Varmaorka is an Icelandic project developer that focuses on harnessing geothermal reseources in areas where heat temperatures are approximately 100°C.
Varmaorka develops, finances, constructs and operates small scale geothermal facilities in Iceland.


Varmaorka uses the Climeon Heat Power 150 units in the process. Each unit has a power capacity of 150 kW and is small and scalable. The units are independent and allow for scalability up to a 50 MW system. Climeon Heat Power can produce energy from geothermal resources at temperatures of 120°C down to 70°C. The system operates at a higher efficiency than other low temperature solutions.

Click the picture to see how the technology works!


Varmaorka utilizes energy in hot water from renewable sources to produce clean electricity. The water temperature decreases during the production process, without affecting the water‘s quantity or quality, thus providing a solution that can be applied in a number of areas. The process is clean and free of any pollution.


Was the general manager of Icelandic municipalities, in Biskupstungur and later Blaskogabyggd, for eight years. Following his time in office at Blaskogabyggd, Ragnar was the Managing Director at one of Iceland‘s leading architecture firms as well as developing real estate projects. Ragnar has a degree in teaching and has also completed degrees in operations, business and public administration, from the University of Iceland.

- Ragnar Sær Ragnarsson
Managing Director
+354 861 7227

Is a Partner at Centra Corporate Finance. Ingvar has a Cand. Oecon. degree in Business Administration from the University of Iceland and is a Certified Public Accountant. Ingvar has a broad experience in finance, operations and corporate strategy. Ingvar was with Coopers & Lybrand for 8 years before going into the communications field, building up and running telecom operations in Iceland and Ireland. In addition, Ingvar has worked on manufacturing start-ups in the food industry in the UK, Canada and Greenland

- Ingvar Garðarsson
Chairman of the Board
+354 820 5050

Is a Partner at Centra Corporate Finance. He has an MBA from Michigan State University and a B.Sc. degree in Economics from the University of Iceland. He has a wealth of experience in corporate finance work relating to renewable energy and geothermal projects, including valuation, profitability assessments, financing and fundraising.

- Hermann Baldursson
Board Member
+354 690 0611


Varmaorka’s technical partner is the Swedish firm Climeon AB. Climeon is a clean-tech vendor, providing a technology that uses the energy in waste heat from industries and low-temperature geothermal heat to generate electricity. Its team is comprised of approximately 70 people and is headquartered in Stockholm, Sweden.