Orka náttúrunnar’s Geothermal Park: Milestones That Turn Innovation into Long‑Term Value (2026–2035) By: Robert Buluma In 2026, Orka náttúrunnar’s Geothermal Park has moved from an ambitious concept to a tangible engine of circular value creation, backed by a clear 2035 vision, an approved innovation hub (Glóð), and targeted climate‑fund grants for multi‑utilization of geothermal fluids. These developments position the Geothermal Park as one of Europe’s most compelling examples of how advanced geothermal infrastructure can be leveraged for diversified industrial activity, research, and long‑term revenue growth. A 2035 Vision: From Geothermal Site to International Industrial Park Orka náttúrunnar has completed “extensive strategic planning work” for the Geothermal Park, defining an ambitious vision that runs to 2035 and aims to turn the site into “a leading international industrial park in the multiple use of energy and resources and one of the main sources of income ...
Orka náttúrunnar Geothermal Park: Multi‑Utilization Innovation Hub & Circular Economy Investment Opportunity (2035 Vision)
Orka náttúrunnar’s Geothermal Park: Milestones That Turn Innovation into Long‑Term Value (2026–2035)
In 2026, Orka náttúrunnar’s Geothermal Park has moved from an ambitious concept to a tangible engine of circular value creation, backed by a clear 2035 vision, an approved innovation hub (Glóð), and targeted climate‑fund grants for multi‑utilization of geothermal fluids. These developments position the Geothermal Park as one of Europe’s most compelling examples of how advanced geothermal infrastructure can be leveraged for diversified industrial activity, research, and long‑term revenue growth.
A 2035 Vision: From Geothermal Site to International Industrial Park
Orka náttúrunnar has completed “extensive strategic planning work” for the Geothermal Park, defining an ambitious vision that runs to 2035 and aims to turn the site into “a leading international industrial park in the multiple use of energy and resources and one of the main sources of income for Orka náttúrunn.” This future vision is anchored in multiple‑use thinking: geothermal fluids, heat, power, and side streams are treated as a platform for diverse industrial and research activities, rather than a single‑purpose electricity asset.
According to the vision, “the Geothermal Park will host a diverse community of companies and projects, create value, jobs and long‑term benefits, reach all areas of ON's operations and have Glóð as the heart of collaboration and innovation.” This means that every part of ON Power’s portfolio—from power generation to research and innovation—will connect back into the Park’s ecosystem. The goal, as ON states, is for the Geothermal Park to become “the pride of Orka náttúrunnar and a sought‑after destination for companies, researchers and entrepreneurs,” turning Hellisheiði into a flagship showcase for sustainable resource utilization.
For investors and partners, this long‑range clarity matters: it signals that ON sees the Geothermal Park not as a side project, but as a strategic revenue pillar, with multi‑decade industrial potential and a clearly articulated role in corporate growth.
Glóð – The “Ember” at the Heart of Innovation
A central milestone is the decision to begin development of Glóð, described as “a new center of innovation in the Geothermal Park.” In ON’s own words, “Glóð will be a platform where entrepreneurs, startups, researchers and companies can collaborate on developing new solutions and build value based on the unique facilities and resources that the Geothermal Park offers. Glóð is conceived as the entry point into the Park’s ecosystem—an accessible, collaborative space where ideas can be tested under real‑world conditions, near one of Europe’s largest geothermal power plants.
The name itself carries symbolic weight. As ON and Geothermal Park communications explain, “Glóð means ember in English, reflects its purpose — small, glowing, and full of potential. Often hardly visible from the outside, yet capable of growing into something powerful under the right conditions.” That metaphor aligns perfectly with the Park’s strategy: early‑stage concepts, pilot projects, and research initiatives that can ignite into scalable industrial solutions for geothermal multi‑utilization, circular economy and low‑carbon value chains.
By design, Glóð “will act as a stepping stone into the Geothermal Park for entrepreneurs, start‑ups, and the academic community,” connecting innovation actors to infrastructure, data, and geothermal side streams. For stakeholders watching next‑generation geothermal, Glóð is where high‑level strategy becomes operational reality—a place that can turn geothermal ideas into bankable projects, products, and services.
Climate and Energy Fund Grants: Backing Multi‑Utilization and Research Infrastructure
Another milestone is ON’s success in securing grants from the Climate and Energy Fund for projects that directly support the Geothermal Park’s evolution and the broader goal of better utilizing geothermal resources. As ON’s announcement notes, “ON Power has received grants from the Climate and Energy Fund to support projects focused on better utilization of geothermal resources, improved efficiency, and increased value creation.”
Two projects stand out:
- “Infrastructure for Research and Innovation for the Multiple Utilization of Geothermal Fluids,” which receives “ISK 25 million.”
