HS Orka

What HS Orka does

HS Orka hf. is Iceland's third-largest electricity producer and a diversified renewable energy operator founded in 1976, headquartered in Svartsengi, Grindavík. The company generates baseload electricity and district-heating hot water primarily from geothermal assets — most notably the Svartsengi power plant, which received a new 55 MW turbine unit in December 2025 (the largest geothermal steam separator in Iceland), and Reykjanesvirkjun. It also operates completed hydropower stations at Brú (10 MW) and Fjarðarárvirkjanir, with the 55 MW Hvalárvirkjun in preparation through majority-owned subsidiary VesturVerk, plus early-stage wind power exploration. Beyond generation, HS Orka sells electricity competitively to Icelandic households and businesses nationwide (including a 0 ISK/kWh overnight rate 01:00–06:00 for EV owners), offers EV charging hardware and subscription services under the Hleðsluáskrift brand using Autel 22 kW stations, and operates the Auðlindagarðurinn circular-economy resource park for geothermal by-product utilization. Active development projects include Eldvörp geothermal expansion (+25 MW targeted for ~2029), Krýsuvík resource drilling for Hafnarfjörður hot water supply, and participation in the IDDP-3 supercritical deep drilling cooperation.

Revenue is generated through four principal streams: electricity sales to households and large power consumers (~ISK 15.7B total revenue in 2025, up 8% YoY), hot water supply on the Reykjanes Peninsula, EV charging subscriptions, and sale of renewable Guarantees of Origin (Upprunaábyrgðir). Distribution is hybrid — self-serve online for residential customers via the 'Mínar síður' portal, direct enterprise sales for large power consumers, and the nationwide e1 EV charging network. Ownership sits under HS Orka Holding hf., a joint venture between Jarðvarmi slhf. and Magma Energy Sweden A.B. (the vehicle for Macquarie Infrastructure and Real Assets' 2019 investment). The company maintains ISO 9001/14001/45001 certifications, EcoVadis Gold (top 5% globally), and a 42% equity ratio (49% including subordinated shareholder loans), positioning it for continued infrastructure investment through 2029.

Name

HS Orka

Legal name

HS Orka hf.

Website

https://hsorka.is

Company type

Private

Founded year

1976

Operating status

Operating

Headcount range

51–100 employees

Short description

HS Orka is Iceland's third-largest electricity producer, generating geothermal and hydropower baseload power plus district-heating hot water, and selling electricity nationwide to households and businesses along with EV charging subscriptions and origin guarantees.

Ownership category

akta.pro rank

Product category

Renewable electricity and district heating utility

NAICS

Geothermal Electric Power Generation (221116), Electric Power Generation, Transmission and Distribution (2211), Steam and Air-Conditioning Supply (22133)

SIC

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

akta.pro primary industry

Geothermal Power Plant EPC & Construction (Surface Facilities, Balance of Plant) (EUAMAEAE)

akta.pro secondary industries

Thermal Power Plant Modernization & Life Extension (Boiler/Turbine/Generator) (EUAEALAA), Heat Exchangers & Thermal Transfer Equipment (IMAHAKAC)

Keywords

• Geothermal power generation
• Renewable electricity supply
• EV charging infrastructure
• Hydropower generation
• District heating services

Headquarters

HQ city

Grindavík

HQ country

Iceland

HQ region

Europe

Offices3 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

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

Revenue model

1. Electricity Sales: HS Orka sells electricity to households and businesses nationwide as a competitive electricity retailer. Revenue increased 8% YoY to approximately ISK 15.7 billion in 2025, driven by increased electricity sales to the general market, large power consumers, and wholesale. The company is the third-largest electricity producer in Iceland.
2. Hot Water Supply: HS Orka produces and supplies hot water from geothermal sources, serving communities on the Reykjanes Peninsula including Grindavík, contributing to district heating and industrial processes.
3. EV Charging Subscription (Hleðsluáskrift): Monthly subscription model for EV charging infrastructure (2,490–4,490 ISK/month) covering hardware rental, software, load balancing, and maintenance for residential (single-family and multi-family) and business customers.
4. Guarantees of Origin (GoO) / Upprunaábyrgðir: Sale of renewable energy origin certificates (green certificates) primarily from own production, to businesses and individuals seeking to certify their electricity consumption as 100% renewable.
5. Research Fund Grants: HS Orka distributes grants through its Rannsóknasjóður (Research Fund) to research projects related to its operations and sustainability goals, supported by government co-funding from Loftslags- og orkusjóður for IDDP-3.

