Ólafsson Elected Chairman of Geysir Green Energy Skip to content

Ólafsson Elected Chairman of Geysir Green Energy

Yesterday Ólafur Jóhann Ólafsson, Icelandic author and executive vice president of Time Warner, was elected the chairman of the new board of Icelandic investment company Geysir Green Energy (GGE).

Ólafsson told Morgunbaldid that the new board agreed that the company would concentrate on fewer and larger projects in the future. “We will be predominant in the projects that we decide to work on and will thus be able to pay closer attention to our assets.”

In the near future GGE will participate in energy projects focused in four countries, Ólafsson said, Iceland, the US, Germany and China.

“In Germany the company is drilling for hot water and applying for further permissions to drill. The project looks good because energy prices in Germany are high and the market for green energy is promising.”

Ólafsson also has high hopes for GGE’s cooperation with Chinese company Signopec on the construction of heating utilities in China.

New shareholders in GGE have contributed roughly ISK 5 billion (USD 65 million, EUR 41 million). Ólafsson alone, who holds a 2.6 percent stake in GGE, contributed ISK 2 billion (USD 26 million, EUR 17 million).

The rest of the new assets come from US investment company Wolfensohn & Co. who hold a 3.9 percent stake in GGE.

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