Founded to examine various projects that relate to changing a society based on the conventional fossil fuels to hydrogen instead Icelandic New Energy Ltd. is a joint venture owned by VistOrka hf (New Business Venture Fund, Reykjavik Energy, The National Power Company, University of Iceland, The Technological Institute of Iceland, The Icelandic Fertilizer Plant, Sudurnes Regional Heating Corporations, Icelandic Development: Capital Area) and by DaimlerChrysler, Norsk Hydro and Shell Hydrogen. The purpose of the company is to “investigate the potential for eventually replacing the use of fossil fuels in Iceland with hydrogen and create the world’s first hydrogen economy”. In that sense the focus of the company is to examine different projects that relate to changing a society from using the conventional fossil fuels to using hydrogen (hydrogen-based fuels) instead. Within the shareholders’ group exists extensive expert knowledge of the development within the field of renewable energy, including hydro- and geothermal power. The board of directors is active in the work- and decision-making process. The company enjoys the support of a consultancy group that meets on a regular basis to discuss developments of the hydrogen projects in Iceland. The group is composed of Icelandic researchers and stakeholders that have the longest experience of working with hydrogen and other energy sources, for example active participants in the transition of space heating in Iceland, from fossil fuels to geothermal heating. Knowledge of source transition is therefore based within the owners group. Icelandic New Energy Ltd. is an SME, a spin-off from research work at the University of Iceland, the Ministry of Industry in Iceland, energy companies and important foreign partners. The main objective of the company is to work towards the shift from carbon based economy (fossil fuels) to a society driven by hydrogen. Its task is to lead new projects that will facilitate using hydrogen as an alternative fuel to reduce greenhouse gas emissions, increase energy efficiency and protection of depleting natural resources. It is the leading partner in the ECTOS project (Ecological City Transport System). The ECTOS project, which was kicked-off on 1st March 2001, has three main elements:
| - | Operating a hydrogen infrastructure. It will be an on-site hydrogen generation using electrolyser technology. It will be zero-emission process since all the electricity is coming from a renewable source and water as rawmaterial. | | - | Operating three hydrogen fuel cell buses in a normal city public transport system. | | - | Extensive socio-economic research on the impact of using hydrogen instead of fossil fuels in the future society. |
The company is also working on other hydrogen projects, for example the next phase is aimed to be the introduction of private vehicles using hydrogen-based fuels, and the introduction of vessels using hydrogen for their main propulsion. All the projects have the same aim which is shifting the energy base from the traditional fossil fuels to hydrogen. | 