Iceland’s geothermal sector is no longer organised the same way it was a year ago. On 14 January 2026, GEORG, Íslensk Nýorka ehf., and Iceland Renewable Energy Cluster merged to form ORKIS Energy Cluster Iceland, a consolidated platform connecting industry, research, and government across Iceland’s energy transition. On 5 May 2026, GEORG held its Annual General Meeting at Gróska in Reykjavík, where members formally ratified the governance changes that align GEORG’s structure with ORKIS, elected a new Board of Directors, and approved the 2025 accounts.
The meeting was chaired by Ester S. Halldorsdóttir and opened by Hjalti Páll Ingólfsson, outgoing Chairman of the Board. Alicja Wiktoria Stokłosa, Director, presented the annual report and financial statements.
The 2025 operating year was, by any measure, intensive. GEORG coordinated and contributed to more than €11 million in active European geothermal and research projects, while simultaneously managing the merger process that would reshape Iceland’s cluster landscape.
Three major Horizon Europe projects reached their conclusions in 2025. COMPASS delivered eight key results in superhot geothermal drilling and completion technologies, culminating in a final stakeholder workshop at the European Geothermal Congress in Zürich in October. GEOTHERM FORA successfully concluded its three-year support for the Geothermal Implementation Working Group, co-organising the European Geothermal Summit in Brussels and a landmark UTES Symposium in Zürich with over 100 participants. GeoThermal Bridge, a bilateral Iceland-Romania initiative funded by EEA & Norway Grants, wrapped its final workshop in Oradea in January, laying the groundwork for lasting geothermal knowledge transfer between the two countries.
While these projects closed, GEORG continued delivery on active portfolios. The Clean Energy Transition Partnership (CETP) ran its 4th annual Joint Call on Heating & Cooling Technologies. EPOS-ON advanced GEORG’s work on connecting the Krafla Magma Testbed with the European Plate Observing System. And GeoThermal Synergy completed a high-level ministerial programme between Iceland and Poland, supporting Poland’s pathway toward GEOTHERMICA membership.
Beyond the project portfolio, GEORG strengthened Iceland’s visibility as a geothermal knowledge place. Iceland Week in May brought 35 scientists from 17 countries to Reykjavík for the COMPASS Summer School and Stakeholder Workshop. In November, GEORG and Landsvirkjun co-hosted a Geothermal Investment Forum at the BRYCK Tech Tour, engaging 250+ senior participants and 140+ investors representing €196 billion in combined assets under management, positioning geothermal energy as a credible target for institutional capital.
Director Alicja Wiktoria Stokłosa presented the 2025 financial statements, which were unanimously approved by the meeting. The priority for the year ahead is rebuilding the project pipeline under ORKIS.
The meeting approved four amendments to GEORG’s Articles of Association, formalising the operational reality of the merger. From this point:
- ORKIS (kt. 540313-0320) is the sole member of GEORG. All membership rights, including voting rights at the AGM, are held by ORKIS.
- GEORG’s Board mirrors the ORKIS Board at all times: a Chairman, six members, and three alternates, all nominated in line with ORKIS governance.
- The AGM is legally valid when the ORKIS representative is present — no quorum of legacy members required.
- Upon dissolution, assets transfer to ORKIS — confirming the decision already taken on 14 January 2026.
GEORG retains its legal identity and kennitala for as long as it holds obligations under active Horizon Europe and EEA programmes, where GEORG is named as a full beneficiary. Formal dissolution will follow once those obligations are fully discharged.
In line with the amended Article 6, the AGM elected a new Board of Directors reflecting the composition of the ORKIS Board:
- Chairman: Árni Hrannar Haraldsson (ON/ORKIS)
- Board members: Kristján Gudmundsson (Landsvirkjun), Kristín Steinunnardóttir (Cowi), Deirdre Clark (ISOR), María S. Guðjónsdóttir (Háskólinn Reykjavík), Carine Chateney (Verkis), Pétur Heide Pétursson (Arion banki)
- Alternate members: Kristin Soffía Jónsdóttir (Rarik), Steinþór Gíslason (Efla), Yngvi Guðmundsson (HS Orka)
All candidates were unanimously approved.
The meeting also appointed KPMG, represented by Díana Hilmarsdóttir, as GEORG’s auditor, the same firm serving ORKIS, ensuring consistency in financial oversight across the merged cluster.
The 2026 AGM closed a chapter and opened another. GEORG enters its next phase as an integral part of ORKIS, focused on rebuilding its European project pipeline, scaling its team, and deepening the connections between Iceland’s geothermal expertise and the continent’s energy transition priorities.
The full 2025 Annual Report is available at georg.cluster.is/annual-report-2025.
The AGM presentation slides and meeting minutes are attached below.
For questions regarding GEORG’s governance or projects, please contact the GEORG team at info@georg.cluster or info@orkis.is
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