GEG
Modular geothermal power plants and direct use solutions.
| Date | Investors | Amount | Round |
|---|---|---|---|
* | N/A | Grant | |
| Total Funding | 000k | ||
GEG is a geothermal development company that provides modular power plant solutions and engages in project development through partnerships. The company was founded in Iceland, originally as Green Energy Group in 2008, later becoming GEG ehf. in 2019, to capitalize on the market for smaller-scale power plants. In September 2018, Canadian energy developer Energy Co-Invest Global Corp. (ECC Global) acquired all key assets of Green Energy Geothermal.
GEG pioneered a turnkey, modular approach to building geothermal wellhead power plants, which involves using prefabricated modules that are commissioned on-site. This method is designed to accelerate project delivery, reduce capital costs, and lower project risks, enabling a faster return on investment. Between 2011 and 2017, the company successfully delivered 15 geothermal wellhead plants in Kenya for KenGen and one in Iceland, totaling over 85 MW of capacity. This work established the concept of modular geothermal development.
Initially focused on providing turnkey power plant packages, GEG has shifted its business model to become a development partner and investor in geothermal projects. The company now enters the development cycle earlier, working with private developers and international partners. GEG forms joint ventures to combine its plant construction experience with partners' subsurface and exploration expertise. This collaborative model is being applied in new projects globally, including a partnership with Geothermal Core to develop the first utility-scale geothermal power plant in Texas. As of December 2023, GEG has completed a corporate restructuring, establishing operating companies GEG Geoneer (plant engineering), GEG Geosleeve (thermoelectric generation), and GEG Geocool (agricultural cold storage solutions).
Keywords: geothermal power plants, modular geothermal, turnkey energy solutions, wellhead power plants, geothermal development, renewable energy, geothermal engineering, EPC, geothermal investment, direct use geothermal, geothermal consulting, baseload power, energy infrastructure, agricultural cold storage, thermoelectric generation