Arctic Green Energy and Sinopec to go global with joint venture
Signing of expanded agreement between Sinopec and Arctic Green Energy (source: Arctic Green Energy)
Carlo Cariaga
25 Sep 2023
Arctic Green Energy and Sinopec have announced an expansion of their joint venture with plans to go global and diversify into other geothermal applications.
Arctic Green Energy and Sinopec have announced that their joint venture, Sinopec Green Energy (SGE), is going global. The cooperation agreement was signed by Sigurdur Atli Jonsson, CEO of Arctic Green Energy, and Liu Shiliang, President of Sinopec Star, on behalf of the. Sinopec Green Energy shareholders during the World Geothermal Congress 2023 in Beijing, China.
With 18 years of successful operation in China, Sinopec Green Energy has emerged as the global leader in geothermal heating and cooling, serving over 70 cities and municipalities across 7 of the 9 Northern Chinese provinces. The impressive track record includes nearly 1000 geothermal wells and coverage is fast approaching 100 million sqm.
Sinopec Green Energy, through its Geothermal Plus approach, uses geothermal as the baseload backbone of multi-clean energy systems. SGE is also expanding fast into geothermal power generation, and advancing their carbon neutrality strategy towards becoming carbon-positive by offering carbon capture solutions. While maintaining their dedication to the momentum already built up in the Chinese market, the company is ready to roll out its solutions to cities and towns around the globe, with an initial focus on Asia and countries along the One Belt, One Road initiative.
The cooperation between Arctic Green Energy and Sinopec started in 2006 with a focus on the development of geothermal district heating in China. With the partnership’s success in China, the two parties have agreed to expand the scope of the business to include geothermal power generation, cooling, and carbon capture, storage, and utilization. The partnership now also aims to target regions in Asia outside of China for its first step in international expansion.
The momentum for this expansion is rooted in the robust foundation of China-Iceland cooperation, sharing technical expertise and a common global vision for positive change. By harnessing their intellectual property, drilling and reinjection technology, and multi-energy solutions, SGE aims to be an even more significant catalyst in creating greener and healthier lives worldwide. SGE invite partners to join their mission of transforming polluted cities into clean, breathing cities.
CEO of Arctic Green Sigurdur Atli Jonsson reaffirmed their commitment to global aspirations and driving positive change, stating, “We are looking for partners to transition their cities with geothermal.”
Source: Arctic Green Energy
