Carbon Iceland
Carbon Iceland, founded in 2020 in Reykjavík, is a privately-held development company that captures industrial CO2 (initially from aluminum smelters) and converts it into renewable eMethanol and DME fuels for maritime, fishing, aviation, and heavy-transport customers, with its Grundartangi facility targeted for 2028 operations and an India expansion underway via Bharatia and JSW Steel.
- Company typePrivate
- Founded2020
- HeadquartersReykjavík, Iceland
- Headcount11–50
- GTM typeB2B
- OfferingHardware or Manufacturing
What Carbon Iceland does
Carbon Iceland is a privately-held, Iceland-based development company founded in 2020 by Hal Oskarsson that captures CO2 from industrial emissions and converts it into renewable fuels, principally eMethanol (green methanol) and DME. The company's technology combines point-source CO2 capture from industrial emitters — initially aluminum smelters at Grundartangi operated by Norðurál, a Century Aluminum subsidiary — with green hydrogen produced by water electrolysis powered by Iceland's renewable grid (geothermal, hydroelectric, supplemented by wind via partner Zephyr). The outputs are drop-in renewable fuels designed to be compatible with existing maritime, fishing, aviation, and heavy-transport engines without full fleet replacement. The technology stack relies on best-in-class external partners: Johnson Matthey provides CO2-to-methanol catalyst technology, Mitsubishi Heavy Industries provides carbon capture technology, and Siemens Energy provides hydrogen production technology and Power-to-X expertise. Operational targets are approximately 1.2 million tons per year of CO2 capture and 300,000 tons per year of renewable fuel production once the planned Grundartangi Eco-Industrial Park facility — more than 25 hectares of land secured in January 2026 — becomes operational, which the company expects in 2028.
Carbon Iceland firmographics
Firmographics- Name
- Carbon Iceland
- Legal name
- Carbon Iceland
- Website
- https://carboniceland.is
- Company type
- Private
- Founded year
- 2020
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- Carbon Iceland, founded in 2020 in Reykjavík, is a privately-held development company that captures industrial CO2 (initially from aluminum smelters) and converts it into renewable eMethanol and DME fuels for maritime, fishing, aviation, and heavy-transport customers, with its Grundartangi facility targeted for 2028 operations and an India expansion underway via Bharatia and JSW Steel.
- Ownership category
- akta.pro rank
Carbon Iceland industry classification
Industry- Product category
- Renewable Methanol Production
- NAICS
- Industrial Gas Manufacturing (32512), Industrial Gas Manufacturing (325120)
- SIC
- Chemicals & Allied Products (2800)
- akta.pro primary industry
- CO₂‑to‑Chemicals (C1/C2+ chemicals: formic acid, CO, syngas, ethylene/propylene pathways) (EUABAIAC)
- akta.pro secondary industry
- Chemical Looping Combustion/Reforming (Oxygen Carrier-based Capture) (EUABAGAH)
Keywords
Where Carbon Iceland is headquartered
LocationHeadquarters
- HQ city
- Reykjavík
- HQ country
- Iceland
- HQ region
- Europe
Offices2 records
Markets served
Carbon Iceland business model
Business model- GTM type
- B2B
- Offering type
- Hardware or Manufacturing
- Cost components
- Infrastructure, Technology or R&D, Personnel, Supply Chain, Operations
Revenue model
- Renewable Fuel Sales (eMethanol): Production and sale of renewable methanol fuel to maritime, fishing, aviation, and heavy transport industries. Revenue generated through long-term off-take agreements with industrial customers.
- Green Liquid CO2 Sales: Sale of captured and purified liquid CO2 to beverage, greenhouse, and chemical industries. Revenue from CO2 sales to industrial customers like Ölgerðin.
- Carbon Sequestration Services: Conveying captured CO2 to carbon sequestration (storage) as part of a wide approach to maximize benefits across industries.
Go-to-market motion1 record
Distribution channels3 records
Marketing channels5 records
Carbon Iceland product offering
Product offeringCore offering
Carbon Iceland captures CO2 from industrial emitters such as aluminum smelters and combines it with green hydrogen from renewable electricity to produce renewable methanol (eMethanol) and other eFuels for hard-to-electrify sectors including maritime, fishing, aviation, and heavy-duty road transport. The company also sells green liquid CO2 to beverage, greenhouse, and chemical industries, and offers large-scale industrial carbon capture services targeting 1.2 million tons/year of CO2 and 300,000 tons/year of renewable fuel output.
