities in the geothermal sector and position Iceland at the fore front of the field by creating a stronger base for entrepreneurship.
From the very beginning there was a strong emphasis to serve GEORG partners well and to create a sustainable cooperation platform, beyond the project duration. This has now been achieved and GEORG has become a key player in bridging a critical gap between different geothermal communities and has evolved to become a self-sustained research-driven international geothermal non-profit organization.
Thanks to the long-term vision and commitment of GEORG’s board and its operational team, GEORG has thrived and acts as an impartial collaboration platform by building bridges between Research, Industry, and Public Authorities, for the benefit of society.
Partners
LEGAL DISCLAIMER
This online Annual Report is published solely online, GEORG reserves the right to update the report if any errors,
discrepancies, and/or any other inconsistencies are to be discovered.
