Huge Potential for Green Geothermal Energy in the US, Holds Glitnir

    First "Steam of Opportunities" conference outlines US geothermal energy

Glitnir, the Nordic financial group, hosted the first "Steam of Opportunities"
conference in New York today. The objective of the conference was to provide
new research on the potential of geothermal energy as an environmentally
sound, renewable source of energy in the United States. Glitnir, which offers
universal banking and financial services in its home markets Iceland and
Norway and is ranked one of the leading capital markets players in the Nordic
region, is a globally leading provider of financial services in three
specialized industry segments - seafood/food, sustainable energy and offshore
service vessels.

    The "Steam of Opportunities" conference, which Glitnir plans to evolve
into an annual global geothermal energy think tank, included such topics as
the challenges of geothermal energy; investment opportunities; sustainable
development; Iceland's unique experience in the employment of geothermal
energy; Glitnir's view on the geothermal market; and the role of geothermal
energy in the US renewable energy market.

    "The US is at the forefront of geothermal energy development globally,
and will continue to be in the lead. We see a considerable geothermal energy
potential in 82 countries worldwide - including the USA and Canada", said Arni
Magnusson, Managing Director, Glitnir Global Sustainable Energy. "Geothermal -
long the 'Sleeping Beauty' of sustainable energy - is now showing clear signs
of waking up."

    Glitnir's research findings recognize a potential six-fold increase in
the annual sales of electricity from geothermal sources in the US, from USD1.8
billion today to USD11.0 billion. Potentially, geothermal energy could fill up
to 20% of California's, 60% of Nevada's and 30% of Hawaii's electricity needs.
Glitnir estimates the investments required to service current geothermal
projects at USD9.6 billion, while the total investments required to develop
the resources available through 2025 are estimated at approximately USD39.4

    The "Steam of Opportunities" conference coincides with the inauguration
of Glitnir Capital Corporation's office in New York. Participants at the
conference today included President of Iceland, Olafur Ragnar Grimsson;
Alexander Karsner, US Assistant Secretary of Energy; CEO of ThermaSource Louis
Capuano, CEO of Geysir Green Energy Asgeir Margeirsson, Executive Director
Karl Gawell of Geothermal Energy Association, along with Glitnir CEO Larus
Welding, Executive Vice President International Banking Magnus Bjarnason, and
Jonathan Logan, Managing Director of Glitnir Capital Corporation, as well as
Arni Magnusson, Managing Director Glitnir Global Sustainable Energy.

    "The United States is indeed a land of opportunity for Glitnir,
particularly in the realm of America's huge geothermal resources and
potential, and of our track record as a leading global specialist bank in
developing sustainable, environmentally friendly energy solutions," said
Glitnir's CEO Larus Welding. "Our sponsorship of the 'Steam of Opportunities'
research conference, in coordination with the launch of Glitnir Capital
Corporation's services in the US, is an expression of our enthusiasm for
renewable energy, and underscores our commitment to help make it a widespread

    One of the major advantages of geothermal, compared to other renewable
energy sources, is that it is a base-load power, which means that electricity
is generated around the clock, all year round. A geothermal power plant emits
35 times less carbon dioxide per kilowatt produced than the average US
coal-fuelled power plant, and requires less land than any other renewable
energy source.

    Jonathan Logan, Managing Director of Glitnir Capital Corporation added:
"The geothermal industry has huge potential, but is still faced with a number
of challenges. Glitnir is committed to help overcome these hurdles, so that
geothermal can release its potential for meeting the US' increasing demands
for renewable energy. Our new North American presence will provide a crucial
meeting point for Glitnir's geothermal and financial expertise, and American
developers who seek to realize this enormous potential."

    For more information about geothermal energy:


    About Glitnir

    The financial group Glitnir offers universal banking and financial
services with the Nordic region (Iceland, Norway, Sweden, Finland and Denmark)
as home base. Glitnir is a leading niche player in three global industry
segments; seafood/food, sustainable energy, and offshore service vessels. The
group's services include retail, corporate and investment banking, stock
trade/brokerage and capital management. Glitnir considers Iceland and Norway
its home markets. The Glitnir group has operations in Iceland, Norway, Sweden,
Denmark, Finland, the UK, Luxembourg, Russia, China, Canada and the USA, where
Glitnir Capital Corporation's office in New York opened today. Glitnir is
listed on the Icelandic Stock Exchange. For more information:

    About Geothermal Energy

    Geothermal energy is defined as heat from the Earth. It is a clean,
renewable resource that provides energy in the United States and around the
world. It is considered a renewable resource because the heat emanating from
the interior of the Earth is essentially limitless. Geothermal energy is
contained in underground reservoirs of steam, hot water, and hot dry rocks.
The heat continuously flowing from the Earth's interior is estimated to be
equivalent to 42 million megawatts of power. The interior of the Earth is
expected to remain extremely hot for billions of year to come, ensuring an
inexhaustible flow of heat. (Sources: Geothermal Energy Association and the
U.S. Dept. of Energy)

For further information:

For further information: Glitnir Capital Corporation Managing Director,
Business Development U.S. and Canada Jonathan Logan, +1-212 716 0100 e-mail: or Glitnir Managing Director, Corporate
Communication Bjorn Richard Johansen, cell phone +47-47 800 100 e-mail: or Press contact in the US, New York Jonathan Zaback,
+1-212-614 4429 Blackberry: +1-917-293 5047 e-mail:

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