Icelandic New Energy

Icelandic New Energy Ltd (Íslensk NýOrka ehf) is a company founded in 1999 following a decision in 1998 by the Icelandic Parliament to convert vehicle and fishing fleets to hydrogen produced from renewable energy by 2050.

Icelandic New Energy was formed as a spin-off from the research by the University of Iceland and was 51% owned by Vistorka, with the remainder owned by Daimler, Norsk Hydro and Shell Hydrogen. VistOrka was owned by The Icelandic New Business Venture Fund (Nýsköpunarsjóður), the Ministry of Industry and Commerce, the national ower company Landsvirkjun, Orkuveita Reykjavíkur (Reykjavík Energy), Hitaveita Suðurnesja, the Technological Institute of Iceland, The Fertilizer Plant (Áburðarverksmiðjan), the University of Iceland and Reykjavik Resources.

Current owners (2024) include Landsvirkjun, Reykjavík Energy, HS Orka, and the Government of Iceland.

Together with SEV, and the authorities in the Faroe Islands and Greenland, Icelandic New Energy has established the North Atlantic Hydrogen Association to investigate hydrogen technology.

In its early years, INE promoted the use of hydrogen fuel in Iceland but broadened its scope in 2008 to include other alternative, low- and zero-emission fuels for transport.

Since its foundation, Icelandic New Energy has managed numerous local, Nordic and EU demonstration projects. INE also engages in energy transition consultancy, educational seminars and other activities.