This is an excerpt from EERE Network News, a weekly electronic newsletter.

September 12, 2007

Nordic Financial Group Plans to Invest in U.S. Geothermal Power

Glitner, a Nordic financial group, opened a New York office for its U.S. subsidiary on September 6th with the intent to invest heavily in geothermal power projects in the United States. Glitner has experience with geothermal development in Iceland and wants to carry that experience over to the United States, which it considers to be at the forefront of geothermal energy development. The company sees a potential to increase U.S. geothermal power production by a factor of six and estimates that an investment of $39.4 billion is needed between now and 2025. See the Glitner press release.

The company also hosted a one-day conference on geothermal energy, dubbed the "Steam of Opportunities" conference, which the company plans to evolve into an annual think tank on global geothermal energy. At the conference, Glitner released its first Geothermal Market Report, which estimates that geothermal energy could provide 20% of California's electricity needs, 60% of Nevada's needs, and 30% of Hawaii's needs. See the Glitner press release and download the company's Geothermal Market Report.