Iceland Renewable Energy Cluster

What Iceland Renewable Energy Cluster does

Iceland Renewable Energy Cluster (Orkuklasinn / IREC), now operating as ORKIS – Energy Cluster Iceland following the April 2026 merger with GEORG and integration of Icelandic New Energy, is a non-profit, membership-based cluster organization formally established on February 15, 2013. The cluster coordinates public and private entities across Iceland's renewable energy value chain, including geothermal, hydropower, wind power, and Power-to-X, and serves over 50 member organizations ranging from power producers and project developers to consultancies, manufacturers, maintenance providers, research institutions, academia, and public-sector bodies. It is headquartered at Suðurlandsbraut 48, Reykjavík (Iceland), with a small core team of 3–10 people led by Managing Director Rósbjörg Jónsdóttir.

The cluster's product surface consists of coordinated programs and services rather than proprietary technology. Core offerings include the biennial Iceland Geothermal Conference (IGC), held at Harpa, Reykjavík, with IGC 2027 scheduled for May 25–27, 2027 as a Strategic Partner event with the International Geothermal Association (IGA); the IS AFL Fjárfesting investment fund established in partnership with Íslandssjóðir in January 2024 alongside the IS AFL Nýsköpun innovation action; an Innovation Group platform supporting renewable-energy startups; working groups covering international affairs (AOK), innovation (IOK), IGC, and the Future Group (FOK); and a member network platform. Strategic priorities include protecting member intellectual property, strengthening Iceland's international brand in geothermal and renewable energy, and supporting capacity building in over 30 countries via the UNU Geothermal Training Programme and related international projects.

IREC monetizes through three primary streams: annual quote-based membership fees (subscription/recurring), conference and event revenue from sponsorships, partner contributions, and delegate fees (professional services), and managed-services revenue from the IS AFL Fjárfesting fund. Marketing and member acquisition are driven by IGC, working groups, international delegations, and a Mailchimp newsletter. Go-to-market is community-led and event-driven, emphasizing ecosystem collaboration, knowledge sharing, and international visibility rather than transactional sales of products or services.

Name

Iceland Renewable Energy Cluster

Legal name

Orkuklasinn / Iceland Renewable Energy Cluster

Website

https://energycluster.is

Company type

Private

Founded year

2013

Operating status

Operating

Headcount range

1–10 employees

Short description

ORKIS (formerly IREC) is a Reykjavík-based non-profit cluster organization coordinating 50+ public and private members across Iceland's geothermal, hydropower, wind, and Power-to-X value chains via the IGC conference, working groups, and the IS AFL Fjárfesting investment fund.

Ownership category

akta.pro rank

Product category

Renewable Energy Cluster Services

NAICS

Electric Power Generation, Transmission and Distribution (2211)

SIC

Electric, Gas & Sanitary Services (4900)

akta.pro primary industry

Incentives, Grants & Program Administration (Auctions, Tenders, IRA/ITC/PTC Advisory) (EUAMAAAJ)

akta.pro secondary industries

Geothermal Power Plant EPC & Construction (Surface Facilities, Balance of Plant) (EUAMAEAE), Wind Power Plant EPC (Onshore/Offshore) (EUAEAAAF)

Keywords

• Geothermal energy cluster
• Renewable energy membership
• Hydropower innovation network
• Power-to-X solutions
• Geothermal conference events

Headquarters

HQ city

Reykjavík

HQ country

Iceland

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Others

Revenue model

1. Membership Fees: IREC operates as a non-profit membership-based cluster organization. Members pay membership fees to be part of the cluster network and participate in collaborative activities, projects, and knowledge sharing initiatives.
2. Conference and Event Revenue: The Iceland Geothermal Conference (IGC) generates revenue through sponsorships, partner contributions, and attendance fees for international participants.
3. Investment Fund Management: The IREC Investment Fund (IS AFL Fjárfesting) in cooperation with Íslandssjóðir, creates investment opportunities in renewable energy projects with innovation action (IS AFL Nýsköpun).

