Iceland’s Geothermal Focus
“We separate the water into hydrogen and oxygen, and we take the hydrogen and combine it with the carbon dioxide through a synthesis process to make methanol,” Stefánsson said.
Renewable non-carbon-based electric generation in Iceland makes the process economically possible and meets renewable criteria from start to finish. Methanol can be used in gasoline in Europe but is not approved for use in the U.S., Stefánsson noted. Methanol can also be converted to a form of ether that can be used in European gasoline.
Geothermal and hydro energy on Iceland can produce more electricity than needed by the residents and companies on the island, therefore, its low cost. That is why Invest in Iceland is trying to convince high electricity consumption industries to move to Iceland, but if that doesn’t succeed, interconnector cables for power transmission between Iceland, the United Kingdom and mainland Europe are anticipated to be laid under the ocean.
Iceland already is exporting geothermal energy to those interested in investing for the future. President Grimssom said, “To some extent you could say we are already exporting—the know-how and the technology.”
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