On Friday, February 22, Arctic Green Energy and Beijing Research Institute of Uranium Geology (BRIUG) signed a Memorandum of Understanding on cooperation in the field of geothermal exploration and utilization. The cooperation will be focused on high-temperature geothermal fields in China with the goal of developing electric power generation projects.

BRIUG is a multi-disciplinary and well-equipped research institute. It is the only national uranium geoscientific center in China. BRIUG is supported by China National Nuclear Corporation (CNNC) which is a large state-owned enterprise founded in 1955 in Beijing. BRIUG employs approximately 600 scientists, engineers, support staffs and students. It is authorized to confer master’s degree and doctor’s degree and serves as a work station for post-doctoral scientists. BRIUG is also responsible for geothermal resource exploration in high-temperature areas in China.

The cooperation with BRIUG in the power generation sector will be a valuable addition to Arctic Green Energy’s successful operations in China. Arctic Green Energy holds a 49% stake in Sinopec Green Energy (SGE) which was established in 2006. SGE is a Joint Venture with China’s Sinopec and the world’s largest geothermal district heating company.

The MOU was signed by Mr. Sigsteinn Gretarsson, CEO of Arctic Green Energy and Dr. Li Ziying, President of BRIUG. The signing was witnessed by Mr. Jin Zhijian, Ambassador of China to Iceland and Dr. Gudni A. Johannesson, Director General of the National Energy Authority of Iceland. The signing ceremony took place in the historical Culture House in Reykjavik, Iceland.