Icelandic New Energy
Encyclopedia
Icelandic New Energy Ltd (Íslensk NýOrka ehf) is a company that promotes the use of hydrogen fuel
in Iceland
founded in 1999 following a decision in 1998 by the Icelandic Parliament to convert vehicle and fishing fleets to hydrogen produced from renewable energy
by 2050.
Icelandic New Energy was formed as a spin-off from the research carried out by the University of Iceland
and is 51% owned by Vistorka, with the remainder owned by Daimler, Norsk Hydro
and Shell Hydrogen. VistOrka itself is owned by The Icelandic New Business Venture Fund
(Nýsköpunarsjóður), the Ministry of Industry and Commerce, the national electricity company Landsvirkjun
, Orkuveita Reykjavíkur
(Reykjavík Energy), Hitaveita Suðurnesja, the Technological Institute of Iceland, The Fertilizer Plant (Áburðarverksmiðjan), the University of Iceland
and Reykjavik Resources.
Together with SEV
, and the authorities in the Faroe Islands and Greenland
, Icelandic New Energy has established the North Atlantic Hydrogen Association to investigate hydrogen technology.
Since its foundation, Icelandic New Energy has managed a number of hydrogen demonstration projects in the country. The company also engages in hydrogen fuel consultancy, educational seminars and other activities.
Hydrogen fuel
An ecologically-friendly fuel which uses electrochemical cells or combusts in internal engines to power vehicles and electric devices. It is also used in the propulsion of spacecraft and can potentially be mass produced and commercialized for passenger vehicles and aircraft.In a flame of pure...
in Iceland
Iceland
Iceland , described as the Republic of Iceland, is a Nordic and European island country in the North Atlantic Ocean, on the Mid-Atlantic Ridge. Iceland also refers to the main island of the country, which contains almost all the population and almost all the land area. The country has a population...
founded in 1999 following a decision in 1998 by the Icelandic Parliament to convert vehicle and fishing fleets to hydrogen produced from renewable energy
Renewable energy
Renewable energy is energy which comes from natural resources such as sunlight, wind, rain, tides, and geothermal heat, which are renewable . About 16% of global final energy consumption comes from renewables, with 10% coming from traditional biomass, which is mainly used for heating, and 3.4% from...
by 2050.
Icelandic New Energy was formed as a spin-off from the research carried out by the University of Iceland
University of Iceland
The University of Iceland is a public research university in Reykjavík, Iceland, and the country's oldest and largest institution of higher education. Founded in 1911, it has grown steadily from a small civil servants' school to a modern comprehensive university, providing instruction for about...
and is 51% owned by Vistorka, with the remainder owned by Daimler, Norsk Hydro
Norsk Hydro
Norsk Hydro ASA is a Norwegian aluminium and renewable energy company, headquartered in Oslo. Hydro is the fourth largest integrated aluminium company worldwide. It has operations in some 40 countries around the world and is active on all continents. The Norwegian state holds a 43.8 percent...
and Shell Hydrogen. VistOrka itself is owned by The Icelandic New Business Venture Fund
The Icelandic New Business Venture Fund
The New Business Venture Fund is a venture capital investor that takes an active part in business development and growth in Iceland by investing in innovative and pioneering firms holding promise....
(Nýsköpunarsjóður), the Ministry of Industry and Commerce, the national electricity company Landsvirkjun
Landsvirkjun
Landsvirkjun is the largest energy producer in Iceland. It was founded in 1965 by the city of Reykjavík and the state of Iceland. Its general purpose is to produce and provide electricity for heavy industry and to sell electricity to local providers around Iceland...
, Orkuveita Reykjavíkur
Orkuveita Reykjavíkur
Orkuveita Reykjavíkur is an Icelandic utility company that provides electricity, geothermal water for heating, and cold water for consumption and fire fighting. It also operates a data-utility network and waste-treatment facilities. The company's service area extends to 20 communities in the...
(Reykjavík Energy), Hitaveita Suðurnesja, the Technological Institute of Iceland, The Fertilizer Plant (Áburðarverksmiðjan), the University of Iceland
University of Iceland
The University of Iceland is a public research university in Reykjavík, Iceland, and the country's oldest and largest institution of higher education. Founded in 1911, it has grown steadily from a small civil servants' school to a modern comprehensive university, providing instruction for about...
and Reykjavik Resources.
Together with SEV
SEV (company)
SEV is a power producer and distributor on the Faroe Islands. The company name is derived from the names of islands Streymoy, Eysturoy and Vágoy, where the production of hydroelectricity first started.-History:SEV was founded on the 1 October in 1946...
, and the authorities in the Faroe Islands and Greenland
Greenland
Greenland is an autonomous country within the Kingdom of Denmark, located between the Arctic and Atlantic Oceans, east of the Canadian Arctic Archipelago. Though physiographically a part of the continent of North America, Greenland has been politically and culturally associated with Europe for...
, Icelandic New Energy has established the North Atlantic Hydrogen Association to investigate hydrogen technology.
Since its foundation, Icelandic New Energy has managed a number of hydrogen demonstration projects in the country. The company also engages in hydrogen fuel consultancy, educational seminars and other activities.