GEG
- Company typePrivate
- Founded2024
- HeadquartersReykjavík, Iceland
- Headcount11–50
- GTM typeB2B
- OfferingServices
GEG firmographics
Firmographics- Name
- GEG
- Legal name
- GEG Asset Management Corp.
- Website
- https://gegpower.is
- Company type
- Private
- Founded year
- 2024
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Ownership category
- akta.pro rank
GEG industry classification
Industry- Product category
- Geothermal Energy Services and Technology
- NAICS
- Geothermal Electric Power Generation (221116), Steam and Air-Conditioning Supply (22133)
- SIC
- 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
- Geothermal Power Generation Operations & Maintenance (Plant O&M, Performance Optimization) (EUAMAEAF), Geothermal Direct Use Heat Projects (District Heating, Greenhouses, Aquaculture, Industrial Heat) (EUAMAEAG)
Keywords
Where GEG is headquartered
LocationHeadquarters
- HQ city
- Reykjavík
- HQ country
- Iceland
- HQ region
- Europe
Offices3 records
Markets served
GEG business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Technology or R&D, Operations, Infrastructure, Marketing or Sales
Revenue model
- Engineering Services: GEG Geoneer provides engineering services to optimize new geothermal plants and retrofit existing plants. Revenue appears to come from professional services and project-based engagements with clients and joint venture partners.
Go-to-market motion1 record
Distribution channels1 record
Marketing channels3 records
GEG product offering
Product offeringCore offering
GEG is a geothermal development firm that plans, engineers, and builds geothermal wellhead power plants and adjacent energy systems. Through its operating subsidiaries it provides engineering optimization for new and existing geothermal plants, commercializes thermoelectric generation technology from low temperature geothermal resources, and delivers geothermal-powered absorption cooling for agricultural cold chain and food security applications.
Product overview
GEG is a geothermal energy company organized as a platform-plus-subsidiaries architecture. Following restructuring completed in December 2023, the refreshed Group operates through three core subsidiaries: GEG Geoneer provides engineering and design optimization services for geothermal power plants; GEG Geosleeve commercializes thermoelectric generation technology from low temperature geothermal; and GEG Geocool delivers agricultural cold chain and food security solutions using geothermal-powered absorption cooling. All operating companies are supported by strategic direction and centralized management from GEG Asset Management Corp. and GEG KE Ltd.
Differentiator
Problem solved
Functional benefit
Products and services
- GEG Geoneer GEG Geoneer provides innovative engineering services to optimize new geothermal power plants at the design stage and to retrofit plants already in operation, for national utilities and geothermal plant operators.
- GEG Geosleeve GEG Geosleeve commercializes thermoelectric generation technology that converts low temperature geothermal resources into electricity, for utilities, industrial users, and communities seeking clean baseload power from lower-enthalpy resources.
- GEG Geocool GEG Geocool delivers geothermal-powered absorption cooling for agricultural storage and food security, providing stand-alone cold storage and co-location at existing facilities with residual heat, for agricultural operators and food supply chain entities.
- Geothermelectric Panel Geothermelectric Panel is a newly designed product that converts low temperature geothermal resources into electricity via thermoelectric generation; demonstrated as a world-first panel design during the 2024 Milken-Motsepe Prize finals.
Quantifiable outcome
- World's first field test of thermoelectric generation by low temperature geothermal (2023)
- +2 more outcomes
Companies that use GEG
Customer profileSegments3 records
Ideal customer profiles3 records
GEG technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature4 records
GEG partnerships and signals
Strategic signalPartnerships
One partnership is on record.
- Local Partners (Joint Ventures)coreGEG Geoneer has agreed joint ventures with local partners to originate projects in several new sites following months of co-development work. Focus areas include shallow wells with medium enthalpy geothermal directed to power generation and lower enthalpy into Geocool controlled atmosphere facilities. Projects include repeat of the GEG success repowering Bjarnaflag in Iceland at new power plants.
