Magma establishes a subsidiary in Iceland
Magma Energy Corp., the Canadian geothermal power company which through its wholly owned subsidiary, Magma Energy Sweden AB, holds a 40.94% share in HS Orka, has founded a subsidiary in Iceland: Magma Energy Iceland ehf. A further agreement to purchase a 2.16% stake in HS Orka is expected to close in March, 2010. Magma Energy Iceland is headed by Ásgeir Margeirsson, former CEO of Geysir Green Energy, who is accompanied by several of Geysir's former employees. The headquarters of Magma Energy Iceland will be located only 5 minutes from the Ásbrú Enterprise Park.
"By creating a Subsidiary in Iceland, Magma Energy emphasizes Iceland's importance in the building of an International Corporation, and to follow through with their investments in the country; to support its operations and the development of HS Orka," says Ásgeir Margeirsson. "We have now opened our office in Reykjanesbaer. Aside from working on projects here in Iceland, Magma Energy Iceland's employees will also participate in Magma's geothermal projects world-wide, creating a new opportunity for Icelandic geothermal experts to participate in projects abroad."
Magma is a proud sponsor of the Icelandic Olympic team for the 2010 winter Olympics in Vancouver.
Magma Energy Corp. is a geothermal power company which operates, develops, explores and acquires geothermal energy projects. It has an extensive portfolio of properties throughout the western United States, Iceland and Latin America. Magma is a public company, listed on the Toronto Stock Exchange. The founder, chairman, and CEO of Magma Energy is Ross J. Beaty, geologist. He is the vice-chairman of HS Orka's Board of Directors.