Orkuveitan

Name

Orkuveitan

Legal name

Orkuveita Reykjavíkur

Website

https://orkuveitan.is

Company type

Private

Founded year

1909

Operating status

Operating

Headcount range

501–1,000 employees

Ownership category

akta.pro rank

Product category

Multi-Utility Services (District Heating, Electricity, Water, Sewage, Fiber)

NAICS

Electric Power Generation, Transmission and Distribution (2211), Steam and Air-Conditioning Supply (221330), Electric Power Generation (22111)

SIC

Cogeneration Services & Small Power Producers (4991), Electric, Gas & Sanitary Services (4900), Electric Services (4911)

akta.pro primary industry

Binary Cycle (ORC/Kalina) Geothermal Power Plants (EUACAHAC)

akta.pro secondary industry

Waste Heat Recovery & Heat Integration (HRSG/ORC, Pinch Analysis, Heat Exchangers) (EUABAJAF)

Keywords

• District heating services
• Geothermal electricity generation
• Municipal water supply
• Fiber optic telecommunications
• Carbon sequestration technology

Headquarters

HQ city

Reykjavík

HQ country

Iceland

HQ region

Europe

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

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

Revenue model

1. District Heating Services (Veitur): Revenue from heating water distribution to residential, commercial, and industrial customers. Veitur operates 13 district heating systems serving approximately 70% of Iceland's population. This is primarily a regulated monopoly service with regional exclusivity.
2. Electricity Generation and Distribution: Revenue from geothermal electricity production through Orka náttúrunnar (ON), sold to the national grid and directly to large industrial customers. Electricity is distributed through the company's infrastructure to end customers.
3. Water Supply Services (Veitur): Revenue from drinking water supply through water utilities. Water distribution serves approximately 45% of Iceland's population. This is primarily a regulated service with regional exclusivity.
4. Carbon Sequestration (Carbfix): Revenue from carbon sequestration services using Carbfix technology, providing carbon removal solutions to industrial clients seeking to offset emissions.
5. Telecommunications/Fiber Optic Services (Ljósleiðarinn): Revenue from high-speed fiber optic internet and related telecommunications services to residential and business customers across Iceland.
6. Electric Vehicle Charging (Orka náttúrunnar): Revenue from public EV charging infrastructure operated by Orka náttúrunnar (ON). The company operates over 1,000 charging connectors nationwide, including fast charging stations.

Go-to-market motion1 record

Distribution channels4 records

Marketing channels5 records

Core offering

Orkuveitan is a municipally-owned holding company that delivers integrated utility services — geothermal and hydroelectric electricity, district heating, drinking water, sewage, and fiber-optic telecommunications — to approximately 80% of Icelandic households across 20+ municipalities, primarily through its Veitur, Orka náttúrunnar (ON), and Ljósleiðarinn subsidiaries. The group also commercializes the proprietary Carbfix carbon mineralization technology for industrial CO2 storage and operates a nationwide EV charging network with more than 1,000 connectors.

Product overview

Orkuveitan (Reykjavik Energy) is a publicly-owned energy and utility company structured as a holding company with four main subsidiaries: Veitur (district heating and water utilities), Orka náttúrunnar/ON (geothermal electricity/heating production and EV charging), Ljósleiðarinn (fiber optic telecommunications), and Carbfix (carbon storage technology). The company provides comprehensive utility services including electricity, heating, water supply, wastewater treatment, and fiber connectivity across over 20 municipalities in Iceland. Core operations focus on geothermal energy utilization from high-temperature fields at Hellisheiði and Nesjavellir, with innovation programs in deep geothermal drilling (IDDP), carbon mineralization, and renewable energy diversification including wind power. The company also operates the VOR research fund and maintains environmental management systems certified to ISO 14001, with climate targets validated by Science Based Targets initiative (SBTi).

Differentiator

Problem solved

Functional benefit

Products and services

• Veitur District Heating and Water Services
• Orka náttúrunnar (ON) Geothermal Electricity and Heating
• ON Hleðsla EV Charging Network
• Ljósleiðarinn Fiber Optic Telecommunications
• Carbfix Carbon Mineralization Service
• Djúpnýting Deep Geothermal Program (IDDP / KMT)

Quantifiable outcome

• Near carbon-neutral operations at Hellisheiðarvirkjun through Carbfix technology
• +3 more outcomes

Named customers2 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Eleven partnerships are on record, tiered core and supporting.