Pricing tiers

Go-to-market motion2 records

Distribution channels5 records

Marketing channels7 records

Core offering

HS Orka is an Icelandic renewable energy utility that generates geothermal and hydropower electricity (third-largest producer in Iceland), supplying electricity, hot water, and EV charging services to households and businesses nationwide. It also sells Guarantees of Origin (Upprunaábyrgðir) certifying renewable energy to commercial and residential customers, and operates the Auðlindagarðurinn (Resource Park) for circular-economy utilization of geothermal by-products.

Product overview

HS Orka is a diversified Icelandic renewable energy company operating primarily in geothermal and hydropower electricity generation, EV charging infrastructure, and energy research. The company operates the Svartsengi geothermal power plant (expanded to 55 MW with the 7th unit in December 2025, making it the largest geothermal turbine in Iceland) and Reykjanesvirkjun, along with completed hydropower assets at Brú and Fjarðarárvirkjanir. Its core product lines are electricity supply for homes and businesses nationwide (including a competitive night-rate plan) and EV charging solutions offered through subscription (Hleðsluáskrift) with Autel-branded hardware (AC Compact and AC Wallbox at 22kW). Active development projects include geothermal exploration at Krýsuvík and Eldvörp, the 55 MW Hvalárvirkjun hydropower project (via VesturVerk subsidiary), wind power exploration, and participation in the IDDP deep drilling initiative. The company also operates the Auðlindagarðurinn (Resource Park) for circular economy utilization of geothermal by-products, and supports the energy sector through Rannsóknasjóður (Research Fund) and Samfélagssjóður (Community Fund) grant programs.

Differentiator

Problem solved

Functional benefit

Brands

• e1: EV charging service partner that provides access to HS Orka charging stations across Iceland through a mobile app
• Rannsóknasjóður HS Orku
• Samfélagssjóður HS Orku
• Auðlindagarðurinn

Products and services

• Rafmagn (Electricity Supply) Electricity supply service for households and businesses across Iceland, with a residential rate of 12.18 kr/kWh incl. VAT (9.82 kr/kWh excl. VAT) and a discounted 0 kr/kWh night rate from 01:00-06:00 to support EV charging. Business customers receive a 13.74 kr/kWh incl. VAT rate (11.09 kr/kWh excl. VAT) with bespoke contracts through direct sales advisors.
• Hot Water Supply (District Heating) Geothermal hot water supply for communities on the Reykjanes Peninsula, including Grindavík, supporting district heating and industrial processes using waste heat from the geothermal power plants.
• Hleðsluáskrift (EV Charging Subscription) Monthly subscription service for EV charging covering hardware rental, software, load balancing, electricity cost, and maintenance. Plans: 22 kW AC Compact at 2,490 ISK/month for single-family; 22 kW AC Wallbox at 4,490 ISK/month for single-family; 22 kW Standard at 4,490 ISK/month and 22 kW Smart at 4,990 ISK/month for multi-family buildings. Also offered to businesses as a turnkey EV charging solution for employees and customers.
• Public EV Charging (via e1) Pay-as-you-go public EV charging at HS Orka stations nationwide, accessible via the e1 mobile app and e1 RFID key. Pricing: 25 kr/kWh or 0.5 kr/minute; available to all EV owners across Iceland through the e1 charging network.
• Autel AC Compact EV Charging Station Smart EV charging station with up to 22 kW charging capacity, suitable for both single-family and multi-family buildings. Features built-in load management and multiple connectivity (WiFi, Ethernet, Bluetooth, 4G). Starting price 99,900 ISK; also available via Hleðsluáskrift subscription.
• Autel AC Wallbox EV Charging Station Advanced EV charging station with up to 22 kW charging capacity, built-in display (also usable for advertising), MID-certified meter, leakage protection, and connectivity (WiFi, Ethernet, Bluetooth, 4G). Starting price 199,900 ISK; also available via Hleðsluáskrift subscription.
• Upprunaábyrgðir (Guarantees of Origin) Sale of renewable energy origin certificates (green certificates) primarily from HS Orka's own geothermal and hydropower production, available to businesses and individuals seeking to certify their electricity consumption as 100% renewable. Priced at 15.21 kr/kWh incl. VAT as an optional add-on to the electricity supply contract.

