Reykjavik Geothermal (RG) develops, finances and operates geothermal power and heating projects. The company’s flagship domestic initiative is the Bolaalda project, planned to deliver 100 MWe of electricity and 133 MWth of thermal capacity. RG has been advancing Bolaalda since obtaining its reconnaissance licence in 2018, working closely with local and national authorities on geoscientific studies, environmental assessments and zoning. Total capital required for Bolaalda is estimated at up to USD 450 million, while RG projects that at least ISK 80 billion (≈USD 660 million) will be needed across its full Icelandic pipeline over the next four years. Beyond Iceland, the company is pursuing early-stage geothermal ventures in the Middle East through TAQA Geothermal and in the Canary Islands through Energía Geotérmica de Canarias. The firm positions itself as a leading international geothermal developer, leveraging specialized technical expertise to enhance energy security and create long-term value for investors.

Total raised

$20M

Funding rounds

1

Latest round

Series B

Latest activity

Feb 2026