Financing secured for the next two years
The Icelandic Ministry of the Environment, Energy, and Climate, Landsvirkjun, Reykjavik Energy, and the Krafla Magma Testbed (KMT) signed an important agreement in Krafla, securing financing for the next two years. This agreement marks a new phase for KMT as Reykjavik Energy joins the project, alongside the continued support from the Icelandic government and Landsvirkjun, The National Power Company of Iceland.
KMT is a pioneering international initiative aimed at establishing the world’s first magma observatory, providing unprecedented access to magma for scientific research and technological development. Building on the Iceland Deep Drilling Project (IDDP-1), where magma was encountered at a depth of 2.1 km, KMT is dedicated to harnessing the potential of near-magma energy. The project’s goal is to develop next-generation super-hot geothermal technologies, positioning Iceland as a global leader in this emerging field.
Focusing on the immense power production potential of super-hot geothermal energy, KMT aims to revolutionize the way geothermal systems are used by tapping into the extreme heat near magma. This cutting-edge research could significantly enhance geothermal energy extraction, creating new pathways for cleaner, more efficient energy production on a global scale. The project also seeks to improve volcanic monitoring and provide critical insights into magma behavior.
As a collaborative effort, KMT brings together engineers and scientists from around the world, combining expertise to push the boundaries of what is possible in geothermal energy and volcanic research. With the support secured by today’s agreement, KMT is poised to continue its groundbreaking work and drive forward the development of super-hot geothermal energy.
