In 2018, our parent company Baseload Capital, began searching for project developers in markets with significant geothermal heat power potential. The idea was to support developers with knowledge about new technologies in order to speed up project funding and implementation, add value and reduce costs, in order to enable more profitable projects.
However, they quickly realised that there was room for new developers in these key markets, so they decided to create their own local power companies helmed by dedicated local teams. The opportunities and the potential of a scalable solution to provide green baseload power was simply too great to ignore.
By that autumn, the first Baseload Power company was formed with the mission to develop and operate sustainable power plants. There are now power companies operating in four countries: Japan, Taiwan and the U.S., as well as Varmaorka in Iceland. In Japan, we currently have two plants in operation, and a third will be commissioned soon. We also have more in the planning, permitting and development stages. We are fast on our way to disrupting the energy sector, working as hard as we can to unleash the planet’s largest renewable energy source and bring about our vision of a planet in balance.