Iceland Renewable Energy Cluster
The Iceland Renewable Energy Cluster serves as a collaborative platform for companies and institutions involved in the Icelandic energy sector, covering the entire value chain. Its primary objective is to enhance the competitiveness of its members and the overall society while showcasing the capabilities of its members. Formally established on February 15, 2013, the cluster organization initially operated as Iceland Geothermal, primarily focusing on geothermal energy. In 2018, it expanded its scope to encompass all energy sources in Iceland, including geothermal, hydropower, wind power, and X-Power. The cluster`s membership comprises organizations spanning the entire energy value chain, from exploration to utilization. This includes power producers, developers, research institutions, various service providers (such as consulting, manufacturing, maintenance, and services), academia, and public entities.
Company details
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- Business Type:
- Nonprofit organization (NPO)
- Industry Type:
- Renewable Energy
- Market Focus:
- Globally (various continents)
About us
As a joint platform, the cluster brings together various stakeholders from the energy sector, including companies and institutions engaged in different aspects of the industry. By covering the entire value chain, from production to distribution, the cluster facilitates collaboration and cooperation among its members.
One of the cluster's key roles is to support its members in increasing their competitiveness. This is achieved through knowledge sharing, fostering innovation, and creating opportunities for partnerships and synergies within the cluster. By leveraging the collective strengths and expertise of its members, the cluster aims to enhance their capabilities and promote growth and success in the energy sector.
Furthermore, the cluster serves as a representative voice for its members, advocating for their interests and promoting their contributions to the energy sector. It aims to showcase the achievements, innovations, and capabilities of its members to stakeholders, both locally and internationally.
By acting as a unifying force and driving collaboration, the Iceland Renewable Energy Cluster plays a vital role in advancing the competitiveness of its members and contributing to the overall development and success of the Icelandic energy sector.
- BE A VISIBLE AND COMMON ADVOCATE FOR THE ICELANDIC ENERGY SECTOR DOMESTICALLY AND ABROAD.
- INCREASED INNOVATION, ESTABLISHMENT OF STARTUPS, RESEARCH, AND DEVELOPMENT
- COMMUNICATE THE IMAGE THAT THE MEMBERS OF THE CO-OPERATION SUPPORT AT ANY GIVEN TIME.
- STRENGTHEN THE IMAGE OF ICELAND AS A COUNTRY OF RENEWABLE ENERGY
- INCREASED CRETION OF SHARED VALUE, KNOWLEDGE, AND SKILLS OF MEMBERS
- LEAD LARGE-SCALE PROJECTS WITH THE GOVERNMENT
- CONTRIBUTE TO THE DEVELOPMENT AND EXPORT OF SPECIALIZED PRODUCTS AND SERVICES AND INTELLECTUAL PROPERTY PROTECTION
- WORK WITH THE GOVERNMENT ON TRANSFORMATIONS RELATED TO THE NATION'S CLIMATE COMMITMENTS.
- ENHANCE THE NETWORK AND INFORMATION FLOW BETWEEN THE ENERGY SECTOR, GOVERNMENT AUTHORITIES, AND SOCIETY.
The IREC Investment Fund
Throughout 2023, a dedicated working group, carefully selected by our board, has diligently laid the groundwork for establishing an investment fund centered on renewable energy projects.
Given the critical need for investment in this sector, it is imperative, that both private and public entities converge to fortify society in a responsible way.
Following numerous deliberations and presentations involving our members and esteemed financial experts, we are pleased to announce the signing of an agreement with Íslandssjóðir in January 2024.
The Future Group
The Future Group of IREC
The Future of the Energy of the Future is very exciting and it is important to discuss and exchange Ideas of how and what kind of issues need to be kept in mind in all innovation and solutions are started.
Long-term thinking needs to be kept in mind at the same time we need to prepare for the unexpected.
Responsible and sustainable for more than century
Renewable energy sources are plentiful all around us. Generating renewable energy creates far lower emissions than burning fossil fuels, like coal, oil and gas. Iceland is the rock of renewable energy, located up in the north between the two continents; America and Europe.
Iceland is rich of natural resources and have been fortunate to manage it in a responsible and sustainable way, which is one of the key factor of prosperity and wellbeing in Iceland.
- LOCATION - 64°08′N 21°56′W
- POPULATION - 387.000 PEOPLE
- SIZE - 103.000 KM2
- GDP PER CAPITA - $68.700 WORLDBANK - 2021
- SPI SCORE - 89,54/100 (5/169 COUNTRIES - SPI 2022)
- YEARS OF GEOTHERMAL POWER PRODUCTION 1969
INSTALLED CAPACITY ~ 800 MWE - CENTRAL HEATING IN ICELAND IS 90% GEOTHERMAL 10% ELECTRICITY
- ELECTRICITY IN ICELAND IS 30% GEOTHERMAL 70% HYDROPOWER