Arctic Green Energy

What Arctic Green Energy does

Arctic Green Energy (AGE), founded in 2006 and headquartered in Reykjavík, Iceland, is a privately held geothermal knowledge and project development company that develops, invests in, and operates geothermal heating and cooling infrastructure while delivering engineering services and training to partners worldwide. Its flagship asset is the Sinopec Green Energy (SGE) joint venture with Sinopec Star, established the same year, which has grown into the world's largest geothermal heating and cooling company — operating more than 1,100 deep wells, over 100 million m² of connected capacity, and 10+ GWth of thermal generation across more than 60 cities and counties in China, serving 3+ million end customers. The company also operates a Center of Innovation delivering training programs and digital tools, and an Engineering Services hub providing geoscience, drilling, and engineering solutions to global partners. AGE holds 230–250+ geothermal patents and has trained thousands of professionals through the Iceland-China Geothermal Training Program.

AGE operates three integrated business lines: project development and operations through its JV portfolio (predominantly SGE), generating managed-services revenue from utility-scale district heating and cooling assets; a Center of Innovation that delivers training and digital tools to accelerate global geothermal adoption; and an Engineering Services hub providing advanced geoscience, drilling, and engineering solutions to partners worldwide. Monetization occurs through equity participation in operating assets, engineering services contracts, and knowledge and IP licensing. The company reports total cumulative CO2 savings of 5,712,000 tons since 2006 and annual savings of ~6 million tons as of 2025.

The company sells primarily to municipal governments and city authorities seeking to decarbonize district heating and cooling infrastructure, with secondary segments in industrial process heat and emerging demand from AI data centers requiring sustainable cooling. Go-to-market is enterprise field sales targeting government entities and utility providers, often structured through bilateral government cooperation frameworks — most notably the Iceland-China geothermal partnership — and direct JV negotiations. Major capital and commercial partners include GIC ($240M, July 2021), Sinopec Star (flagship JV), and Saudi Tabreed (MoU signed February 2025). The geographic footprint spans Iceland (HQ), China (Beijing regional office, SGE operations across 60+ cities), Saudi Arabia (Riyadh office), and planned expansion across Europe and broader Asia.

Name

Arctic Green Energy

Legal name

Arctic Green Energy

Website

https://arcticgreencorp.com

Company type

Private

Founded year

2006

Operating status

Operating

Headcount range

11–50 employees

Short description

Arctic Green Energy is a Reykjavík-based geothermal knowledge company that develops, invests in, and operates geothermal heating and cooling infrastructure, most notably through its flagship Sinopec Green Energy joint venture serving 3+ million customers across 70+ Chinese cities.

Ownership category

akta.pro rank

Product category

Geothermal Heating and Cooling

NAICS

Steam and Air-Conditioning Supply (221330), Steam and Air-Conditioning Supply (22133)

SIC

Cogeneration Services & Small Power Producers (4991), Heating Equipment, Except Electric & Warm Air Furnaces (3433)

akta.pro primary industry

Geothermal Direct Use Heat Projects (District Heating, Greenhouses, Aquaculture, Industrial Heat) (EUAMAEAG)

akta.pro secondary industries

Geothermal Power Plant Development & IPP (Permitting, Financing, Project Development) (EUAMAEAD), Geothermal Power Plant EPC & Construction (Surface Facilities, Balance of Plant) (EUAMAEAE)

Keywords

• Geothermal heating systems
• District energy solutions
• Renewable thermal energy
• Geothermal project development
• Clean heating infrastructure

Headquarters

HQ city

Reykjavík

HQ country

Iceland

HQ region

Europe

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Infrastructure, Technology or R&D, Personnel, Marketing or Sales

Revenue model

1. Geothermal Project Development and Operations: Arctic Green Energy develops, invests in, operates, and delivers expert knowledge services for geothermal and green energy projects. The company operates geothermal heating and cooling infrastructure serving millions of customers, generating recurring revenue from utility-scale energy operations and management.
2. Knowledge and Engineering Services: As a geothermal knowledge company, Arctic Green Energy provides training, digital tools, and turnkey engineering solutions to partners worldwide through its Center of Innovation and Engineering Services hub, generating revenue from knowledge transfer and technical services.
3. Sinopec Green Energy Operations: Sinopec Green Energy, the flagship joint venture, operates as the world's largest geothermal heating and cooling company, serving millions of people with clean, affordable, and reliable heating and cooling across China.

Go-to-market motion1 record

Distribution channels3 records

Marketing channels3 records

Core offering

Arctic Green Energy develops, invests in, operates, and delivers expert knowledge services for profitable geothermal and green energy projects worldwide. Through its flagship portfolio company Sinopec Green Energy — the world's largest geothermal heating and cooling company — it provides district-scale heating and cooling infrastructure serving over 3 million customers across 70+ cities in China. It complements operations with a Center of Innovation delivering training and digital tools, and an Engineering Services hub offering geoscience, drilling, and engineering expertise to global partners.

Product overview

Arctic Green Energy operates as a geothermal knowledge company that develops, invests in, operates, and delivers expert knowledge for profitable geothermal and green energy projects. The company is organized around a flagship portfolio company (Sinopec Green Energy – the world's largest geothermal heating and cooling operator), supported by a Center of Innovation for training and digital tools, and an Engineering Services hub for geoscience, drilling, and engineering solutions. The Iceland-China Geothermal Training Program provides workforce development. Together, these offerings form an integrated approach combining large-scale project execution, technical expertise, research, and capacity building for cities transitioning to geothermal energy.

