The purpose is to enable Carbfix to continue to implement and develop its technology through domestic and international projects, thereby reducing CO2emissions and contributing towards Iceland’s and the world’s climate goals.

Carbfix is already engaged in several substantial projects to further implement and develop its technology, and additional projects are at different stages of consideration or preparation. Financing Carbfix’s growing project portfolio with funds from Reykjavík Energy or its owners – three municipalities including Reykjavík City – is considered to be neither realistic nor reasonable.

The goal is therefore to have value-adding investors join the company. It will continue to be majority owned by Reykjavík Energy and its current intellectual property will remain with Reykjavík Energy and Carbfix’s collaborators on the relevant projects.

Carbfix was established as a research project in 2007, to develop a method to mineralize CO2 underground. The company has applied the technology continuously since 2012 to mineralize CO2, primarily emissions captured from the geothermal power plant at Hellisheidi. Carbfix has collaborations with numerous parties in Iceland and around the world – companies, governments, universities and others – to further implement, scale-up and develop its technology.

The Carbfix-technology has attracted world-wide attention in recent years. The company has received numerous awards and grants, domestically and internationally, most recently a large grant from the European Innovation Fund.