Orkusalan

What Orkusalan does

Orkusalan (legal name Orkusölunnar ehf.) is a privately-held Icelandic electricity retail company headquartered in Kópavogur that sells electricity to residential and business customers across Iceland. Founded in 2006, the company operates six hydroelectric power plants (Lagarfoss, Grímsá, Smyrla, Rjúkanda, Skeiðsfoss, and one further plant) and purchases wholesale electricity from Landsvirkjun and Fallorka's plants, supplying 100% renewable energy to more than 30,000 customers. Orkusalan states it is the only electricity sales company in Iceland that has offset the carbon footprint of its entire operations, making it the only carbon-neutral electricity retailer in the country.

The company's offer is organized around four residential electricity plans differentiated by price and time-of-use features: SparOrka (lowest-priced at 9.82 kr/kWh), NæturOrka (off-peak between 23:00–07:00), HleðsluOrka (paired with public-charging discounts), and GrænOrka (premium renewable with Guarantees of Origin). Underlying platform components include SmartFlows-based digital onboarding (reducing signup time from days to roughly two minutes, via Taktikal), smart-meter-driven automated billing, and a billing stack being migrated to cloud infrastructure through Advania and Ferranti. Orkusalan also operates a nationwide EV charging infrastructure: a public fast-charging network (StoppuStuð, including stations up to 200 kW at Vík), a home charging subscription service (HleðsluStuð, in three tiers from 7 kW to 22 kW), and the Grænt ljós certification program for business customers requiring verified renewable electricity sourcing.

Commercially, Orkusalan runs a lean operation of 11–50 employees generating recurring monthly electricity revenue from residential customers, dedicated-advisor-served B2B contracts, three-tier EV home charging subscriptions (990–3,410 kr/month), per-kWh public charging fees (with HleðsluOrka discounts), one-time charger installation fees, and Guarantees of Origin sales. Growth levers include the November 2025 Fallorka customer acquisition in Akureyri (with a new regional office), ongoing charging-network rollout, and moving-incentive promotions (free boxes plus 8,000 kr Hopp credit). The firm was named 'The World's Best Green Brand' at the Charge Awards 2025 and holds ISO 14001, 45001, and 27001 certifications plus equal-pay certification. The company is in a leadership transition: CEO Magnús Kristjánsson stepped down on April 1, 2026 after nearly two decades, with Heiða Halldórsdóttir assuming the interim CEO role.

Name

Orkusalan

Legal name

Orkusölunnar ehf.

Website

https://orkusalan.is

Company type

Private

Founded year

2006

Operating status

Operating

Headcount range

11–50 employees

Short description

Orkusalan is a private Icelandic electricity retailer selling 100% renewable hydroelectric power to over 30,000 residential and business customers. It operates six hydropower plants, four differentiated pricing plans, a public EV fast-charging network, and home charging subscription services across Iceland.

Ownership category

akta.pro rank

Product category

Electricity Retail

NAICS

Hydroelectric Power Generation (221111), Electric Power Generation, Transmission and Distribution (2211)

SIC

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

akta.pro primary industry

Turbines, Generators & Hydromechanical Equipment Manufacturing (OEMs) (EUACAEAH)

Keywords

• Electricity retail services
• Hydroelectric power generation
• EV charging network
• Renewable energy supply
• Time-of-use pricing

Headquarters

HQ city

Kópavogur

HQ country

Iceland

HQ region

Europe

Offices2 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

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

Revenue model

1. Residential electricity sales: Monthly recurring revenue from households paying for electricity based on consumption (kWh) under various plan tiers (SparOrka, NæturOrka, GrænOrka, HleðsluOrka). Bills are issued monthly with due date the second business day of each month.
2. Business electricity sales: Electricity supply to businesses of all sizes with dedicated advisors for optimization. Includes Grænt ljós certification for businesses wanting 100% renewable electricity with Guarantees of Origin.
3. EV charging station subscription (HleðsluStuð): Monthly subscription fees for home EV charging stations in three tiers: NANÓ (990 kr/month, 7kW), MEGA (1,990 kr/month, 22kW), GÍGA (3,410 kr/month, 22kW). Includes equipment, all communication costs, and maintenance.
4. EV charging station installation: One-time installation fee for home charging stations at 119,990 kr per installation. Modification fee of 5,900 kr for changes.
5. Public fast charging stations: Revenue from public fast charging stations (150kW+ and standard 22kW public stations) at per-kWh rates. CCS-2 at 59 kr/kWh, CHAdeMO at 44 kr/kWh, Type 2 at 30 kr/kWh. 20% discount for HleðsluOrka customers.
6. Guarantees of Origin (upprunaábyrgðir): Sale of Guarantees of Origin certificates to businesses wanting certified renewable electricity. Since 2023, these are sold separately by Landsvirkjun on the open market rather than bundled with electricity.

