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Reykjavik Energy Invest announced this week that it would merge with Geysir Green Energy to form a major company in geothermal energy development. After the merger, the energy giant will be worth ISK 65 billion (USD 1.1 billion, EUR 748 million).
The company will retain the name Reykjavik Energy Invest and will invest in and develop geothermal energy projects around the world.
Magnus Jonsson, Vice Chairman of Geysir Green Energy, said, “Our combined forces make us better equipped for growth on the international market and we believe this to be a strong step in the development of Icelandic global growth in the field of geothermal energy.”