Pricing tiers

Go-to-market motion2 records

Distribution channels2 records

Marketing channels5 records

Core offering

IREC is a non-profit, membership-based cluster organization that brings together public and private entities across Iceland's renewable energy value chain. It delivers value through membership services, the biennial Iceland Geothermal Conference (IGC), the IS AFL Fjárfesting investment fund, working groups (AOK, IOK, IGC, FOK), and an Innovation Group Platform supporting startups in geothermal, hydropower, wind power, and Power-to-X sectors.

Product overview

Iceland Renewable Energy Cluster (IREC) operates as a cluster organization platform, not a unified software product. It comprises multiple interconnected services: the Iceland Geothermal Conference (IGC) for international knowledge sharing and business development; the IS AFL Fjárfesting Investment Fund for renewable energy project financing; the Innovation Group Platform supporting startups; Working Groups addressing specific sector challenges; and a Member Network connecting 50+ organizations. In April 2026, IREC merged with GEORG and Icelandic New Energy to form ORKIS – Energy Cluster Iceland, expanding its scope across three pillars: Ecosystem, Projects, and Programs.

Differentiator

Problem solved

Functional benefit

Brands

• IGC - Iceland Geothermal Conference: The premier international geothermal conference organized by IREC, held periodically in Reykjavík, Iceland. The 6th edition (IGC 2027) is scheduled for May 25–27, 2027 at Harpa Concert Hall.
• IS AFL Fjárfesting (IS AFL Investment)
• IS AFL Nýsköpun (IS AFL Innovation)
• Incentive Award IREC
• ICELAND GEOTHERMAL

Products and services

• Iceland Geothermal Conference (IGC) International conference organized by IREC that brings together global leaders, innovators, and investors to explore geothermal energy's role in the energy transition. Held biennially in Reykjavík, Iceland, attracting global geothermal leaders, innovators, and investors as sponsors, exhibitors, speakers, and attendees.
• IS AFL Fjárfesting (Power Investment Fund) Investment fund established in partnership with Íslandssjóðir to invest in renewable energy projects, targeting both private and public investment to strengthen Iceland's energy sector. The fund addresses critical investment needs by enabling private and public entities to converge on renewable energy opportunities.
• Working Groups Program Active working groups including AOK (International Affairs), IOK (Innovation), IGC (Geothermal Conference committee), and FOK (Future Group) addressing value chain issues. Enables ongoing member engagement on specific sector challenges and collaborative initiatives.
• Innovation Group Platform Platform supporting startups and innovation-driven companies in renewable energy through networking, industry connections, and investment opportunities. Plans include an Innovation Map for 2025 to map startup activity in the sector.
• Member Network Platform Membership-based platform connecting over 50 organizations across the entire energy value chain, from power producers and developers to research institutions, service providers, and public entities. Members pay annual membership fees to belong to the network and participate in IREC activities.

Quantifiable outcome

• Energy sector accounts for over 20% of Iceland's GDP (~ISK 1,200 billion per year)
• +2 more outcomes