Pricing tiers

Go-to-market motion3 records

Distribution channels6 records

Marketing channels8 records

Core offering

Orkusalan is an Icelandic electricity retailer that generates and sells 100% renewable hydroelectric electricity to residential and business customers across Iceland through four distinct price plans (SparOrka, HleðsluOrka, NæturOrka, GrænOrka). The company operates six hydroelectric power plants, offers home and public EV charging infrastructure through its HleðsluStuð subscription service and StoppuStuð public network, and provides the Grænt ljós green electricity certification for businesses. It is the only carbon-neutral electricity sales company in Iceland, serving more than 30,000 customers.

Product overview

Orkusalan is an Icelandic electricity company offering a comprehensive portfolio of electricity products and services. The core offering includes four distinct energy plans (SparOrka, HleðsluOrka, NæturOrka, GrænOrka) for households and businesses, differentiated by pricing structure and time-of-use features. Supporting services include HleðsluStuð (home charging station subscription with three tiers: NANÓ, MEGA, GÍGA), StoppuStuð (public fast charging network up to 200 kW), Grænt ljós (green electricity certification for businesses), and promotional moving boxes for new customers. All electricity is produced from 100% renewable hydroelectric sources, and the company operates six hydroelectric power plants nationwide.

Differentiator

Problem solved

Functional benefit

Brands

• HleðsluStuð: Home and business EV charging station subscription service offering Amina, Qudo, and Easee Charge stations for monthly fees ranging from 990-3,410 ISK.
• SparOrka
• GrænOrka
• HleðsluOrka
• NæturOrka
• Grænt ljós
• Heimastuð
• StoppuStuð
• Stuðsvell

Products and services

• SparOrka Lowest-priced electricity plan from Orkusalan for residential and small commercial customers, priced at 9.82 ISK/kWh with VAT for general usage and 8.79 ISK/kWh for electric heating. Designed for cost-focused households across Iceland.
• HleðsluOrka Electricity plan designed for EV owners offering competitive household electricity rates at 10.38 ISK/kWh plus a 20% discount on public charging stations across Orkusalan's StoppuStuð network.
• NæturOrka Night-time electricity plan offering 50% discount on electricity usage between 23:00 and 07:00 (from July 2026), requiring a smart meter. Daytime rate 12.97 ISK/kWh; off-peak rate 6.49 ISK/kWh with VAT.
• GrænOrka Premium green electricity plan at 15.38 ISK/kWh for customers seeking 100% renewable energy certification with Guarantees of Origin per international standards.
• HleðsluStuð Home and business EV charging station subscription service offering three tiers: NANÓ (7 kW Amina, 990 ISK/month), MEGA (22 kW Qudo, 1,990 ISK/month), and GÍGA (22 kW Easee Charge, 3,410 ISK/month). Subscription includes equipment, all communication costs, and maintenance. One-time installation fee of 119,990 ISK.
• StoppuStuð Public charging station network with stations ranging from 22 kW to 200 kW+ across Iceland, accessible via the e1 app or Orkusölulykill RFID key. Fast charging CCS-2 (150-225 kW) at 59 ISK/kWh; CHAdeMO at 44 ISK/kWh; Type 2 (22 kW) at 30 ISK/kWh. HleðsluOrka customers receive a 20% discount.
• Fyrirtæki (Business Electricity) Electricity services for businesses of all sizes with dedicated advisors providing expertise on electricity utilization, pricing, usage optimization, and cost-effective electricity management. Includes Grænt ljós certification for businesses wanting 100% renewable electricity with Guarantees of Origin for ESG reporting.
• Grænt ljós Green electricity certification for businesses, providing confirmation that all electricity used is 100% renewable with Guarantees of Origin per international standards. Issued to business customers including Nói Síríus, Klakavinnslan, and Hovdenak Distillery.
• Heimastuð Home charging solution for residential buildings (single-family and multi-family), with stations available for rent at 3,410 ISK/month for multi-family buildings.

Quantifiable outcome

• Carbon-neutral across entire company operations - only carbon-neutral electricity sales company in Iceland
• +4 more outcomes

Named customers5 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

Integration1 record

Feature5 records

Partnerships

Nine partnerships are on record, tiered core, strategic, minor and major.

