Nordic Bank to Invest in the U.S. Geothermal Energy Market

"Glitnir originated in Iceland, where the model for financing and producing cost-efficient geothermal energy has been proven," said Magnusson. "We have since applied our expertise to countries around the globe. With a proven track record, along with over $28 billion dollars in assets, Glitnir has the expertise and capital to be a significant investor and trusted advisor in Canada and in the 'new frontier' of geothermal energy in the United States!"

The announcement coincides with the release of a survey by the Geothermal Energy Association at the conference that identifies power projects under development across Canada and nine U.S. states: Alaska, Arizona, California, Hawaii, Idaho, New Mexico, Nevada, Oregon, and Utah.

"We are thrilled to announce our plans to support the development of this important alternative energy in the United States," said Magnusson to an audience of senior officials from the U.S. Department of Energy, Congressional staff energy experts, project managers from related businesses, and members of the Geothermal Energy Association, the organization that hosted the event. Magnusson, a former Minister in the Icelandic Government, was hired by Glitnir earlier this year to lead the Bank's Center of Excellence for Sustainable Energy.

Karl Gawell, the Executive Director for the Geothermal Energy Association, said "This is an incredible business opportunity as the world transitions from brown energy to green. Glitnir's involvement in the early stages of this industry will certainly pay dividends for both their company and for the environment."