Named customers2 records

Segments5 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

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

• GEORG (Geothermal Research Cluster)coreStrategic or Co-development Partner · 29 April 2026Formal merger approved at joint general meeting. GEORG brings international scientific community connections and leads major geothermal research projects. The combined organization operates under the new name ORKIS - Energy Cluster Iceland.
• Icelandic New EnergycoreStrategic or Co-development Partner · 29 April 2026Integration of Icelandic New Energy's operations into the merged cluster. Previously managed projects and built networks in international funding landscape for energy transition initiatives, particularly in transport sector.
• International Geothermal Association (IGA)flagshipStrategic or Co-development Partner · 30 March 2026IGA became Strategic Partner of IGC 2027 - the 6th Iceland Geothermal Conference. This partnership strengthens the conference's position as a leading global event for geothermal education, innovation, and business.
• Arctic Cluster Team (Norway)minorStrategic or Co-development Partner · 23 October 2025Co-developed the ERNA (Energy Resilience for the North Atlantic) project bringing together 55 participants from Norway, Iceland, Greenland, and Faroe Islands. Project aims to enhance collaboration on renewable and resilient energy systems.
• Greenland Business AssociationminorStrategic or Co-development Partner · 23 October 2025Partner in ERNA project bringing together Arctic and North Atlantic energy stakeholders to strengthen regional cooperation on renewable and resilient energy systems.
• Umhvørvisstovan (Faroe Islands)minorStrategic or Co-development Partner · 23 October 2025Partner in ERNA project contributing to cross-border collaboration on energy resilience in the North Atlantic region.
• International Geothermal Association (IGA)coreStrategic or Co-development PartnerMember of IGA and Geothermal Global Alliance (GGA), participating in international collaboration and defining best practice for the sector.
• Geothermal Global Alliance (GGA)coreStrategic or Co-development PartnerMember of GGA, participating in international collaboration and defining best practice for the geothermal sector.

Scale indicators5 records

Recent moves8 records

Expansion highlights6 records

Direct peers

• Catalan Energy Cluster (Cluster de l'Energia): Regional energy cluster in Catalonia, Spain serving renewable energy and efficiency companies. Directly comparable membership-based cluster model focused on the renewable energy value chain, providing networking, innovation, and internationalization services to member companies.
• Swiss Green Economy Cluster: National cluster organization supporting green economy companies in Switzerland. Closely comparable cluster model: membership-based, industry-focused, facilitates collaboration, innovation, and internationalization. National cluster structure mirrors ORKIS's role in Iceland.
• Geothermal Global Alliance (GGA): Multi-stakeholder alliance promoting geothermal energy deployment worldwide. IREC is a member of GGA and both organizations work on defining best practices for the geothermal sector and supporting international collaboration—directly comparable membership-driven models.
• World Geothermal Congress (WGC): Major biennial international geothermal congress organized by IGA. Direct peer in the geothermal conference space; IGC is positioned as a complementary/specialized event while WGC is the broader global congress. Both compete for international geothermal attendees and sponsorships.
• CleanTech Cluster (Sweden): Swedish cleantech cluster organization supporting sustainable technology companies. Comparable mission and cluster model, focused on Nordic/European renewable energy ecosystem, member-driven activities, and international business development.
• Nordic Cleantech: Nordic regional cluster/organization promoting cleantech and renewable energy companies across the Nordics. Directly comparable cluster model serving renewable energy members, with overlapping Nordic geography and similar convening, networking, and internationalization services.

Broad incumbents

• IEA Geothermal Energy Implementing Agreement (IEA-GIA): International Energy Agency collaboration on geothermal R&D. While more focused on policy and research than commercial cluster activities, both IREC and IEA-GIA work on international geothermal collaboration and capacity building—similar convening role for geothermal stakeholders.
• International Geothermal Association (IGA): Global non-profit membership organization representing the geothermal energy industry. IREC is a member of IGA, and IGA is the Strategic Partner for IGC 2027. Both serve as convening bodies for geothermal stakeholders, but IGA operates globally while IREC/ORKIS focuses on Iceland as a national/regional cluster.

Others

• UNU Geothermal Training Programme: United Nations University geothermal training programme operated by Orkustofnun in Iceland. Direct collaboration partner with IREC; complementary mission of building geothermal capacity internationally. Not a direct competitor but a closely aligned ecosystem participant.

Regional players

• National Renewable Energy Cluster (various - e.g., Kenya, Indonesia geothermal clusters): Other national geothermal/renewable energy cluster organizations in geothermal-active countries. Comparable mission (cluster organization for renewable energy value chain), but focused on their respective domestic markets rather than Iceland's international positioning.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks5 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/energycluster

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 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 Iceland Renewable Energy Cluster