Quantifiable outcome

• Revenue of ~15.7 billion ISK in 2025, up 8% YoY — best operating year in company history.
• +3 more outcomes

Named customers3 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

14 partnerships are on record, tiered minor, flagship and core.

• IEA Gas Management Task ForceminorStrategic or Co-development Partner · 8 June 2026HS Orka's Alma Gytha Huntingdon-Williams serves as co-host of the IEA Gas Management Task Force at WGC 2026, which is presenting first results of an international collaboration on how emissions from geothermal power plants are monitored, measured, and reported, and discussing ways to improve these processes.
• Green by IcelandminorGTM or Marketing Partner · 1 June 2026HS Orka exhibited at the 'Green by Iceland' booth at the World Geothermal Congress 2026 in Calgary, Canada (June 8-11, 2026), alongside other Icelandic companies showcasing Iceland's geothermal capabilities to international audiences.
• Orkuveitan (lead)flagshipStrategic or Co-development Partner · 11 May 2026Orkuveitan, Landsvirkjun, and HS Orka, with support from the Ministry of Environment, Energy and Climate (Umhverfis-, orku- og loftslagsráðuneytið), signed a cooperation agreement for the preparation and execution of the third deep drilling well (IDDP-3) at Nesjavellir. Orkuveitan leads the deep drilling project. The partnership aims to accelerate the development of next-generation geothermal systems as part of Iceland's long-term energy strategy.
• LandsvirkjunflagshipStrategic or Co-development Partner · 11 May 2026Landsvirkjun participates in the IDDP deep drilling cooperation alongside Orkuveitan and HS Orka. Landsvirkjun previously drilled IDDP-1 at Kröflu in 2009, which remains the hottest geothermal well ever drilled in the world. The partnership draws on decades of deep drilling experience across Iceland's major energy companies.
• Umhverfis-, orku- og loftslagsráðuneytið (Ministry of Environment, Energy and Climate)coreStrategic or Co-development Partner · 11 May 2026Iceland's Ministry of Environment, Energy and Climate (represented by Minister Jóhann Páll Jóhannsson) signed the IDDP-3 cooperation agreement alongside the three major Icelandic power companies. The government provides strategic direction, regulatory support, and co-funding (including a 310M ISK grant from Loftslags- og orkusjóður) for next-generation geothermal development.
• Grímsnes- og Grafningshreppur (Municipality)minorStrategic or Co-development Partner · 1 January 2026The municipality of Grímsnes- og Grafningshreppur is a partner in the IDDP-3 project, as the drilling site at Nesjavellir falls within its jurisdiction. The local government supports the project as part of regional energy infrastructure development.
• Háskóli Íslands (University of Iceland)minorStrategic or Co-development Partner · 1 January 2026University of Iceland researchers (Halldór Geirsson, Sonja Greiner) received funding from HS Orka's Rannsóknasjóður for the 'MagmaEst' project to improve magma source parameter estimates at Svartsengi using Finite Element Ground deformation models.
• Háskólinn í Reykjavík (Reykjavik University)minorStrategic or Co-development Partner · 1 January 2026Reykjavik University researchers (María Sigríður Guðjónsdóttir, Agata Rostran Largeaspada) with Egill Júlíusson from Arctic Green Energy received HS Orka Rannsóknasjóður funding for a project on real-time detection of geothermal well performance changes using machine learning and historical data.
• Jarðvísindastofnun Háskólans (Institute of Earth Sciences, University of Iceland)minorStrategic or Co-development Partner · 1 January 2026Institute researchers (Simon W. Matthews, Sæmundur Ari Halldórsson, Enikö Bali, Guðmundur Heiðar Guðfinnsson, Alberto Caracciolo) received HS Orka funding to quantify magmatic CO₂ and SO₂ inputs beneath Svartsengi, contributing to understanding of natural emissions at geothermal sites.
• Jarðhiti ehf.minorStrategic or Co-development Partner · 1 January 2026Andri Stefánsson from Jarðhiti ehf. received HS Orka Rannsóknasjóður funding for CO₂ Atlas accounting and assessment of CO₂ emissions from geothermal systems in Svartsengi and Reykjanes.
• e1 (Icelandic EV charging network)coreTechnology or IntegrationHS Orka partnered with Icelandic company e1 to enable EV charging at all HS Orka stations via the e1 app and RFID key. e1 aggregates charging stations across Iceland, allowing HS Orka customers to access charging infrastructure nationwide through a single app. HS Orka's stations are visible and accessible within the e1 charging network.
• Jarðboranir ehf.minorImplementation/ SI/ Consulting PartnerJarðboranir ehf. performed the initial deep exploration drilling at Sveifluháls on the Krýsuvík site and will conduct the drilling for the two new exploration boreholes planned for summer/autumn 2026. The company provides specialized directional drilling services using stefnuborun (directional drilling) techniques.
• Ellert Skúlason ehf. and Strendingur ehf.minorImplementation/ SI/ Consulting PartnerEllert Skúlason ehf. handles earthwork construction for new bore pads at the Krýsuvík site. Strendingur ehf. provides engineering supervision services for the project. Both were contracted for the second phase of exploration drilling.
• Hafnarfjarðarbær (Hafnarfjörður Municipality)coreStrategic or Co-development PartnerHafnarfjarðarbær approved the construction permit for two new exploration boreholes north of Bleikhól near Kleifarvatn, and previously signed a research and utilization agreement with HS Orka for geothermal resource rights in Krýsuvík for hot water production for Hafnarfjörður and the capital region, and electricity production for the national grid.

