KLAK and Orkuveitan enter into a cooperation agreement on Hringiða

Orkuveitan and KLAK - Icelandic Startups have entered into a cooperation agreement to the effect that Orkuveitan will be one of the backers of the business accelerator Hringiða.

Hringiða's goal is to build strong companies in Iceland that are based on the concept of the circular economy, create valuable and interesting jobs and deliver results in environmental and climate matters in Iceland. Hringiða is intended to highlight, promote and support new technologies and methods that really solve the issues at hand in environmental and climate matters.

The business accelerator is based on an international model and offers an ambitious platform for product development and good preparation for financing.

The energy company will have two representatives in the steering committee of the project and will also contribute funds that will ensure its operation.

"Iceland has an opportunity to take the lead in the field of energy exchange and climate issues, and a unique opportunity to place itself in the forefront internationally in environmental matters. By strengthening support for innovation and the development of new solutions in the field of environmental and climate issues, it is also possible to contribute to increased export values based on the sale of ingenuity and intellectual property," says Ásta Sóllilja Guðmundsdóttir, KLAK's managing director.

Sævar Freyr Þráinsson, Orkuveitan's CEO, says that support for projects like this is important, as Orkuveitan sees itself as an entrepreneur that is over a hundred years old.

"We have many examples from Orkuveitun's history where innovation and ingenuity have solved the challenges we have faced. The closest thing to mention is the heating and electricity supply at the time, but our latest example is of course Carbfix. There we saw exactly these things, ingenuity and innovation, solving problems we had in our power plants. That project has since attracted well-deserved attention far beyond the country. We at Orkuveitunna will continue to emphasize innovation, and it is therefore extremely gratifying to be able to bring not only capital but also knowledge to this ambitious project that is Hringiða."

Published on the website of Orkuveita Reykjavíkur on January 3, 2023