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OCEAN ENERGY ICELAND

North Tech Energy has partnered with the Norwegian carbon-capture company Ocean GeoLoop (OGL) to explore the utilization of offshore geothermal energy for electricity generation nearby Iceland.
Started in 2023, this joint-venture resulted in the creation of the company Ocean Energy Iceland -- the revolutionary combination of NTE's decades of experience in geothermal drilling and OGL's innovative turbine technology.

 

 
History
Geothermal energy has been utilized on land (onshore) for many years, as geothermal has the potential of becoming one of the greatest sustainable energy resources. With rising energy prices and increased knowledge of geothermal utilization, the idea of developing and using offshore energy has become more and more attractive.
 
Europe and the world at large contains a large amount of potential offshore geothermal areas which have not yet been looked into. These sites hold significant possibility for utilizing geothermal energy for electricity production. By moving geothermal power plants offshore, Ocean Energy Iceland will naturally face challenges, but at the same time will greatly avoid other problems which an onshore plant would have to tackle. For example, by moving power plants offshore, equipment needs can be simplified and ultimately reduced -- such as the cooling towers required for onshore geothermal plants. This kind of equipment takes up a large amount of space and is very costly, not to mention the fact that all of the plant machinery which needs to be cooled can be effectively cooled by the ocean.
The idea of utilizing offshore geothermal energy is not new, and studies in Italy on the potential for utilizing offshore geothermal have been conducted in the past. This includes 'Perspectives of Offshore Geothermal Energy in Italy' which centred around the submarine volcanoes of the South Tyrrhenian Sea, in particular the Marsili Seamount. By developing and utilizing the potential geothermal fields around Iceland, Ocean Energy Iceland has the possibility of starting a new chapter in the expansion of geothermal technology. We can bring the concept of offshore geothermal to a higher level in other European countries, helping Europe to reach its 2030 climate targets.
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