Beijing, 14 October 2025 – This week marks a milestone in the long-standing cooperation between Iceland and China in geothermal energy. H.E. President Halla Tómasdóttir of Iceland visited China at the invitation of President Xi Jinping, where the two leaders reaffirmed their countries’ shared commitment to advancing renewable energy collaboration, with geothermal at the heart of their efforts. At the conclusion of the visit, the two governments issued a joint statement emphasizing the importance of deepening cooperation on clean energy innovation, technology exchange, and climate action. Geothermal energy was highlighted as a model of success and a central pillar of future collaboration. For Arctic Green Energy, this moment holds particular significance. The achievements of Sinopec Green Energy (SGE), the joint venture between Arctic Green Energy and Sinopec Star, stand as the foundation for this new phase of cooperation is being built. Over nearly two decades, the partnership has transformed geothermal energy from a local Icelandic strength into a massive green solution for China, serving millions of people with clean, affordable, and reliable heating and cooling. A Shared Vision for Clean Energy Leadership The Iceland-China partnership on geothermal energy is one of the most successful examples of international cooperation in sustainable development. SGE is now the world’s largest and fastest-growing geothermal heating and cooling company, having already reduced CO₂ emissions by over 25 million tons and holding more than 250 industry-leading patents. Next year, this pioneering collaboration will mark its 20th anniversary, a testament to sustained vision, mutual respect, and joint innovation. With increasing global attention on the role of renewable heating and cooling in decarbonization and energy security, SGE’s model is more relevant than ever. President Tómasdóttir’s Visit to the Arctic Green Energy Office in Beijing As part of her visit, President Tómasdóttir met with a delegation from Arctic Green Energy, led by Founder and Chairman Haukur Hardarson, and Sinopec Group, led by Chairman Hou Qijun. The meeting reflected on two decades of successful cooperation between Iceland and China and explored the next chapter of collaboration. Discussions focused on continued growth of SGE’s operations in China and internationally, the strengthening of research and development ties between the two countries, and the expansion of geothermal education and training through the Iceland-China Geothermal Training Program. In addition, new opportunities were highlighted including applying geothermal energy to emerging global needs, from sustainable urban heating, to industrial-use applications, and clean cooling for AI data centers. Looking Ahead: From Bilateral Success to Global Leadership As the world seeks scalable and reliable solutions to the climate crisis, geothermal energy is moving from the margins to the mainstream. Iceland and China’s joint leadership in this field demonstrates how cross-border collaboration can deliver both environmental and economic benefits on a global scale. Reflecting on the significance of this moment, Haukur Hardarson said: “The state visit and joint statement mark a defining moment in the journey of Sino-Icelandic cooperation on geothermal energy. They are a recognition not only of what we have already achieved together, but also of the enormous potential that still lies ahead. Over the past 19 years, our partnership has shown how collaboration built on trust, shared values, and technological excellence can turn geothermal energy into a cornerstone of clean and affordable living for millions. As we approach the 20th anniversary of our collaboration, we look to the future with great optimism. Together with our partners at Sinopec and the continued support of both governments, we are ready to expand our reach, deepen our innovation, and strengthen our leadership in the global green energy transition. This is just the beginning of what Icelandic and Chinese cooperation can continue to achieve for the planet.”

