Iceland is the world's geothermal capital. Utilities like OR and HS Orka build at scale. Funds and grants back geothermal startups too. Here are 11 geothermal investors funding Reykjavik founders in 2026.
Geothermal heats and powers almost all of Iceland. That makes Reykjavik a true global geothermal hub.
Utilities fund the big plants from their balance sheets. Funds and public grants back the newer geothermal tech.
You will pitch utilities, funds and grant bodies here. Ellty keeps your project deck behind one tracked link.
Most want a full data room before the second call. Build it once in Ellty and reuse it for every backer.
| Type | Check size | Sector focus | Website | |
|---|---|---|---|---|
| Reykjavik Energy (OR) | Utility / developer | Project-scale | Geothermal power, district heat | orkuveitan.is |
| HS Orka | Utility / developer | Project-scale | Geothermal, hydro power | hsorka.is |
| Landsvirkjun | Public utility | Project-scale | Geothermal, hydro, wind | landsvirkjun.com |
| Arctic Green Energy | Geothermal developer-investor | Project-level | Geothermal heating, power | arcticgreen.com |
| Baseload Capital | Geothermal investment firm | Project equity | Low-temp geothermal | baseloadcap.com |
| Breakthrough Energy Ventures | Climate VC | $20M-100M+ | Geothermal, climate | breakthroughenergy.org |
| Transition VC | Climate VC (Reykjavik/NY) | Seed-Series A | Climate, geothermal | transitionvc.com |
| Stonepeak | Infrastructure fund | Large infra | Infrastructure, CO2 storage | stonepeak.com |
| Climate & Energy Fund (Orkusjodur) | Public fund | Grants, loans | Geothermal, renewables | island.is |
| Frumtak Ventures | VC (energy/climate) | EUR 1M-3M | Deeptech, energy, climate | frumtak.is |
| Green by Iceland | Public FDI platform | Non-equity | Geothermal export, FDI | greenbyiceland.com |
Run your geothermal raise from one link
Ellty shows which investor opened your deck and read it through.
Start free 14-day trialWhat geothermal investors back
A geothermal investor wants a proven resource first. They back real, drilled wells, not promising maps.
Big projects go to utilities and infrastructure funds. Startups raise from climate VCs and public grants.
Permits, grid access and offtake all matter early. A signed offtake deal helps make a project bankable.
See our Reykjavik cleantech investors list for climate. Ellty shows which backer opened your deck and where they stopped.
Our vision is to turn clean geothermal energy into new opportunities for the environment and society. The Geothermal Park is a power station of the future, built on sustainability.
11 Reykjavik geothermal investors
1. Reykjavik Energy (OR)
Reykjavik's utility and a major geothermal builder.
Recent Activity: Took a EUR 100M EIB loan for green infrastructure
LinkedIn: Reykjavik Energy on LinkedIn
Sector Focus: Geothermal power, district heat
Stage Focus: Development, projects
Check Size: Project-scale
Location: Reykjavik, Iceland
Website: orkuveitan.is
2. HS Orka
An Icelandic utility running Svartsengi geothermal.
Recent Activity: Refinanced ~$290M to expand Svartsengi
LinkedIn: HS Orka on LinkedIn
Sector Focus: Geothermal, hydro power
Stage Focus: Development, projects
Check Size: Project-scale
Location: Reykjanes, Iceland
Website: hsorka.is
3. Landsvirkjun
Iceland's national power firm, deep in geothermal.
Recent Activity: Secured a EUR 125M EIB loan for Theistareykir
LinkedIn: Landsvirkjun on LinkedIn
Sector Focus: Geothermal, hydro, wind
Stage Focus: Development, projects
Check Size: Project-scale
Location: Reykjavik, Iceland
Website: landsvirkjun.com
4. Arctic Green Energy
An Icelandic geothermal developer with global JVs.
Recent Activity: Runs 850+ geothermal projects via JVs
LinkedIn: Arctic Green Energy on LinkedIn
Sector Focus: Geothermal heating, power
Stage Focus: Development, JVs
Check Size: Project-level
Location: Reykjavik, Iceland
Website: arcticgreen.com
5. Baseload Capital
A Swedish fund scaling low-temp geothermal plants.
Recent Activity: Raised a EUR 53M Series B for geothermal scale
LinkedIn: Baseload Capital on LinkedIn
Sector Focus: Low-temp geothermal
Stage Focus: Project equity
Check Size: Project equity
Location: Stockholm and Iceland
Website: baseloadcap.com
6. Breakthrough Energy Ventures
The Gates-founded climate fund backing geothermal.
