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

Dr. Marit Brommer joins Arctic Green Energy as Senior Advisor to accelerate international expansion. Reykjavik – September 23, 2024 Arctic Green Energy, the world’s leading geothermal company, is pleased to announce the appointment of Dr. Marit Brommer, Executive Director of the International Geothermal Association (IGA), as a part-time Advisor. In this new role, Dr. Brommer will help drive Arctic Green Energy’s international growth strategy through project lead generation and project scoping, focusing on accelerating geothermal development in power generation, heating, and cooling. Dr. Brommer brings over two decades of experience in the extractive and geothermal industries. As Executive Director of the IGA, she oversees the management, engagement, and development of a 5,500-member strong global network, coordinating 35 affiliated country members. Her extensive background includes leading R&D for sub-surface projects at Shell, serving as an Exploration and Production Geologist at Total, and consulting at Royal Haskoning in the UK. Dr. Brommer holds a PhD in Reservoir Geology from Delft University of Technology. The appointment comes at a time of significant momentum for Arctic Green, which has developed geothermal heating and cooling projects in over 70 municipalities across Asia, Europe, and the Middle East and continues to expand in new regions. Through its joint ventures, Arctic Green leads the world’s largest geothermal heating and cooling consortium, commanding 40% of the global market share for active deep geothermal wells, including the largest market share in China. Sigurdur Atli Jonsson, CEO, Arctic Green Energy“We are excited to welcome Dr. Brommer to the Arctic Green team. Her vast experience and passion for the geothermal sector will be a game-changer for us as we continue to scale globally. Marit’s insights and leadership will help us unlock continued growth, particularly in our new markets where geothermal stands ready to reshape the energy landscape. With her onboard, Arctic Green is now one step closer to reaching new heights as the world’s foremost geothermal player.” Dr. Marit Brommer“I am thrilled to join Arctic Green as a Senior Advisor on a part-time basis. In this role, I will be offering strategic guidance and insights to support the company’s continued growth and success, with a geographic focus on Asian and Middle Eastern markets which hold enormous untapped potential for geothermal energy to decarbonize cities and enable green grids. While I am excited to begin this new chapter, I will also continue to serve in my current capacity at the IGA, balancing both roles to contribute effectively to both organizations. I am grateful for the opportunity and look forward to collaborating with the talented team at Arctic Green.” This appointment underscores Arctic Green Energy’s commitment to maintaining its leadership in the rapidly growing geothermal sector, as the world increasingly turns to renewable energy to meet decarbonization goals.