Product overview
Carbon Iceland operates as a development company focused on creating scalable solutions for capturing CO2 from industrial emissions and converting it into eFuels. The company's product portfolio centers on renewable methanol (eMethanol) and renewable fuels (eFuels) produced by combining captured CO2 with green hydrogen through electrolysis. Secondary products include green liquid CO2 for industrial applications and DME fuel. The core offering combines CO2 capture services from Icelandic aluminum smelters with eFuel production facilities, targeting 300,000 tons/year of renewable fuel production and 1.2 million tons/year of CO2 capture capacity. International expansion includes green methanol projects in India with partner Bharatia, targeting 300,000 tonnes per annum production capacity.
Differentiator
Problem solved
Functional benefit
Products and services
- eMethanol (Renewable Methanol) Renewable methanol produced by combining captured industrial CO2 with green hydrogen via electrolysis, sold as a drop-in alternative fuel for maritime, fishing, aviation, and long-range heavy transport applications with no or minor engine modifications required.
- DME (Dimethyl Ether) Renewable dimethyl ether fuel option planned for long-distance maritime industry, providing an alternative renewable fuel pathway for engine types requiring transformation alongside eMethanol.
- Green Liquid CO2 Renewable liquid carbon dioxide produced as a byproduct of the carbon capture and eFuel production process and sold to beverage producers, greenhouse operators, and chemical industry customers such as Ölgerðin (Iceland's largest beverage producer).
- Industrial Carbon Capture Services Large-scale CO2 capture from industrial emissions, primarily aluminum smelters such as Norðurál at Grundartangi, targeting capture of 1.2 million tons/year of CO2, with planned diversification into Direct Air Capture (DAC) at later stages.
Quantifiable outcome
- Capturing more than 1 million tons/year of CO2 from Icelandic smelters
- +3 more outcomes
Companies that use Carbon Iceland
Customer profileNamed customers2 records
Segments4 records
Ideal customer profiles5 records
Carbon Iceland technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature3 records
Carbon Iceland partnerships and signals
Strategic signalPartnerships
Eleven partnerships are on record, tiered core and supporting.
- JSW SteelcoreStrategic MoU signed during India-Nordic Summit in Oslo for green methanol project in India with planned capacity of 300 KTPA. JSW Steel provides industrial infrastructure and CO2 from Raigad facility in Maharashtra. Project uses captured CO2 and green hydrogen from renewable energy sources.
- BharatiacoreJoint project execution and financing partner in green methanol initiative with JSW Steel and Carbon Iceland. Bharatia handles project execution and financing for the India-based green methanol project.
- FaxaflóahafnircoreLand agreement signed for CO2 capture and eMethanol production facility at Grundartangi Eco-Industrial Park. Agreement covers more than 25 hectares. Gunnar Tryggvason, CEO of Faxaflóahafnir signed on behalf of the eco-industrial park operator.
- BharatiacoreMaster Collaboration Agreement (MCA) to jointly develop green methanol projects in India. Bharatia provides project development, financing, and platform-building capabilities. First initiative under the India-Iceland SITE Network. Initial project archetype targets 300,000 tonnes per annum production capacity with estimated USD 7.5 economic multiplier per USD invested.
- Johnson Matthey (JM)coreMoU to accelerate deployment of sustainable methanol. JM provides market-leading CO2-to-methanol technology enabling efficient methanol production at scale with low carbon intensity. Partnership supports Iceland's journey toward carbon neutrality by 2040.
- ÖlgerðinsupportingAgreement for buying green liquid CO2 from Carbon Iceland plant starting in 2028. Ölgerðin is the largest beverage producer in Iceland producing, importing, distributing and selling beverages and food products.
- Mitsubishi Heavy IndustriescoreWorld-leader in capture technologies discussing to provide optimal capture technology solution for Carbon Iceland's project. Carbon capture installations developed by MHI are part of the production chain.
- ZephyrsupportingWind energy partnership for Carbon Iceland project. Zephyr is a wind energy producer aiming for installation of several wind energy projects in Iceland. Wind energy complements the project's design assumption for considerable portion of energy supply.
- Siemens EnergycoreCollaboration on design processes for Carbon Iceland production plants and facilities. Siemens Energy provides hydrogen production technology, compression equipment, and Power-to-X expertise. World-class knowledge and experience in eFuel project design and international implementation.
- Norðurál (Century Aluminum Company)coreAgreement to evaluate feasibility of capturing emissions at Norðurál's site at Grundartangi. First major CO2 source for Carbon Iceland. Evaluation to determine how capture technology integrates with smelter operations and plan toward full capturing facility.
- Útgerðarfélag ReykjavíkurcoreOff-take agreement securing renewable fuel for the whole fishing fleet operated by Útgerðarfélag Reykjavíkur. Company has modified vessel Guðmundur í Nesi RE-13 engines to prepare for renewable fuels. First customer and pioneer in renewable fuels for Icelandic maritime industry.
