Business & Government Sep 23, 2015

A Leader in Sustainable Energy: Iceland Welcomes Solar Panel Producer

A Silicon Valley startup announced its intentions for an Icelandic factory.

Iceland has long been known as an ideal location for many energy-intensive companies, thanks to its affordable and abundant power springing from its natural geothermal and hydro sources and Landsvirkjun, the National Power Company of Iceland. One Silicon Valley startup has taken notice, and recently announced plans to build a silicon solar factory in Iceland.

Nine-year-old startup Silicor Materials received $108 million from investors to go toward building their factory, which will produce 16,000 tons of silicon every year. The material produced will be used in making solar panels.

Iceland has recently become something of a hub for silicon and solar panel production, with companies like United Silicon hf, Thorsil, and PCC SE all having committed to building factories in the Land of Fire and Ice.

And the government is heavily promoting this activity. “The government is focused on promoting Iceland as an interesting investment opportunity…This large project is a very good example of this,” said Sigmundur Davíð Gunnlaugsson, Prime Minister of Iceland.

Click here to read more about Landsvirkjun and sustainability in Iceland.