Magma Energy opens office in Iceland and acquires additional stake in HS Orka

Alexander Richter 10 Feb 2010

Magma Energy Corp. founds daughter company in Iceland, announces acquisition of additional stake in HS Orka and supports Icelandic Olympic team.

On Monday, Canadian Magma Energy Corp. founded a daughter company in Iceland, Magma Energy Iceland ehf. (limited). Magma Energy owns through its Swedish daughter company, Magma Energy Sweden AB, a 40.94% stake in HS Orka.

In the release by the company, it is also announced that Magma acquired an additional stake of 2.16% in HS Orka, which is to close in March 2010. Magma Energy Iceland will be setting up shop in Reykjanesbae, the home town of HS Orka. Ásgeir Margeirsson, formerly CEO of Geysir Green Energy, has been hired as managing director of the new company and many of the new employees either have or will be hired from Geysir Green Energy.

“With the foundation of a daughter company in Iceland, Magma Energy highlights the important role that Iceland plays in the building of the company internationally and to follow its investments here in the country, as well as support the operation and extension of HS Orka”, says Ásgeir Margeirsson.

“We have rented space in the town and are now settling in. Additional to projects in Iceland, employees of Magma here, will also be involved in projects of Magma globally. Here a new opportunity arises for Icelandic experts to participate in projects overseas.”

The Winter Olympics will be held in the home town of Magma Energy in Vancouver in British Columbia, Canada from February 12-28. Magma Energy is one of the partners to the Icelandic Olympic team supporting the teams trip to the Games in Vancouver.

Source: (Icelandic)