Differentiator

Problem solved

Functional benefit

Products and services

• Sinopec Green Energy (SGE) Geothermal Operations Flagship joint venture with Sinopec Star operating the world's largest and fastest-growing geothermal heating and cooling network, with over 1,100 deep wells and 100+ million m² of connected capacity serving more than 3 million customers across 70+ cities and counties in China.
• Center of Innovation Service hub delivering world-class training and digital tools to accelerate the global adoption of geothermal energy, supporting education and workforce development in geothermal technologies for partners worldwide.
• Engineering Services Hub Service hub providing advanced geoscience, drilling, and engineering solutions to optimize geothermal projects worldwide, offering turnkey engineering expertise to partners.
• Iceland-China Geothermal Training Program Collaborative training initiative between Iceland and China focused on expanding geothermal education and developing skilled professionals in geothermal technology, having trained thousands of professionals.

Quantifiable outcome

• 25 million tons CO2 emissions reduced through Sinopec Green Energy operations
• +4 more outcomes

Named customers2 records

Segments3 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Three partnerships are on record, tiered flagship and core.

• Government of Iceland and Government of ChinaflagshipStrategic or Co-development Partner · 1 October 2025Iceland and China deepened their geothermal energy cooperation during a presidential visit, reaffirming their commitment to advancing clean energy. The partnership between Arctic Green Energy and Sinopec Green Energy has significantly contributed to reducing CO₂ emissions and expanding geothermal technology. The two governments issued a joint statement emphasizing the importance of deepening cooperation on clean energy innovation, technology exchange, and climate action.
• Saudi TabreedcoreStrategic or Co-development Partner · 1 February 2025Saudi Tabreed and Arctic Green Energy signed a Memorandum of Understanding (MoU) at the PIF Private Sector Forum in Riyadh to develop and scale geothermal cooling solutions in Saudi Arabia. The collaboration aims to unlock Saudi Arabia's vast untapped geothermal resources, leveraging Arctic Green Energy's global expertise and Saudi Tabreed's position as the Kingdom's premier district cooling service provider.
• Sinopec Star (Sinopec Green Energy)flagshipStrategic or Co-development Partner · 1 January 2006Sinopec Green Energy is the flagship joint venture between Arctic Green Energy and Sinopec Star. Over nearly two decades, the partnership has transformed geothermal energy into a massive green solution for China, serving millions of people with clean, affordable, and reliable heating and cooling. SGE is now the world's largest and fastest-growing geothermal heating and cooling company with over 100 million m² of connected capacity.

Scale indicators14 records

Recent moves6 records

Expansion highlights4 records

Emerging players

• Dandelion Energy: US residential geothermal heat pump installer backed by Google parent Alphabet. Comparable as a geothermal heating company targeting decarbonization of heating infrastructure, though focused on residential versus Arctic Green's utility-scale district heating.
• Eavor Technologies: Canadian developer of closed-loop geothermal technology targeting scalable, dispatchable renewable heat and power. Comparable as a geothermal technology innovator pursuing commercialization at scale, though focused on next-gen closed-loop systems versus conventional district heating.

Broad incumbents

• Veolia: Global environmental services leader operating district heating and cooling networks across Europe and Asia. Comparable as a large-scale district energy operator with municipal and industrial customers, though much broader in scope than Arctic Green Energy's geothermal specialization.
• Engie: French multinational utility with extensive district heating and cooling operations in Europe and worldwide. Comparable as a major district energy infrastructure operator pursuing decarbonization, though Engie's portfolio spans natural gas, renewables, and services beyond geothermal.

Direct peers

• Enwave Energy Corporation: Canadian district cooling and heating provider operating deep lake water cooling and energy infrastructure. Comparable as a specialized district energy operator focused on cooling/heating networks serving urban customers with similar project-based municipal contract model.
• Ormat Technologies: US-Israeli geothermal power and equipment manufacturer with operations in geothermal electricity generation. Comparable as a pure-play geothermal technology company with deep drilling expertise, though focused on electricity generation versus Arctic Green's heating and cooling focus.
• Saudi Tabreed: Saudi Arabia's premier district cooling service provider, now partnered with Arctic Green Energy. Comparable as a district cooling infrastructure operator serving urban and industrial customers with similar utility-scale contract economics, though primarily focused on conventional cooling technologies.
• Cetetherm: European district heating and cooling specialist providing substations, heat exchangers, and energy transfer solutions. Comparable as a district energy technology and infrastructure provider serving European municipal customers with similar project-based delivery model.
• Reykjavik Geothermal: Icelandic high-temperature geothermal resource developer with international project development operations. Comparable as an Iceland-headquartered geothermal project developer with international expansion ambitions and similar deep geothermal expertise base.

Others

• Ramboll Group: Global engineering, architecture, and consulting firm with significant district energy and geothermal engineering capabilities. Comparable as a provider of engineering services for geothermal and district heating projects globally, serving as potential partner or competitor in engineering services.

Market position

Strengths5 records

Weaknesses4 records

Competitive moat6 records

Key risks5 records

Key highlights7 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Subsidiaries1 record

Funding overview

Funding rounds2 records

Investors4 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Arctic Green Energy