Recent Activity: Backed Fervo Energy's $462M Series E in 2025
LinkedIn: Breakthrough Energy on LinkedIn
Sector Focus: Geothermal, climate
Stage Focus: Growth, climate
Check Size: $20M-100M+
Location: US and global
Website: breakthroughenergy.org
See who reads your project deck
Ellty logs every open and page. Follow up first, not late.
Start free 14-day trial7. Transition VC
David Helgason's climate VC backing geothermal tech.
Recent Activity: Closed a $150M second fund in 2025
LinkedIn: Transition VC on LinkedIn
Sector Focus: Climate, geothermal
Stage Focus: Seed, Series A
Check Size: Seed-Series A
Location: Reykjavik and New York
Website: transitionvc.com
8. Stonepeak
A US infrastructure fund eyeing Iceland CO2 storage.
Recent Activity: Signed a deal to invest in Carbfix
LinkedIn: Stonepeak on LinkedIn
Sector Focus: Infrastructure, CO2 storage
Stage Focus: Infrastructure
Check Size: Large infra
Location: New York, US
Website: stonepeak.com
9. Climate & Energy Fund (Orkusjodur)
Iceland's public fund backing geothermal projects.
Recent Activity: Ran ISK 600M geothermal innovation grants
LinkedIn: Orkustofnun on LinkedIn
Sector Focus: Geothermal, renewables
Stage Focus: Grants, loans
Check Size: Grants, loans
Location: Reykjavik, Iceland
Website: island.is
10. Frumtak Ventures
An Icelandic VC with energy and climate in scope.
Recent Activity: Closed an oversubscribed $87M Fund IV
LinkedIn: Frumtak Ventures on LinkedIn
Sector Focus: Deeptech, energy, climate
Stage Focus: Seed, Series A
Check Size: EUR 1M-3M
Location: Reykjavik, Iceland
Website: frumtak.is
11. Green by Iceland
Promotes Iceland's geothermal expertise worldwide.
Recent Activity: Country partner at World Geothermal Congress 2026
LinkedIn: Green by Iceland on LinkedIn
Sector Focus: Geothermal export, FDI
Stage Focus: Promotion, FDI
Check Size: Non-equity
Location: Reykjavik, Iceland
Website: greenbyiceland.com
Iceland's geothermal advantage
Iceland sits on a volcanic ridge packed with heat. Geothermal supplies about 85% of all home heating.
Decades of drilling built deep local expertise here. That know-how now sells and exports around the world.
Run clean due diligence on every project. Keep wells, permits and data behind one secure link.
Pass an operational diligence review early. Ready data wins investor trust and speeds the deal.
Utilities lead the big projects
OR, HS Orka and Landsvirkjun build the big plants. They fund mostly from balance sheets and big loans.
The EIB and Nordic banks lend into these projects. That brings cheap and patient capital into Iceland.
Track every lender with document analytics. See who reads your full project model and follow up.
Keep lenders posted with investor relations. Steady updates keep a big project firmly on track.
Where geothermal startups raise
Smaller geothermal startups raise from climate VCs. Baseload and Transition VC both back these founders.
Public grants cover early exploration and R&D work. The Energy Fund runs an ISK 1bn program through 2028.
Protect tech files with dynamic watermarking. Share sensitive data safely with each backer here.
Hand over a clean diligence report early. Ready founders close their geothermal round faster.
How to pitch a geothermal investor
Open with the resource and the energy it yields.
- 1.Open with the resource and the energy it yields.Show the heat, the flow and the real output.
- 2.Prove the geology with solid, real drilling data.Investors back proven wells, not just maps.
- 3.Map the permits, grid links and offtake deals.A signed offtake makes the project bankable.
- 4.Name the capital and the key build milestones.Tie each tranche to one drilling or build goal.
- 5.Send one tracked Ellty link to your data room.See which investor reads the model to the end.
How Ellty helps you land a geothermal investor in Reykjavik
Your Reykjavik geothermal list is ready to use. Open a data room before the first investor call.
- 1.Upload your deck, drilling data and permits.Keep every project file in one secure room.
- 2.Send each investor their own private tracked link.Set precise view and download rights per fund.
- 3.Watch every open and follow up at the right time.Chase the investors who finish the whole deck first.
Reykjavik geothermal funding questions
- Utilities like OR and HS Orka. Plus funds and grants.
- Yes, Baseload and Transition VC do. So does BEV.
- Yes, the Energy Fund runs them. ISK 1bn runs to 2028.
- OR, HS Orka and Landsvirkjun. They fund from balance sheets.
- Cheap heat and deep expertise. The geology is ideal.