- “Geothermal Multi‑Utilization and Opportunities for Value Creation from Geothermal Fluids,” which receives “ISK 7.3 million.”
These grants explicitly support “research and development work aimed at optimizing the utilization of resources and creating new opportunities for value creation,” including infrastructure at Glóð and investigations into how to utilize separation water at lower temperatures. In practical terms, this means building experimental platforms, test loops, and monitoring systems that allow ON and partners to explore cascaded uses of geothermal fluids—from high‑temperature power generation down to lower‑temperature industrial processes and direct‑use applications.
Part of this work is “directly” linked to the “continued development of the ON Power Geothermal Park at Hellisheiði, where the goal is to create a circular community where partners share infrastructure, knowledge, and resources to minimize waste and maximize benefits for businesses, society, and nature.” From an investment lens, the grants de‑risk early‑stage innovation, allowing ON to experiment with new value streams without burdening core power operations, while building the technical foundation for future revenue diversification.
The Geothermal Park Concept: Circular Economy at Scale
The Geothermal Park itself is already a substantial physical and strategic asset. ON describes it as “a special geothermal park at the Hellisheiði Power Station” that “covers an area of over 100 hectares,” dedicated to building “a community of progressive companies that understand the importance of circular thinking.” In this “green industrial park,” companies “utilize the area's resources in a responsible and profitable way, and this development is still in full swing.”
The underlying idea is straightforward but powerful: “utilizing energy and resources in the most efficient and sustainable way possible” through multi‑use of geothermal fluids, heat, steam, and associated materials. That approach “creates opportunities for diverse companies to build operations that utilize existing infrastructure, energy, and side streams,” lowering entry barriers and enabling new business models where waste streams become inputs for other processes.
ON is explicit about the strategic upside: “For ON, this development represents an opportunity for significant value creation and a more diverse revenue base that would be difficult to create through traditional operations alone.” [1] By leveraging geothermal assets for more than electricity and hot water—extending into industrial processes, research, and potentially tourism and education—the company broadens its revenue profile and reduces its dependence on conventional utility margins.
At the same time, the Geothermal Park “strengthens ON's position as a leading company in sustainable resource utilization, innovation, and the development of solutions that shape a sustainable future.” [4][3] For partners and tenants, joining the Park means aligning with a flagship example of circular economy in practice, backed by robust power infrastructure and a committed, sustainability‑oriented owner.
Culture and Momentum: Celebrating Milestones, Building Community
ON does not treat these milestones as purely technical events; they are also cultural and community markers. Staff were “invited to a party to celebrate the milestones,” underlining that the Geothermal Park and Glóð are part of ON’s internal identity as much as its external strategy. At this celebration, “Ingunn Gunnarsdóttir, leader of innovation, gave a short speech,” and key figures such as “Helga Kristín Jóhannsdóttir, Head of Department at Geothermal Park, Sæmundur Hafsteinsson, Specialist in Innovation and Development Projects, and Ingunn Gunnarsdóttir, Innovation Leader” were highlighted.
These names matter: they signal that ON has dedicated leadership and specialized roles focused on innovation, development projects, and the Geothermal Park’s day‑to‑day progress. For external observers—investors, researchers, potential tenants—this indicates that the Park is not an abstract idea but a staffed, actively managed initiative with accountable leadership.
Linked communications emphasize pride and long‑term intent: “We are incredibly proud of our Geothermal Park 🌱 One hundred and three hectares of land dedicated to circular economy and sustainable value creation.” Other messaging stresses that “innovation does not thrive in uncertainty,” underscoring ON’s focus on creating a stable, well‑structured environment where partners can take technical risks within a supportive framework.
Why These Milestones Matter for the Global Geothermal Narratives
Taken together, the milestones in Orka náttúrunnar’s Geothermal Park—2035 strategic vision, Glóð’s development, and climate‑fund grants—offer a blueprint for how geothermal assets can anchor entire innovation districts rather than single‑purpose power plants. [1][3] They show how a utility can evolve into a platform provider, using geothermal infrastructure, resource expertise, and circular thinking to attract a “diverse community of companies and projects” that share in both energy and knowledge flows.
For global geothermal developers and policymakers, Hellisheiði’s Geothermal Park demonstrates that multi‑utilization is not just a technical concept; it is an investable ecosystem with clear governance, strategic direction, and institutional backing. For investors, it offers a case study in how to turn long‑lived geothermal assets into diversified revenue engines, supported by innovation centers like Glóð and funded research on cascaded use of geothermal fluids.
Orka náttúrunnar’s own framing captures the essence: “The milestones we have reached recently are important confirmation that this journey is starting to yield results.” With the Geothermal Park, the company is building not only power capacity, but also an innovation culture and circular‑economy infrastructure that can shape Iceland’s—and potentially the wider region’s—sustainable future.
Source: ON.IS
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