Beijing, 30th June 2025 – Arctic Green Energy is proud to announce the appointment of Charlotte Xin Zhao as its new Global Chief Executive Officer, marking a defining moment in the company’s mission to scale its geothermal operations worldwide. Having led Arctic Green Energy’s China operations for more than ten years and spent 19 years overseeing finance and investment at Sinopec Green Energy, Charlotte brings a rare blend of strategic vision, financial discipline, and hands-on leadership. She played a key role in registering the first geothermal district heating project with the UN’s Clean Development Mechanism and helped to accelerate the development of the geothermal industry in China. During her tenure, Sinopec Green Energy has become the world’s largest and fastest-growing geothermal heating and cooling consortium, operating over 100 million square meters that serve over 3 million customers across over 60 cities and counties in the country. As a result, the company has saved over 25 million tons of greenhouse gas emissions. “Charlotte is uniquely positioned to enhance Arctic Green’s global operations and support the company’s next phase of growth,” said Founder and Chairman Haukur Hardarson. “Her ability to navigate public-private partnerships, her leadership in scaling geothermal energy in China and her track record in managing complex finance and M&A transactions make her an outstanding choice to lead us forward.” Charlotte’s appointment strengthens Arctic Green’s international momentum: Deepened strategic partnerships: Charlotte’s long-standing collaboration with government agencies, investors, and local stakeholders has strengthened Arctic Green’s ability to forge trusted, long-term partnerships – an essential pillar for expanding sustainable energy infrastructure globally. Accelerated expansion: With a proven model from China, where her teams implemented geothermal solutions at unprecedented scale, Charlotte is well-equipped to guide Arctic Green into new markets with impact and confidence. Stronger operational discipline: Her finance-led approach to decision-making and risk management supports sustainable, performance-driven growth. “I’m honored to take on this role at such a pivotal time for Arctic Green,” said Charlotte Xin Zhao. “We are entering a new era of clean energy deployment. With our world-leading geothermal expertise and a clear focus on results, we’re uniquely positioned to help cities transition away from fossil fuels and build a more resilient, low-carbon future.” Charlotte holds a bachelor’s degree from Nankai University, a master’s from Lancaster University (UK), and is an alumna of Harvard Business School. About Arctic Green Energy Arctic Green Energy is a global leader in geothermal solutions, transforming how cities are heated, cooled, and powered. As one of the world’s foremost geothermal knowledge companies, it combines innovation, engineering excellence, and execution expertise to scale sustainable and profitable clean energy projects. It's flagship portfolio company, Sinopec Green Energy, operates the world’s largest geothermal heating and cooling network – with over 1,100 deep wells and more than 100 million m² of connected capacity. Through its Center of Innovation and Engineering Services hub, it provides advanced training, digital tools, and turnkey engineering solutions to partners worldwide.

Saudi Tabreed and Arctic Green Energy Sign Landmark Collaboration to Unlock Saudi Arabia’s Geothermal Potential February 2025 – Riyadh, Saudi Arabia – In a path-breaking step toward advancing renewable cooling solutions, Saudi Tabreed and Arctic Green Energy have signed a Memorandum of Understanding (MoU) at the PIF Private Sector Forum in Riyadh, marking a major milestone to develop and scale geothermal cooling solutions in the Kingdom of Saudi Arabia. The agreement aims to unlock Saudi Arabia’s vast untapped geothermal resources, leveraging Arctic Green Energy’s global expertise as the leading geothermal knowledge provider and Saudi Tabreed’s position as the Kingdom’s premier district cooling service provider. Together, the two companies will introduce and scale geothermal cooling technology, establishing a clean, cost-efficient alternative to conventional cooling systems that can be commercially replicated across Saudi Arabia and beyond. A Strategic Step for Geothermal Cooling in Saudi Arabia With Saudi Arabia’s Vision 2030 accelerating the transition toward sustainable, low-carbon energy solutions, this collaboration will demonstrate the viability of geothermal cooling as an essential addition to the Kingdom’s clean energy mix. Haukur Hardarson, Founder and Chairman of Arctic Green Energy, emphasized the significance of the agreement, stating: "Saudi Arabia has immense geothermal potential, and this collaboration represents a major step in unlocking that resource for sustainable cooling. Arctic Green Energy has been at the forefront of global geothermal development, and together with Saudi Tabreed’s leadership in district cooling, we are creating a model that will redefine how cities in the Kingdom are cooled—with clean, baseload energy." Suliman Al Khliwi, Managing Director of Saudi Tabreed, added: "Saudi Tabreed, the leading district cooling provider in Saudi Arabia, we are committed to advancing innovative and sustainable solutions that align with the Kingdom’s Vision 2030. This collaboration with Arctic Green Energy marks a significant step toward integrating geothermal cooling into our energy landscape, reducing reliance on conventional cooling methods while enhancing energy efficiency and sustainability." Long-term Growth The signing of this MoU underscores Saudi Tabreed’s commitment to innovation in sustainable cooling solutions and represents a significant new investment opportunity for infrastructure investors and clean energy stakeholders looking to participate in the Kingdom’s energy transition. Through this collaboration, Arctic Green Energy and Saudi Tabreed will develop a roadmap for integrating geothermal cooling into Saudi Arabia’s district cooling networks, supporting the country’s long-term diversification and decarbonization efforts. Further details on project development, feasibility studies, and implementation strategies will be announced as Saudi Tabreed and Arctic Green Energy continue their collaboration to bring large-scale geothermal cooling solutions to the Kingdom. For more information, please contact: chairmansoffice@arcticgreeen.com