• e1coreTechnology or IntegrationOrkusalan partnered with Icelandic software startup e1 to make all Orkusalan charging stations accessible through the e1 app, allowing EV drivers to find, charge, and pay at all Orkusalan stations from a single application. e1 aims to aggregate all charging stations in one place while enabling station owners to sell access to others.
• AdvaniacoreTechnology or IntegrationAdvania, one of Iceland's strongest IT companies, partnered with Orkusalan to upgrade the company's financial and billing systems. The cloud migration project began recently with planned completion by end of next year.
• FerranticoreTechnology or IntegrationFerranti, based in Belgium, is the manufacturer of Orkusalan's billing system that has been used for several years. In partnership with Advania, Ferranti is upgrading the system to cloud infrastructure.
• TaktikalstrategicTechnology or IntegrationTaktikal, an Icelandic company, provides SmartFlows automation platform used by Orkusalan for customer onboarding. The partnership has been critical in reducing customer acquisition time from days to minutes for new electricity customers.
• HoppminorGTM or Marketing PartnerOrkusalan offers customers who sign up when moving 8,000 kr. credit with Hopp (an Icelandic moving service) along with 10 free moving boxes. Partnership provides added incentive for customers switching to Orkusalan during relocations.
• KÍO (Konur í orkumálum)strategicGTM or Marketing PartnerSigmundína Sara Þorgrímsdóttir, marketing specialist at Orkusalan, was elected to the board of KÍO (Women in Energy). Orkusalan supports gender equality in the energy sector through this involvement.
• MotusminorImplementation/ SI/ Consulting PartnerMotus handles debt collection for unpaid invoices from Orkusalan. After 20 days from due date, claims are transferred to Motus for collection, with collection letters sent at the customer's expense.
• FallorkamajorStrategic or Co-development PartnerFallorka (Akureyri) ceased electricity sales and made an agreement with Orkusalan. Orkusalan purchases all electricity produced by Fallorka's power plants and now serves Akureyri customers directly. Orkusalan also opened a regional office in Akureyri as a result.
• Landsvirkjun (National Power Company)majorStrategic or Co-development PartnerLandsvirkjun supplies wholesale electricity to Orkusalan and sells Guarantees of Origin separately since 2023. Orkusalan's electricity originates from Landsvirkjun hydroelectric production, and upprunaábyrgðir (Guarantees of Origin) are provided through this relationship.

Scale indicators7 records

Recent moves7 records

Expansion highlights7 records

Broad incumbents

• Vattenfall: Vattenfall is a Swedish state-owned utility with renewable generation and electricity retail across Northern Europe. Comparable to Orkusalan as a renewable-heavy utility retailer with strong sustainability positioning, though at vastly larger scale.
• Ørsted: Ørsted is a Danish renewable energy major with global wind/solar generation and energy retail operations. Comparable to Orkusalan as a renewable-only utility with strong green brand positioning, though at much larger scale and broader geographic scope.
• Octopus Energy: Octopus Energy is a UK-based renewable electricity retailer that has expanded into EV charging, heat pumps, and international markets. Closely comparable to Orkusalan's renewable retail + EV charging + tech-led customer experience business model, though at much larger scale.
• Fortum: Fortum is a large Nordic utility with renewable and nuclear generation and electricity retail across the Nordics. Comparable to Orkusalan as a renewable-focused utility retailer, though at vastly larger scale and broader geographic scope.

Direct peers

• HS Orka: HS Orka is Iceland's leading geothermal utility, generating electricity and hot water and selling electricity to retail customers across Iceland. It is Orkusalan's most direct competitor in the Icelandic residential and business electricity retail market, with a similar renewable generation-to-retail model.
• Landsvirkjun: Landsvirkjun is Iceland's state-owned national power company and Orkusalan's largest wholesale supplier. It also operates an electricity retail arm, competing directly with Orkusalan for Icelandic residential and business customers while benefiting from state backing.
• Nova: Nova is an Icelandic telecom operator that expanded into electricity retail, competing directly with Orkusalan for residential and small business customers in Iceland with a similar digital-led, multi-product customer proposition.

Others

• e1: e1 is an Icelandic software platform that aggregates EV charging stations across operators, with Orkusalan's charging network accessible via the e1 app. Strategic technology partner rather than direct competitor—adjacent infrastructure provider in Orkusalan's EV ecosystem.

Emerging players

• Ionity: Ionity is a European EV fast-charging joint venture between major automakers. Comparable to Orkusalan's StoppuStuð public charging network as a multi-site high-power EV charging operator, though at much larger geographic scale.

Regional players

• Orkubú Vestfjarða: Orkubú Vestfjarða is a regional Icelandic utility serving the Westfjords region with electricity and district heating. Comparable to Orkusalan as an Icelandic electricity provider, though operating at smaller scale in a distinct regional geography.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

• Xx.com/orkusalan
• Facebookfacebook.com/Orkusalan
• LinkedInlinkedin.com/company/orkusalan

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Funding overview

Funding rounds

Investors

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 Orkusalan