Chairman Gylfi Magnússon assures no financial risk to taxpayers from Carbfix operations in Reykjavík

The Chairman of Orkuveita Reykjavíkur (OR) has clarified that the company’s subsidiary Carbfix does not pose a financial risk to taxpayers. There has been criticism, particularly from Hildur Björnsdóttir, leader of the Independence Party in Reykjavík, who suggested that the company has strayed too far from its core activities by exploring risky projects like Carbfix.

Gylfi Magnússon, the chairman of OR, has dismissed these concerns, stating that the anticipated investments in Carbfix will not be sourced from OR’s funds. He emphasized that while substantial capital will be required for Carbfix’s operations, financing will be sought from investors, who will cover a significant part of the funding.

The financial outlook for OR from 2024 to 2028 indicates an expected investment of 68 billion Icelandic krónur for Carbfix, but Gylfi reassured that this will not involve substantial loans from OR’s balance sheet. Instead, the company aims to retain its valuable intellectual properties and patents associated with Carbfix and will not impact the daily operations of OR.

Gylfi clarified that while Carbfix is an essential aspect of OR’s endeavors, it is distinctly separated from daily management and will be funded through outside investments. He concluded that activities related to Carbfix are indeed considered part of the core operations of Orkuveita Reykjavíkur, as stipulated in specific laws governing the company.