• Landsvirkjun (National Power Company)coreStrategic or Co-development PartnerPartner in the Iceland Deep Drilling Project (IDDP), specifically IDDP-3. Collaboration on deep geothermal drilling research and development of super-heated geothermal resource utilization.
• HS OrkacoreStrategic or Co-development PartnerPartner in the Iceland Deep Drilling Project (IDDP), collaborating on deep geothermal research and development.
• Orkustofnun (National Energy Authority of Iceland)coreStrategic or Co-development PartnerPartner in the Iceland Deep Drilling Project (IDDP) and deep geothermal research initiatives.
• EquinorcoreStrategic or Co-development PartnerPartner in the Iceland Deep Drilling Project (IDDP), contributing to international collaboration on deep geothermal development.
• European Union / GeothermicasupportingStrategic or Co-development PartnerMultiple projects funded by EU and Geothermica including COMPASS, DEEPEN, HotCase, and GeoPro, focused on deep geothermal utilization and ultra-heated resource development.
• ON (Orka náttúrunnar)coreOthersSubsidiary of Orkuveitan specializing in geothermal electricity generation, EV charging infrastructure, and geothermal park operations. Operates Hellisheiðarvirkjun and Nesjavellir power plants.
• VeiturcoreOthersSubsidiary of Orkuveitan operating 13 district heating systems serving approximately 70% of Iceland's population, and water supply serving 45% of population.
• LjósleiðarinnsupportingOthersSubsidiary of Orkuveitan providing fiber optic telecommunications services and main sponsor of the Ljósleiðaradeildin esports league.
• CarbfixcoreOthersSubsidiary of Orkuveitan developing and commercializing the Carbfix carbon sequestration technology, which mineralizes CO2 in basaltic rock.
• IKEA IcelandsupportingStrategic or Co-development PartnerPartnership for EV charging infrastructure at IKEA locations. ON installed fast charging stations at IKEA Kauptúni in Garðabæ, expanding to 8 new 240 kW fast charging connectors plus existing CHAdeMO, CCS, and neighborhood charging.
• Rafíþróttasamband Íslands (RÍSÍ)supportingGTM or Marketing PartnerLjósleiðarinn sponsors the Ljósleiðaradeildin (Counter-Strike esports league), providing main sponsorship for Iceland's top esports division.

Scale indicators14 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Landsvirkjun: Iceland's national power company, primarily hydroelectric with geothermal exposure; co-partner with Orkuveitan in the Iceland Deep Drilling Project (IDDP). Directly comparable as a state/municipally-owned Icelandic energy utility operating geothermal and hydro assets.
• HS Orka: Major Icelandic geothermal power and heat producer, also an IDDP partner. Closest direct competitor in Icelandic geothermal electricity and district heating, with overlapping CHP operations and Reykjanes peninsula exposure.
• Enwave Energy Corporation: Canadian district energy utility operating deep-lake water cooling and district heating networks (Toronto, Atlanta, etc.). Closest pure-play district-heating peer with similar CHP economics and municipal-utility customer base.

Emerging players

• 44.01: Oman-based carbon mineralization company using a method closely related to Carbfix (CO2 dissolved in water and mineralized in peridotite/basalt). Direct technology peer to Carbfix for permanent geological CO2 storage at industrial scale.
• Climeworks: Swiss direct air capture company commercializing carbon removal. Adjacent competitor in the durable carbon-removal market where Carbfix competes; useful comparable for unit economics, project scale, and CDR pricing dynamics.
• Reykjavik Geothermal: Private Icelandic geothermal developer with international project pipeline. Adjacent peer sharing Icelandic geothermal expertise and resource access, though focused on greenfield development rather than integrated utility operations.

Broad incumbents

• Fortum: Nordic utility with significant district heating, geothermal, and hydro operations across Finland, Sweden, and the Baltics. Comparable as a regulated, integrated district-heating/electricity utility operating in cold-climate markets.
• Veolia Environnement: Global environmental services group with large district heating, water, and waste operations across Europe. Comparable to Veitur's district heating and water business and to Orkuveitan's integrated municipal-utility model.
• Statkraft: Norwegian state-owned renewable energy company, predominantly hydro. Comparable as a Nordic, state-owned renewable power producer with district heating exposure and significant capex programs.
• Veolia Énergie / Dalkia: Veolia's energy services arm focused on district heating and energy networks in France, Central Europe, and the UK. Direct comparable to Veitur's district-heating footprint in terms of asset type and contracted, regulated revenue model.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/orkuveita-reykjav-kur

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Subsidiaries4 records

Funding overview

Funding rounds4 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 Orkuveitan