GEG

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

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

• Geothermal engineering services
• Thermoelectric power generation
• Absorption cooling systems
• Wellhead power plants
• Cold chain storage

Headquarters

HQ city

Reykjavík

HQ country

Iceland

HQ region

Europe

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. 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

Core 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

Segments3 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

One partnership is on record.

• Local Partners (Joint Ventures)coreStrategic or Co-development PartnerGEG 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

Direct 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

• LinkedInlinkedin.com/company/gegpower

Revenue estimate

Valuation estimate

Number of profiles

Subsidiaries4 records

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 GEG