Scale indicators10 records

Recent moves14 records

Expansion highlights6 records

Broad incumbents

• Calpine Corporation: US-based independent power producer with the largest fleet of geothermal plants in North America (The Geysers complex). Peer in geothermal baseload power generation with comparable renewable positioning.
• Enel Green Power: Global renewable energy developer and operator (subsidiary of Enel Group) with geothermal capacity in Italy, the US, Chile, and Kenya. Peer as a large-scale renewable utility with operational geothermal experience relevant to HS Orka's growth trajectory.
• Ormat Technologies: US/Israeli vertically-integrated geothermal company that designs, manufactures, and operates geothermal power plants globally. Peer as both a geothermal operator and equipment provider, comparable to HS Orka's turbine operation expertise (though larger and equipment-focused).
• Contact Energy: New Zealand's largest electricity generator and second-largest gas retailer, with significant geothermal generation (Te Mihi, Ohaaki, Poihipi plants). Peer as a renewable-heavy utility with substantial geothermal capacity in a small-market competitive electricity structure.

Regional players

• Geysir Green Energy: Icelandic geothermal power company developing high-enthalpy resources for electricity generation. Peer in Icelandic geothermal development with overlapping expertise in the Reykjanes Peninsula volcanic environment.
• Pertamina Geothermal Energy: Indonesia's largest geothermal operator and one of the world's largest geothermal capacity holders. Peer in geothermal baseload generation at national scale, with comparable operations in volcanically active regions.
• KenGen (Kenya Electricity Generating Company): Kenya's leading electricity generation company with the largest geothermal portfolio in Africa (Olkaria fields). Peer in operating large-scale geothermal generation in a competitive electricity market, with similar government/policy alignment dynamics.

Direct peers

• Landsvirkjun: Iceland's national power company and the country's largest electricity producer, operating both geothermal and hydropower plants. Direct peer to HS Orka as a fellow Icelandic geothermal/hydro utility and IDDP co-participant, competing in the same competitive electricity market.
• Orkuveita Reykjavíkur (OR): Reykjavík's municipal energy utility providing electricity, hot water (district heating), and cold water. Direct peer to HS Orka in Icelandic geothermal electricity production and district heating, and IDDP-3 co-partner.
• Reykjavik Geothermal: Icelandic privately-held geothermal power developer with international project development. Peer in Icelandic geothermal resource development and high-temperature geothermal expertise, though more focused on project development than HS Orka's utility operations.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xtwitter.com/hsorka
• Facebookfacebook.com/hsorka
• LinkedInlinkedin.com/company/1176866
• Instagraminstagram.com/hs.orka

Compliance5 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Subsidiaries1 record

Funding overview

Funding rounds1 record

Investors1 record

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 HS Orka