Scale indicators4 records
Recent moves7 records
Expansion highlights5 records
GEG competitors and assessment
Company assessmentDirect peers
- Ormat Technologies: U.S.-listed geothermal power developer and equipment manufacturer with binary-cycle plants and EPC capability. Directly comparable as a vertically integrated geothermal power operator with engineering and generation in one stack.
- Mannvit: Icelandic engineering consultancy that designs, supervises, and optimizes geothermal power and district-heating projects worldwide. Closest functional peer to GEG Geoneer's engineering, design, and repowering service line.
- Cyrq Energy: Independent geothermal power producer with assets across the western U.S. and operations in Chile and other markets. Comparable as a focused geothermal IPP that also pursues greenfield and redevelopment projects.
Broad incumbents
- Turboden (Mitsubishi Heavy Industries): Long-established Italian ORC turbogenerator supplier now under MHI, serving geothermal and waste-heat recovery projects globally. Comparable as the incumbent binary-cycle equipment option for the geothermal segment GEG targets.
- Jacobs Solutions: Large diversified engineering and EPC firm with significant power and renewable energy practices. Comparable as a high-end competitor for geothermal owner's-engineer, repowering, and EPC engagements.
Emerging players
- Eavor Technologies: Canadian developer of closed-loop geothermal systems intended to enable scalable, dispatchable baseload power. Comparable as a next-generation geothermal technology company pursuing commercialization.
- Climeon: Swedish developer of low-temperature heat-to-power modules targeting industrial waste heat and geothermal. Closest comparable on the GeoSleeve thermoelectric / low-enthalpy generation technology axis.
- GreenFIRE Energy: Closed-loop geothermal startup with innovation-prize pedigree. Comparable as a smaller, technology-led geothermal developer targeting low-to-medium enthalpy resources.
Regional players
- Iceland Drilling: Iceland-headquartered geothermal drilling contractor serving Iceland and selected international markets. Overlaps with GEG Geoneer on the upstream/wellfield delivery side and shares the Icelandic geothermal ecosystem.
- KenGen: Kenya's state-owned geothermal utility operating the Olkaria field. Directly relevant as a customer and incumbent operator in one of GEG Geoneer and GEG GeoSleeve's active target markets.
Market position
Strengths4 records
Weaknesses4 records
Competitive moat3 records
Key risks4 records
Key highlights6 records
Customer concentration
GEG social profiles
Digital presenceGEG financial estimates
Financial estimateRevenue estimate
Valuation estimate
GEG leadership team
Management profileNumber of profiles
GEG subsidiaries and ownership
Company hierarchySubsidiaries4 records
GEG funding detail
Funding detailFunding overview
Funding rounds1 record
Investors1 record
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
GEG 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 GEG
What does GEG do?
GEG is a geothermal development firm that plans, engineers, and builds geothermal wellhead power plants and adjacent energy systems. Through its operating subsidiaries it provides engineering optimization for new and existing geothermal plants, commercializes thermoelectric generation technology from low temperature geothermal resources, and delivers geothermal-powered absorption cooling for agricultural cold chain and food security applications.
Is GEG a public or private company?
GEG is a private company. It is classified as founder individual operated bootstrapped and is currently operating.
When was GEG founded?
GEG was founded in 2024. It employs 11 to 50 people.
Where is GEG based?
GEG is headquartered in Reykjavík, Iceland, in the Europe region.
How does GEG make money?
One revenue line is on record: engineering Services.
Who are GEG's main competitors?
Direct peers on record are Ormat Technologies, Mannvit and Cyrq Energy. Broad incumbents are Turboden (Mitsubishi Heavy Industries) and Jacobs Solutions. Emerging players are Eavor Technologies, Climeon and GreenFIRE Energy. Regional players are Iceland Drilling and KenGen.
Does GEG have an API?
No public API is recorded for GEG.
What industry is GEG in?
GEG's product category is Geothermal Energy Services and Technology. Its primary akta.pro industry code is EUAMAEAE, Geothermal Power Plant EPC & Construction (Surface Facilities, Balance of Plant), with a secondary code of EUAMAEAF, Geothermal Power Generation Operations & Maintenance (Plant O&M, Performance Optimization). Its NAICS code is 221116 and its SIC code is 4991.