Scale indicators5 records
Recent moves5 records
Expansion highlights7 records
Carbon Iceland competitors and assessment
Company assessmentOthers
- JSW Steel: India's leading steel producer and Carbon Iceland's named Indian project partner for green methanol from its Raigad facility. Functions both as a strategic partner (CO2 supplier, infrastructure host) and as an industrial peer operating in the same decarbonization value chain.
Direct peers
- HIF Global: Developer of eFuels (eMethanol and eGasoline) from green hydrogen and captured CO2, with flagship projects in Chile and the US. Comparable in technology pathway and project-development orientation to Carbon Iceland's renewable fuels portfolio.
- Liquid Wind: Sweden-based eMethanol project developer combining captured biogenic CO2 with green hydrogen. Closely comparable business model (project developer/integrator, multi-site replication, shipping/marine offtake focus) to Carbon Iceland.
- Norsk e-Fuel: Norway-based eFuels (eMethanol/eKerosene) project developer targeting aviation decarbonization. Comparable project-development approach and Nordic geography, with overlapping maritime and aviation end-markets.
- Carbon Recycling International: Iceland-headquartered pioneer of CO2-to-methanol (Emissions-to-Liquids) technology. Closest direct peer to Carbon Iceland — same Icelandic base, same CO2-to-methanol pathway, and Carbon Iceland's own VP Business Development previously held commercial roles at CRI.
Emerging players
- Climeworks: Swiss-based Direct Air Capture (DAC) company with which Carbon Iceland has engaged (via Carbon Engineering) for potential DAC deployment in Iceland. Comparable on the future DAC layer of Carbon Iceland's portfolio and on serving voluntary carbon markets.
- Sunfire: Germany-based developer of high-temperature electrolyzers and Power-to-X eFuels (including eMethanol and eSAF). Comparable technology orientation and serves overlapping end-markets (shipping, aviation, chemicals).
- CarbonClean: UK-based CCUS technology provider focused on industrial-scale CO2 capture for hard-to-abate sectors (cement, steel, refining). Comparable on the capture side of Carbon Iceland's value chain and a potential technology peer rather than full-stack competitor.
Broad incumbents
- Methanex: World's largest methanol producer with an established renewable methanol program. Competes with Carbon Iceland for green-methanol offtake relationships with global shipping majors and benefits from incumbency, balance sheet, and existing customer relationships.
- Maersk: Global shipping leader that has signed multi-billion-dollar offtake agreements with green methanol producers and is actively building methanol-powered vessel capacity. Represents both a major offtake counterparty and a strategic competitor for shipping-fuel demand.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat6 records
Key risks6 records
Key highlights7 records
Customer concentration
Carbon Iceland social profiles
Digital presenceCarbon Iceland financial estimates
Financial estimateRevenue estimate
Valuation estimate
Carbon Iceland leadership team
Management profileNumber of profiles
Profiles3 records
Carbon Iceland funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Carbon Iceland M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Carbon Iceland
What does Carbon Iceland do?
Carbon Iceland captures CO2 from industrial emitters such as aluminum smelters and combines it with green hydrogen from renewable electricity to produce renewable methanol (eMethanol) and other eFuels for hard-to-electrify sectors including maritime, fishing, aviation, and heavy-duty road transport. The company also sells green liquid CO2 to beverage, greenhouse, and chemical industries, and offers large-scale industrial carbon capture services targeting 1.2 million tons/year of CO2 and 300,000 tons/year of renewable fuel output.
Is Carbon Iceland a public or private company?
Carbon Iceland is a private company. It is classified as founder individual operated bootstrapped and is currently operating.
When was Carbon Iceland founded?
Carbon Iceland was founded in 2020. It employs 11 to 50 people.
Where is Carbon Iceland based?
Carbon Iceland is headquartered in Reykjavík, Iceland, in the Europe region.
How does Carbon Iceland make money?
Three revenue lines are on record. Renewable Fuel Sales (eMethanol) is the primary driver. The others are green Liquid CO2 Sales and carbon Sequestration Services.
Who are Carbon Iceland's main competitors?
JSW Steel is listed as an others. Direct peers are HIF Global, Liquid Wind, Norsk e-Fuel and Carbon Recycling International. Emerging players are Climeworks, Sunfire and CarbonClean. Broad incumbents are Methanex and Maersk.
Does Carbon Iceland have an API?
No public API is recorded for Carbon Iceland.
What industry is Carbon Iceland in?
Carbon Iceland's product category is Renewable Methanol Production. Its primary akta.pro industry code is EUABAIAC, CO₂‑to‑Chemicals (C1/C2+ chemicals: formic acid, CO, syngas, ethylene/propylene pathways), with a secondary code of EUABAGAH, Chemical Looping Combustion/Reforming (Oxygen Carrier-based Capture). Its NAICS code is 32512 and its SIC code is 2800.