ON Power and GeoSalmo Agree on Purchase of Electricity

ON Power and GeoSalmo have successfully secured a contract to acquire up to 28 MW of electricity for GeoSalmo’s land-based salmon farm located in Þorlákshöfn. This agreement is a testament to both companies’ unwavering commitment to environmental consciousness and sustainability.

High-quality salmon in a closed aquaculture system

GeoSalmo is a company focused on advancing land-based salmon farming in Iceland, beginning with a breeding facility capable of producing up to 24,000 tons annually. The initial phase of this project will produce roughly 7,500 tons. Construction preparations are underway, and the Icelandic National Planning Agency has issued a positive opinion on GeoSalmo’s environmental assessment report.

Jens Þórðarson, CEO of GeoSalmo:
“As part of our preparations, securing energy is crucial, and we highly value GeoSalmo’s partnership with ON. It’s reassuring to know that the energy for the project comes from our municipality, and we appreciate ON’s reliability and power. Using Icelandic energy for environmentally friendly food production is reducing economically beneficial and helps reduce the carbon footprint of food production globally. We are thrilled that ON has chosen us as their future client, and we have high expectations for our collaboration. Our company’s activities will be in harmony with the environment and society, and we are committed to delivering high-quality products to our customers. We are optimistic about the future.”

Emphasis on sustainability and harmony with nature and society
ON Power is the second-largest electricity producer in the country and operates the fourth-largest geothermal power plant in the world, known as Hellisheiðarvirkjun. ON and GeoSalmo prioritize sustainability and ensure their activities harmonize with nature and society. ON has set a goal to make their energy production activities from Hellisheiðarvirkjun carbon neutral by 2025. The recent agreement aims to increase energy production closer to the source and promote a diversified business environment that creates jobs and generates significant income.

Árni Hrannar Haraldsson, CEO of ON Power:
“Our primary objective is to generate and sell electricity in an environmentally sustainable manner. We achieve this by implementing advanced carbon disposal methods that significantly reduce our ecological impact. As pioneers in energy transition in Iceland, we are in complete alignment with GeoSalmo’s values that prioritize environmental awareness and economic circularity, in line with the United Nations’ Sustainable Development Goals. We are steadfast in our commitment to serving our customers who share these values and are extremely pleased to have GeoSalmo our customer.“