Reflecting on a year that surpassed all expectations, we are thrilled to share that GEORG not only achieved its highest-ever turnover, with a total turnover of 172 million kr., marking an over 60% increase from last year, but also made significant efforts in pushing forward our projects. This remarkable growth in turnover was primarily fuelled by our intensified efforts in finalizing phase 0 of the KMT project, which culminated in the establishment of the KMT Non-Profit Organization, a legal entity set to spearhead the construction of the world’s first magma testbed. 

The unique feature of the KMT project has drawn a significant attention globally. Coverage in prestigious publications such as New Scientist and major news outlets like Newsweek, CNN, and Fox News, and more than 35 other media hits since early 2024, has underscored the project’s innovative approach and its potential to revolutionize the energy landscape and our understanding of the earth’s crust. The transition of KMT to an independent organization is a testament to the project’s maturity and readiness to embark on this groundbreaking endeavour, marking a significant milestone in our commitment to sustainable energy solutions. 

The successful launch of the GEOTHERMICA Initiative in June stands as another highlight of 2023.  The kick off meeting was held in the scenic locale of Skógar, Iceland with representative from all founding members attending.  This initiative underscores our dedication to fostering international collaboration and advancing the sustainable utilization of geothermal resources. Building on the success of the GEOTHEMICA Cofund, GEOTHERMICA carries forward the critical mission of strategic planning and support for geothermal development across Europe and the USA.  

Our engagement extended beyond project milestones, with GEORG playing a pivotal role in organizing and managing key international events. The Low-Medium Temperature Geothermal Heating and Cooling Solutions workshop in Dublin and the Round Table 2023 on Heat Transition & Geothermal Energy Opportunities in Putj, Slovenia, have significantly contributed to the global dialogue on geothermal energy development. 

Representing Iceland at COP28 in Dubai further emphasized our position at the forefront of the global geothermal energy conversation, advocating for sustainable and renewable energy solutions on an international platform. 

This year also saw us deepening our commitment to innovation and project office support of initiatives such as COMPASS, CETPartnership and GeoTherm Fora, and the continued efforts with GEOTHERMICA.  

At the heart of all our achievements is our exceptional team. Their dedication, expertise, and passion are the driving forces behind GEORG’s success. We extend our deepest gratitude to each of them for their invaluable contributions and for making 2023 a landmark year for our organization and the broader geothermal community. 

Prof. Sigurður Magnús Garðarsson– Dean and Professor, School of Engineering and Natural Sciences, University of Iceland Hjalti Páll Ingólfsson– Managing Director of GEORG 


GEORG is a resilient, strong, and independent cluster cooperation, as last year demonstrated.  The COVID-19 year, 2020, will be remembered as the year of many challenges, adoptions, and new working ways.  It taught us that even though we master new online teamwork techniques, making it in many ways more efficient and economic, the need for direct human communication and connection is ever more necessary. 

We look forward to meeting our friends again, hopefully before the end of this year, and we are optimistic enough to believe that by the end of October, we will all be able to meet in person at the WGC2020+1 in Harpa Reykjavik.  

Despite the challenges of 2020, GEORG continues to grow, with yet again a record-breaking turnover of over 106MISK. We managed to conclude the DEEPEGS project with an elegant book of publications summarising the projects science work.  We continued to operate GEOTHERMICA Office, fostering the growth of the network even further. In 2020 a second call was concluded, and in 2021 we will be managing a joint call between GEOTHERMICA and the JPP Smart Energy Systems network, focusing on heating and cooling. GEORG’s important task is to be the Secretariat for the Deep Geothermal Implementation Working Group (DG-IWG).  The DG-IWG aims to move forward with the Deep Geothermal Implementation Plan (DG-IP), endorsed by the SETPlan Steering Committee, in order to reach the goals of placing Europe at the forefront of the low carbon energy scene.  GEORG is taking an active part in running the GECO project office together with the Projects Coordinator, Orkuveita Reykjavíkur. We lead the project’s communication and cost/benefit analysis of the technology, to name a few tasks.  Finally, GEORG has taken an active part in the exciting projects GEOENVI and Crowdthermal and pushed through several significant project proposals, internationally and domestically.  

The year 2020 was a turning point for the KMT (Krafla Magma Testbed) project. Following extensive preparation work and strong international support to the project, the Icelandic Government was willing to support the project with 100MISK founding grant.  In addition to that, the project lead is in negotiation with funding authorities in the UK, Iceland, and Italy to further support towards the project to fully finance its initial steps towards a complete magma testbed at Krafla.   

The minister of tourism, industry and innovation recently introduced a new cluster strategy for Iceland.  The strategy sets out a vision that by 2030 Iceland will be one of the World’s leading nations in terms of sustainable economic development, competitiveness, and general prosperity.  We celebrate this new strategy and appreciate its acknowledgement of the importance of cooperation like GEORG.  Renewable energy, and geothermal in particular, are among the strongest pillars of Icelands economy and hold enormous innovation opportunities in terms of circular economy, sustainability and carbon neutrality.   GEORG will continue to foster cooperation, build bridges, and support innovation, for Iceland to maintain its competitive advantage in renewable energy utilisation. Together, we can make Iceland the leading nations in terms of sustainable economic development and competitiveness by 2030. 

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